IPO
ARM IPO Smashes
The awaited IPO of the chip designer, seems to be an initial success, surging around 31% from its IPO price. On the surface it looks like it’s surge is due to the rising tide of AI, but the truth is ARM relies more on smartphone products vs AI, so the initial excitement might calm down in the coming days.
RATES
ECB Raises Rates a Tenth Time
The European Central Bank (ECB) raised interest rates again by 25 bps to 4%. European stock rose due to the rate hike.
BANKING
Laurentian Bank Can’t Find a Suitor
We previously wrote about Canadian bank, Laurentian Bank, looking for a potential buyer, however, the process has yielded no takers. The bank announced it will continue on as an independent firm while cutting back on management executives to run the bank.
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