Today's financial news

TUESDAY 22nd Aug

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Strong results from Zoom and an exciting IPO from Arm, could make this week interesting

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Arm’s IPO plans revealed

The chip company Arm, who is currently majority backed by SoftBank, filed their intentions for an IPO yesterday. There has been a long pause on IPOs given the uncertainty on markets. Whilst the relative successes (or failures) of Arms launch on the stock market are yet to be seen, the results may encourage or equally discourage other firms currently waiting to list on the stock market. 

Zoom’s solid earnings

Zoom video has become a poster stock for the pandemic boom followed by an almighty slump back to reality. Its share price is down over 70% from highs and it has struggled to regain any traction. Until yesterday. Earnings announcements showed that their revenue was up, as well as an increase in their customer base. This is promising news for the tech company and their share price was up on early trading. 

BRICs increasing members

The BRICs nations, made up of Brazil, Russia, India, China and South Africa are meeting this week in Johannesburg, South Africa. They’re looking to potentially shake up their membership and expand the group by taking on new, emerging nations, which could reach as far as 45% of the global economy. One of the main aims is to discuss the reliance of these nations on the USD, which may well have wider impacts on both the currency and stock markets this week. 

Sources: Yahoo Finance, Bloomberg, Financial Times, Deutsche Welle

Zoe Burt