Estimated reading time: 6 minutes
Ride-hailing giant Didi debuted on the New York Stock Exchange in the biggest US listing by a Chinese company since Alibaba in 2014.
Cue the Homer Simpson analogies
New York's ultra-modern, urbane and sophisticated NASDAQ exchange has become synonymous with technology stocks in recent years. It's the venue of choice when publicly listing premium stock across all areas of innovation, from multi-billion-dollar startups to established Silicon Valley powerhouses.
This week, however, saw a return to good old-fashioned analogue business. Doughnut company Krispy Kreme took a successful second bite at becoming a publicly listed company on the NASDAQ exchange.
Cartoonery aside, the company soon realised a valuation of $500 million. Not in the same league as the billion-dollar unicorns, but not bad for an out-of-favour, high sugar content relic which can be associated with a 1975 Plymouth Fury police car.
On the other hand, share trading was a bit of a damp squib with initial pricing far below Krispy Kreme's $25 aim at around $17 post-auction.
Where to, guv?
That's a phrase from the past likely to remain dormant, given the immense rise and competition in ride-hailing apps. We've all grown accustomed to Uber, Gett, Lyft and others in major metropolitan areas of Europe and North America.
Universal retorts from drivers – namely, "I don't go south of the river" or "where to?" – have become obsolete as our journeys are pre-determined through apps and navigation systems.
Now, a new entry to this ultra-competitive world has arrived – one with a huge presence in its home country of China.
Didi, which was established in Beijing a few years ago by a former Alibaba employee, has listed on the New York Stock Exchange at an astonishing value of $80 billion. That makes it the largest New York Stock Exchange listing from a Chinese entrant since the milestone flotation of Alibaba in 2014.
To prepare its IPO, Didi sold 316.8 million American Depository Shares (ADS) versus the planned 288 million, at $14 apiece, giving it an initial value of $73 billion.
A sporting chance
JD Sports is a familiar name across the high streets and shopping malls of Great Britain. This week, stocks in the sports-fashion retailer fell despite strong online sales during lockdown.
The company used this influx of revenue to buy Deporvillage, a Spanish sportswear shop, to increase their online presence. This news would typically be well-received would be well received, yet share prices decreased.
Mark your calendars
Be ready to get your US flags out on Monday July 4, as the nation celebrates 245 years of independence. The US market will be closed but the rest of the world remains open. At 7am GMT, the UK's new car registration figures for June will be announced, with a huge 674% increase over June 2020.
On Tuesday July 6, the Eurozone's retail sales for May will be revealed at 10.00am GMT, with an expected 23.9% figure declining from last month's 25.5%.
7.45am GMT on Wednesday will see the announcement of France's trade balance, set to be a negative figure of 6.2 billion euros.
On Thursday, Germany will announce its trade balance, which is expected to decline to 15.9 billion euros since April's 16.3 billion euros.
Finally, 7am GMT on Friday will set the stage for the UK's trade balance announcement, expected to be 5.55 billion pounds in the red. Then at 1.30pm GMT, Canada will announce its employment change for June. It's thought to dwarf May's numbers – with 68,000 lost jobs in June compared to 20,000 in May.