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Softbank raises $14.8bn from T-Mobile share sale

The Japanese bank have sold 143.4 million T-Mobile US shares at $103 each, in a stock sale that was priced on Tuesday, the Financial Times reports. The sale of these shares is the first of many as Softbank begins to unwind its holdings in T-Mobile, with the aim of raising $20.4bn in total.

Vroom shares surge

Online car sales company Vroom has shown a strong share price performance over the last week. After opening the month with a strong IPO, it looks set to end the June on another high note.

Stock pickers underperform

US large-cap stock-picking funds have not shared in the momentum seen by the S&P 500’s recent rally. During the first four months of 2020, 59% of these actively managed funds underperformed the benchmark index, raising questions over active’s prowess in volatile market environments.

Top of the trades

Dramatic market scenes in recent months have produced an awful lot of losers, but also some notable winners. Among them, Bill Ackman’s gain of $2.6bn from a $27m bet was described by The New York Times as “the best single trade of all time”. What other trades from recent history can compare to this?

Could Gold spell a second drop?

Gold climbed briefly to $1,773 per ounce yesterday, its highest point since October 2012, City AM reports. According to the publication, demand for the safe-haven asset via exchange-traded products has increased by 300% year-on-year, indicating fear of a second wave of COVID-19 cases.

Asia stocks record four-month high

The MSCI Asia-Pacific ex Japan index rose by 0.5% overnight on Tuesday to its highest level since March, according to Reuters. “One surprise in the recent data has been the resiliency of activity data in emerging Asia even as the global economy slowed sharply and global demand remains below pre-pandemic levels,” JPMorgan analysts said in a note.

Wirecard’s rocky week

The embattled fintech company closed up 18% on Tuesday, after plummeting 44% the previous day. The stock, however, then plunged 28.3% yesterday. Wirecard hit headlines recently after it allegedly misreported €1.9bn. Earlier this week, former CEO Markus Braun was put under arrest on suspicion of false reporting and market manipulation, according to reports.

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