E Europe's Unicorns

Europe has overtaken the US for the number of newly listed former unicorns over the past two years, according to Stephen Paice, who manages 2 UK funds from Baillie Gifford invested in Europe. He says this is having “profound implications” on the public market. His fund invests up to 10% of its assets in private companies, startups, and venture capital markets in Europe. “Over the past two years when we look at the IPO market, there have been 15 IPOs of former unicorns, private companies valued at over $1 bn".Moreover, he claims "Europe accounted for about 60% of those and the US only 40%. So Europe is starting to catch up and this is going to have quite profound implications for public investing when these companies do come to the market.”

He argued that the opportunities for public investors are now very different from what they were several years ago.

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After markets jumped yesterday, we saw a lot of bounce today although gold fell back a bit. NIO of China was a top gainer after it said it will double its prduction capacity in Helei next year. It is up 5.1% now, as there is a lot of interest in finding good stocks in the PRC which can escape the crackdown in Beijing.

Data

US retail sales rose 0.7% last week when expectations were for a slight drop. This caused bullishness.

Alcoa jumped on a good Q3 result and its resumption of dividends, the first from the US aluminum firm since 2016! AA.

Japanese Fanuc rose 4.75% on the hope that industrial robots will make a comeback in the auto industry. FANUY.

Deere was upgraded to buy from hold.

Telefonica of Spain was downgraded by Barclays to hold from buy. TEF is very active in Latin America whose outlook is souring.

In Brazil, while foreign buyers are pouring in, the natives are selling stock. In Chile, the bank rate was upped 12.5 basis points to 2.75%. Metal prices are rising as stockpiles are falling.

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