Oil breaks US$100, Wall Street retreats and bond yields rise, inflation is becoming the market’s biggest risk again Global markets are starting Thursday in a more defensive position. Brent crude has broken above US$100 a barrel , U.S. Treasury yields are pushing higher, and Wall Street fell for a third straight session as investors reassess whether central banks may need to keep tightening rather than easing. For Malaysian investors, the key chain today is increasingly clear: Oil → inflation → interest rates → bond yields → USD/MYR → Bursa valuations. 30-second market snapshot Market / Asset Latest 🇺🇸 S&P 500 7,636.36, -0.48% 🇺🇸 Dow Jones 52,380.66, -0.77% 🇺🇸 Nasdaq 26,253.34, -0.64% 🇲🇾 FBM KLCI 1,714.34, virtually flat 💵 USD/MYR ~4.06 🇺🇸 U.S. 10Y Treasury ~4.84% 🇺🇸 U.S. 2Y Treasury ~4.42% 🥇 Gold ~US$4,396/oz 🛢️ Brent crude US$101.21/bbl 🛢️ WTI crude US$96.05/bbl ₿ Bitcoin ~US$79,300 🇯🇵 Nikkei ~64,760, -0.6% this morning Brent jumped about 3.4% Wednesda...
CK Infrastructure Holdings Ltd (CKI) experienced light trading on its first day on the London Stock Exchange, marking the first major listing under new rules designed to attract foreign issuers to the British capital.
Key Highlights:
Low Trading Volume: By late Monday morning in London, only 1,525 shares had traded at 564 pence each, totaling less than £9,000 (approximately US$11,667). This is a stark contrast to CKI’s primary listing in Hong Kong, where more than HK$182 million (US$23.4 million) worth of shares were traded last Friday. CKI’s market capitalization is approximately US$18.5 billion.
No Pre-Listing Share Placement: CKI did not place any shares with investors prior to its London listing. HSBC Holdings plc, which facilitated the listing, has been appointed as CKI’s corporate broker.
First Under New Rules: CKI is the first company to be listed on the London exchange under new rules introduced by the Financial Conduct Authority. These rules are part of an effort to attract more companies to London, allowing issuers not incorporated in the UK but with a recognized overseas listing to seek a secondary listing in the city.
Rationale for London Listing: CKI stated that listing in London would benefit its geographically diverse shareholder base and provide a greater market for trading its shares. The UK is a significant market for CKI, contributing about 36% of its net profit in 2023.
London’s IPO Challenges: London, which was once Europe’s leading venue for IPOs, has faced a sharp decline in new listings over the past couple of years. This decline has been exacerbated by several high-profile defections of locally listed companies to New York, including CRH plc and Flutter Entertainment plc.
Future Listings: Despite the slow start for CKI, other companies are reportedly considering London listings, including Vivendi SE’s Canal+ and Athens-listed Metlen Energy and Metals SA.
Outlook: CKI's subdued trading on its London debut highlights the ongoing challenges facing the London Stock Exchange as it seeks to reinvigorate its IPO market. The success of future listings under the new rules may determine whether London can regain its status as a leading destination for international companies.
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