We start with an Epic Battle Raging On Wall Street that has seen small time Amateur Investors take on the titans of the hedge fund industry. Its all centred around this company the struggling us computer Game Retailer gamestop. It shares have soared at much as 1700 after a group of private investors used online forums to drive up their price. And that has raised serious questions about how Financial Markets operate in the era of social media, as paul hawkins reports. This is a story of david versus goliath, of the amateur online investor beating the Big Traditional Wall Street traders. At the centre of it, gamestop, a struggling American Retailer Selling dvds and video games. A number of the Wall Street Traders picked up on its problems and bet money that its share price would fall, known in the business as shorting a stock. Only for this particular stock, Amateur Investors swapping tips on the social media site reddit saw it as an opportunity. They bought shares, which actually drove
Albertsons ipo. All of the stories that we cover so closely i know. And banks already rallying today off that deregulation news earlier on the day theyre up 1. 6 at the moment. The top of the s p 500 sector. We have a huge show coming up on closing bell. On the day, we get the stress test results that sara mentioned. Well be talking to the ceo of barclays in a rare exclusive interview. Thats just about five to ten minutes away after the close, the they will join us this is the sign for the first time in months so lets get the pictures here mike santoli is here for the markets. The moves and valuations he is tracking the surging covid19 cases across the u. S. Mike, first to you. We have a pause today in the markets within a pouz. That is similar to a couple weeks ago. We this that big down day number real sustainable followthrough to the down side why is that . It doesnt seem like theyre overleveraged in a way that kree auts a liquidation cycle on the down side. There you see that flat
Gold isset classes, definitely a risk being taken off the table. Gold as the month and it had its fifth month of gains this year out of six. Gold may be down a fraction at the moment but we seen quite a rise, 1. 7 up in the last three days. Yen,. Strengthening. Lurchingar index lower, the 10 year yield unmoved by the price action and the price of money as it goes down. Without further ado, lets look at this listing. Esr making its debut in hong kong after raising 1. 6 billion. Exchange to the stock were sophie is standing by with someone important from the company. Ie jeff pearlman, the chairman of esr came in. Certainly a day to celebrate. Shares popping more than 5 . Esr group from a 2016 merger to become two of asias Fastest Growing warehouse providers. That was japans redwood group. Pretty much a fast growing story toward todays ipo. Lets get more on the story of esr. Congratulations. Shares popping at the start of trading. Why after the delay in june . Thanks for having me. End up
A new currency based on gold as this would be more stable than the current currency trading which is manipulative he said the precious metal could be used to evaluate import and export activities among east Asian Countries quote we can make settlements using that new currency using gold that currency must relate to the local currency as the Exchange Rate and that is something that can be related to the performance of that country that way we know how much we owe and how much we have to pay in the special currency of east asia hes saying like this is for the trade region of east asia he wants a gold backed unit of account for trade so that we know for real what were getting and whos cheating and whos not cheating so any way you can tell if youre making any money exporting and importing is if you have a yardstick or a benchmark. To apply your economics and you are so it has always been gold we went into a period of monetization. Abolition dollars ation after world war 2 for the us convin
Into a period of monetization globalisation dollars ation after world war 2 where the us convince the world that you dont need a yardstick just take our word for it and the pie grows infinitely and you get partly infinite by and thats failed and countries like Malaysia China russia and others are saying you know what i think well go use gold you know tell us what were making or losing in gold and donald trump is really pushing this hard because hes saying that the us wants to withdraw from being a globalised nation they want to be a mercantile us nation and so the striving this is putting it into fast overdrive now well it also matches with what david graber has said in his book the history of debt and what we do during times of distrust between individuals within a society and between within nations within the global in the world so right now we have a system whereby people do not trust each other thats why we have the globalization thats why the u. S. As with drawing from a system wh