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Move On Bitcoin – The SPAC Mania Has Overtaken The Markets


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Hello. US futures are up ahead of today’s unemployment claims data drop. Why should investors care about something as mundane as jobs? Answer: because the US labor market is far from healthy, says Fed chairman Jerome Powell, and this weakness will hamper the central bank’s monetary policy in the future.

But all that doesn’t matter. We live in a golden age of PSPC exploration. The great SPAC race. So take your protein pills and put on your headphones.

These less blank, often backed IPOs (or just pumped) by a celebrity are hitting the market at a breakneck pace. According to Dealogic, PSPC IPOs increased $ 38.3 billion so far this year. We are on track to surpass $ 300 billion in new PSPC registrations this year, a fourfold increase from 2020, the so-called “year of PSPC”.

Yes, we’ll cover some of the latest PSPCs below.

In the meantime, let’s see what is moving the markets.

Market update

Asia

  • The mainAsia Indexare mixed in the afternoon trade, with the Shanghai Composite high 1.4%. Reminder: the Shanghai Stock Exchange will close for next week on the occasion of the Lunar New Year holidays. Hong Kong is closed tomorrow and Monday.
  • President Joseph biden and chinese president Xi Jinping spoke by phone yesterday. Although there was no talk of a “reset” between the world’s two largest economies, a few topics were new to the agenda, including climate change.
  • Remember that agreement in which Walmart and Oracle were to buy the US operations of TIC Tac? Good, it was put on the shelves.

Europe

  • TheEuropean scholarshipswere slightly higher with theStoxx Europe 600 near 0.2% outdoors.
  • Peak oil has already arrived for Royal Dutch Shell, with a production of “traditional fuels” set at more than half by the end of the decade. This may be good news for ESG investors: The energy giant’s carbon emissions outlook has probably never been better.
  • In the direction of Africa now … It seems more and more likely that Johnson & Johnson’s single shot Covid vaccine will be deployed for the first time anywhere next week – in South Africa.

WE

  • American Futurespoint to a decently positive opening. It is after the Dow shut in record territory Wednesday.
  • Uber shares fell 4.8% in pre-negotiation this morning after the company reported a watering $ 6.8 billion loss for 2020. Über-bull Dan Ives, at the right time, call him “A major step in the right direction.”
  • Flying SPAC Saints, Batman! In a transaction valued at $ 3.8 billionflying taxi start Archer merged with a NYSE listed SPAC yesterday, giving birth to a new class special purpose acquisition companies – the eVTOL SPAC.

Somewhere else

  • Goldis flat, trades below $ 1850 / ounce.
  • Thedollar is off.
  • As if gross. Brent trades $ 61 / barrel.
  • At 10 a.m. Rome time, Bitcoinnegotiated at $ 45,000, down 3%.

***

Buzzworthy

R&D, pffft

This tweet amazed me. Sure enough, I rechecked Tesla’s latest regulatory filings, and here’s what I calculated: $ TSLA spent $ 1.5 billion on Bitcoin in 2020, and $ 1.491 billion in R&D during the last four quarters.

* Have a clue

* Yes, it’s a Lohan movie. Not his best.

Coming shorts

You must return to dot-com bubble days to find a period when investors, collectively, have been so loooooong stocks, reports Goldman Sachs.

SPAC-a-mole!

I know, who has time for the market Cassandras in a historic ten-year bull run? But you need to familiarize yourself with the work of activist short seller Nathan Anderson (before it targets your SPAC-tacular wallet.)

***

Have a very good day everyone. I’ll see you here tomorrow… Until then, there’s more news below.

Bernhard Warner
@BernhardWarner
Bernhard.Warner@Fortune.com

As always, you can write tobullsheet@fortune.comor reply to this email with suggestions and comments.





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