Today's financial news

Tuesday 27th June

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With new IPOs showing promise, there is still lingering inflation fears holding markets back

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Sygenta IPO

Sygenta, a large Swiss company specialising in chemicals, is set to IPO in China. This means it will list part of its company on the stock exchange in Shanghai for the first time. Set to raise nearly $9 billion, it would be one of the largest IPOs to ever take place on mainland China. But with geopolitical tensions between the US and China still in full force, it remains unclear as to how much international participation will take place. 

Canadian CPI

Canada’s inflation figures for last month are expected to be released later today. The CPI, which stands for Consumer Price Index, measures a basket of goods to check the changes in price. This information, and what it tells us about inflation, will affect Canada’s next decision on interest rates (set to be taken in July). This will in turn affect both the markets and the local currency. 

Wise profits

Wise, a UK based payments company, announced soaring profits that had more than tripled since last year. As a relatively new company, having only listed on the stock exchange in 2023, this is relatively promising as it’s one of the only fresh IPOd companies which has shown strong profits. However, their profits are mostly due to rising interest rates, meaning that they’re profiting off the turbulent economic environment we find ourselves in. 

Sources: Financial Times, IG, Reuters, Nasdaq, FX data

Zoe Burt