Nils Pratley

2 weeks ago | theguardian.com | Nils Pratley

Donald Trump is doing an excellent job of demonstrating that US stock markets don’t always outperform European ones. On-off tariff wars, threats to fire the head of the Federal Reserve and general unpredictability have prompted a reappraisal of boring old Europe. The S&P 500 is down 6% this year, versus a gain of 2.5% for FTSE 100 index and a 3% improvement in the pan-European Stoxx Europe 600. The differences aren’t enormous but they mark a reversal from recent years.

2 weeks ago | theguardian.com | Nils Pratley

If one didn’t know Deliveroo’s stock market history, a take-out price of £2.7bn for a barely profitable food delivery app would seem a decent piece of business from the seller’s point of view. The qualification, of course, is that the likely 180p-a-share offer from DoorDash of the US stacks up poorly against the 390p at which Deliveroo listed in 2021. The moral of the numbers, though, is surely only that the flotation, or IPO market in early 2021 was infected by Covid-19 silliness.

3 weeks ago | theguardian.com | Nils Pratley

Even government ministers sounded embarrassed in February when they threw yet more subsidies at Drax, recipient of £6.5bn to date, to keep its wood-burning power plant open until 2031. Few people think the biomass industry can survive in the long term unless as-yet-untested carbon capture technology can be installed.

3 weeks ago | theguardian.com | Nils Pratley

US stock markets, Treasury bonds and the dollar itself are sliding amid the tariff turmoil and Donald Trump needs a soft target. It was probably only a matter of time before he intensified his attacks on Jerome Powell, chair of the US Federal Reserve. It is an easy narrative to blame the dull central banker with orthodox worries about anchoring inflation expectations. Nor is Powell able to engage in tit-for-tat soundbites. Unlike Trump, he must measure the impact on markets of his every word.

1 month ago | msn.com | Nils Pratley

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