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07 Jul, Thursday
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Bull Trader USA

Europe Markets: Branson reportedly eyes Amsterdam for first European SPAC

Billionaire Richard Branson is reportedly looking to Amsterdam rather than London for his first European-listed special purpose acquisition company.

Sky News reported that Branson, founder of the Virgin Group, is looking at a €200 million ($226 million) listing on the Euronext Amsterdam. Branson has already taken Virgin Galactic SPCE, -2.24% and Virgin Orbit VORB, +3.18% public through mergers with blank-check companies in the U.S., and Virgin’s SPACs have merged with 23andMe ME, +0.81% and set plans to do so with Grove Collaborative VGII, -0.20%.

Euronext ENX, -2.03% says it accounted for 49% of new SPACs listed in Europe last year. The U.K. last year relaxed SPAC rules in an effort to bring them to the London Stock Exchange LSEG, +0.28%.

European stocks turned lower Friday after the U.S. jobs report showed a further decline in the unemployment rate and a pickup in wages, even as there was a smaller-than-forecast 199,000 gain in nonfarm payrolls.

The German DAX DAX, -0.68% dropped 0.8% and the French CAC 40 PX1, -0.39% dropped 0.5%, while the FTSE 100 UKX, +0.03% traded steady, as the rise in bond yields boosted the financial sector, and the pickup in oil prices helped lift energy producers including BP BP, +1.69%.

STMicroelectronics STM, +4.58% rallied 5% in Milan after the chipmaker guided for a stronger-than-forecast fourth quarter.

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