Investing.com – Grab, the Southeast Asian hail fighting firm, hits largest SPAC deal ever. US inflation data for March is due, with implications for an eventual sale of 30-year Treasuries and possible responses from as many as four Federal Reserve speakers. A senior U.S. health official is urging Governor Gretchen Whitmer to reintroduce lockdown measures in Michigan, and oil is back above $ 60 ahead of OPEC’s monthly update and API inventory data. Here’s what you need to know in the financial markets on Tuesday April 13th.
Grab, the Southeast Asian company that publishes Uber (NYSE:
ABOVE
) in one of the world’s major growth markets is expected to go public through the largest deal to date with a Special Purpose Acquisition Company (SPAC).
Grab will merge with Altimeter Growth Corp for a value of $ 40 billion and Received 4.5 billion US dollars through the so-called « PIPE ». Mechanism (private investment in public equity). AGC rose 7.5% in premarket trading.
The news comes a day after the Securities and Exchanges Commission warned that SPACs may need to change the way they account for warrants.
It also comes a day after Dubai signs a deal with GM-backed cruises for up to 4,000 self-driving taxis. Cruise is also supported by Honda, which recently unveiled the world’s first car to feature « Level 3 ». Autonomy Features
Inflation is set to exceed the Federal Reserve’s medium-term target for the first time since the pandemic began when US consumer price data for March is released at 8:30 a.m. CET (1230 GMT).
The headline
CPI
is expected to rise to 2.5% from 1.7% in February, as the drop in oil prices a year ago had an impact on last year’s data. The
Core CPI
, which excludes food and energy prices, is set to rise from 1.3% to 1.5%.
The Federal Reserve has repeatedly warned against reading too much about an inevitable increase in annual rates due to base effects. Interventions due by the Fed as of 12 noon ET
Mary Daly
,
Patrick Harker
,
Esther George
and
Raphael Bostic
will likely repeat such news.
Even so, the numbers will create an interesting backdrop for the Treasury Department
30-year bond auction
at 1 p.m. ET. The
10 years of sale
Monday started relatively smoothly, with yields rising just 2 basis points to 1.69%.
US equity markets continue to trade cautiously as they wait for the first quarter earnings season to begin.
Through May 6 : 30 p.m. ET (1030 GMT),
Dow Jones Futures
were up 70 points, or 0.2%, while
S&P 500 futures
were a little less on and
Nasdaq 100 futures
were up 0.1%. {{8884 | S&P 500
VIX
Futures}}, Wall Street’s « fear knife » ???? fell to its lowest level since February last year at 17.92.
One of the stocks expected to be in focus later is Nvidia (NASDAQ:
NVDA
) and Intel (NASDAQ:
INTC
) while the market picks up the news of Nvidia’s move, proprietary data center processors, and its new partnership with Amazon (NASDAQ: NASDAQ:
AMZN
) Internet services. Fastenal (NASDAQ:
FAST
) reports the profit before the opening.
Rochelle Walensky, director of the Center for Disease Control and Prevention, has called on Michigan Governor Gretchen Whitmer to reinstate lockdown restrictions in response to the recent surge in Covid- Get 19 cases under control.
Whitmer has been pressuring the federal government in recent days to speed up the delivery of vaccines to their state, but Walensky argued Monday that even that wouldn’t be enough to run an infection curve smooth, which increases sharply as people enjoy its novelty. again the freedom to mix. The infection rate in Michigan is now back to last winter’s high.
The US infection rate, measured on a moving average of seven days, is up 27% from its low a month ago as states across the country have relaxed the restrictions. This is despite the fact that the US vaccination program is also gaining traction, with a record 4.6 million people shot on Saturday.
Crude oil futures
pushed back above $ 60 a barrel against the backdrop of geopolitical rumble, before two major updates to the market were made later that day.
The organization of the petroleum exporting countries becomes theirs
monthly report
on the oil market while the
American Petroleum Institute
will publish its weekly valuation of US crude oil and fuel inventories.
At 6:30 am CET, US crude oil futures rose 1.0% to $ 60.28 a barrel
Brent crude oil
up 1.1% to $ 63.95 a barrel.
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