Good morning. The FTSE 100 is set to slide again as the Reddit-induced market turmoil continues.
Overnight, trading platform Robinhood said it would loosen restrictions on buying certain stocks – including GmaeStop – that have been involved in a short squeeze campaign.
5 things to start your day
1) Stockbrokers face anger & lawsuits after halting GameStop: Online stockbrokers pulled the plug on retail investors backing highly-traded stocks, provoking scrutiny and anger from AOC to Elon Musk.
2) Reddit trading frenzy is the new normal, warns Peter Cruddas: The boss of CMC Markets says the battle is ‘just the beginning of retail investor power in the financial markets’ as traders fear the chaos.
3) Boohoo set to buy the rest of Arcadia: The fast-fashion online retailer is said to be in advanced talks to purchase Burton, Dorothy Perkins and Wallis, which could fetch about £25m.
4) Confidence slumps in ailing Eurozone: Business leaders are now more fearful of rising unemployment and more pessimistic that the pandemic can be contained, McKinsey found.
5) Ryanair offers planes to celebrities as private jets: The budget airline is advertising a corporate jet service for groups of up to 60 people on board one of its Boeing 737 jets.
What happened overnight
Asian stock markets fell on Friday amid worries about rising coronavirus cases, Wall Street volatility and US economic aid plans.
Shanghai, Tokyo, Hong Kong and Seoul all retreated.
The Shanghai Composite Index lost 0.5pc to 3,487.45 and the Nikkei 225 in Tokyo shed 1.9pc to 27,671.79. The Hang Seng in Hong Kong sank 0.5pc to 28,409.72.
The Kospi in Seoul tumbled 2.7pc to 2,985.55 and the S&P-ASX 200 in Sydney lost 0.6pc to 6,607.40.
India’s Sensex opened up 0.2pc at 46,974.36. New Zealand advanced while Southeast Asian markets declined.
Coming up today
Corporate: Airtel Africa (Interim results); Evraz, Polymetal International, YouGov (Trading statements)