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Here’s what you need to know before markets open.
1. US tech rout set to continue, after rising bond yields drive sharp sell-off, while bitcoin plunges again. Nasdaq futures were down sharply after the index plunged 2.46% on Monday.
2. Elon Musk’s wealth tumbles by $15 billion after Tesla shares dropped 9% in one day. The tech sell-off hit Tesla, with shares falling their most since September on Monday.
3. UK unemployment rate hits 4-year high in final quarter of 2020 but data shows ‘tentative’ signs of stabilizing. The UK’s furlough scheme has limited joblessness.
4. HSBC’s profits plunge 45% as low interest rates and bad loans take their toll. The bank earned $12.8 billion in Asia, but lost $4.2 billion in Europe.
5. Churchill Capital Corp IV drops 35% after Lucid Motors strikes SPAC deal to go public with a $24 billion valuation. Churchill’s shares have rallied in recent sessions in anticipation of the deal, but fell sharply on Tuesday.
6. Earnings expected: Home Depot revealed a jump in sales, while Square is set to report.
7. On the economic calendar: The market’s attention will be on Federal Reserve chair Jay Powell testifying to Congress.
8. The SPAC explosion has Wall Street scrambling to get in on the action. Goldman Sachs shares the top 15 SPACs that hedge funds are betting on right now.
9. A star fund manager specializing in Chinese small-cap stocks lays out the 3 key pillars driving the country’s ‘vicious cycle of innovation.’ Tiffany Hsiao also shares the 3 sectors where she’s finding long-term opportunities.
10. UBS says sustainable investment strategies will play a bigger role for years to come. The firm details 3 growing ESG themes that offer long-term value.
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