Twitter shares dive 7% after Trump account suspension [Reuters]
“Trump has a very high and loyal following and a lot of those eyeballs will go away if Trump is permanently restricted from posting,” said Andrea Cicione, head of strategy at brokerage TS Lombard.
Other social media platforms, including Facebook Inc, have been quick to issue similar bans on the outgoing president last week after the violence at Capitol Hill./But the fall in Twitter’s shares in premarket trading was much heavier than for any of its peers.
Investors Assumed Democracy Would Endure; They’ve Been Right, So Far [WSJ]
While markets are quick to pick up on any threat to the country’s economic health, they are a poor barometer of its democratic health. Investors crave conditions that are good for growth and profits but are agnostic about whether those conditions are achieved through democratic or undemocratic means…. After China imposed a national-security law on Hong Kong last summer, snuffing out the territory’s democratic movement, the Hang Seng stock index rallied. The ruling parties in Poland and Hungary have steadily eroded the independence of the judiciary, media and civic society during the past decade, but both countries have grown faster than the European Union as a whole. Businesses applauded the economic policies of Indian Prime Minister Narendra Modi even as he undercuts the rights of the country’s Muslim minority.
Trump has less than a ‘scaramucci’ left in office, notes Anthony Scaramucci [MarketWatch]
The former hedge-fund manager, who has broken with Trump in the years since — for example, observing last fall that Trump had unified the country … against him — was White House communication director for just 10 days in 2017.
Wall Street firms reduce exposure to Chinese telcos as U.S. ban approaches [Reuters]
Goldman Sachs, JPMorgan and Morgan Stanley said in filings to the Stock Exchange of Hong Kong on Sunday evening that they will delist 500 Hong Kong-listed structured products that are linked to telecom companies China Mobile, China Telecom and China Unicom or are linked to local indexes including the Hang Seng Index - whose components include the telecom companies…. State Street said an exchange-traded fund it manages which tracks the Hang Seng Index would not make any new investments in sanctioned stocks, though it would continue to maintain its existing shareholdings….
Alex Wong, director at Ample Finance Group in Hong Kong, said the delistings would “not have too much impact”, as customers could switch to Europe or China based issuers.
Goldman Traders Score $2 Billion in Commodities’ Comeback Year [Bloomberg]
Goldman’s business generated more than $2 billion in revenue for its best annual showing in about a decade, according to people with knowledge of the matter. That was a much needed redemption: The unit’s prowess once earned the bank the nickname “Wall Street Refiner,” but a prolonged slump in recent years was starting to raise doubts about the group’s future.
TikTok and Discord Are the New Wall Street Trading Desks [WSJ]
As trading by individual investors boomed during the coronavirus pandemic, so has the popularity of online communities where they gather…. “People fall in love with [some stocks] and they get in these echo chambers, where they are all shouting, like, ‘We’re going to buy Tesla forever!’” said Blake Bassett, a 31-year-old delivery driver who began trading several years ago. “People post all day like it’s a football game….”
Some new investors are drawn by the camaraderie that the platforms offer…. “We actually would join like a Zoom call, and we would live-trade together. And that was pretty much my life,” said [Georgina] Allen, who is now back at work.
A Week Into Full Brexit, the Pain for U.K. Businesses Has Arrived [NYT]
Within a week, implications of the Brexit trade deal with the European Union are being felt by businesses up and down the country as food deliveries are delayed for not having the right customs paperwork, logistics companies halt the shipment of goods, and retailers discover their supply chains might be obsolete…. “People forget just how difficult things were in the past,” [EY’s Sally] Jones said.
NYC Is Set to Get a 12-Minute, $175 Helicopter Commute Option [Bloomberg]
Weekday helicopter service between Westchester County Airport and Manhattan is slated to arrive as early as March, according to Rob Wiesenthal, chief executive officer of Blade Urban Air Mobility…. “We believe people will be willing to pay to go once a week by Blade, because we’re saving so much friction,” Wiesenthal said. “These people are working remotely four days a week, and it can feel comfortable to do this once a week….”
Ross and Blade are also working on a plan to introduce vertiports -- vertical take-off and landing stations -- and electric aircraft within four years.