Aston Martin IPO; Relief in Italy; Tesco slides

1. Aston Martin IPO: Aston Martin is joining the ranks of listed automakers with an IPO tha...

Posted: Oct 3, 2018 11:52 AM
Updated: Oct 3, 2018 11:52 AM

1. Aston Martin IPO: Aston Martin is joining the ranks of listed automakers with an IPO that values the British company at more than $5 billion.

The favorite carmaker of fictional British secret service agent James Bond has priced its shares at £19.00 ($24.70), giving it a valuation of £4.3 billion ($5.6 billion).

The final share price is 16% below the top of the range that Aston Martin had targeted, reflecting investor doubts about whether the carmaker should be valued in the same league as Italian rival Ferrari.

In going public, the British company is also asking investors to overcome fears about US threats to tax foreign autos and the potential for Britain's planned exit from the European Union to disrupt supply chains and markets.

Shares dropped as much as 6.6% in early London trading on Wednesday.

2. Italian relief: Italian bonds have recovered some ground after Italian media reported that the country's government is close to agreeing a budget with smaller deficits than feared.

The euro strengthened 0.3% against the US dollar and the main stock market in Milan gained over 1%.

Italian bonds have suffered in recent months as the populist government appeared ready to clash with the European Commission over plans to increase public borrowing.

Still, that doesn't mean investors can rest easy. Analysts at Capital Economics warn that a prolonged period of higher bond yields still poses a risk to the country's banks.

"In that case, banks would probably have more trouble funding themselves in wholesale markets," the analysts wrote Wednesday. "And the current government seems much less likely to step in and help struggling lenders than previous administrations."

Watch CNNMoney's 'Markets Now' today at 12:45 p.m. ET

3. Global market overview: US stock futures were edging higher.

European markets opened up, while stocks in Asia were lower. The Shanghai Composite was closed for a holiday.

The Dow Jones industrial average added 0.5% on Tuesday. The S&P 500 was flat and the Nasdaq shed 0.5%.

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4. Earnings and economics: Lennar will release earnings before the open. Pier 1 Imports will follow after the close.

A report on crude inventories is set to be released 10:30 a.m. ET.

Shares in Tesco dropped 5% in London after the UK supermarket chain reported earnings that disappointed investors. The mega retailer launched a new discount chain last month, called Jack, that could help it fend off competition from German discounters.

Turkish inflation reached 24.5% in September, according to new data. The lira slipped 1% against the dollar.

Markets Now newsletter: Get a global markets snapshot in your inbox every afternoon. Sign up now!

5. Coming this week:
Wednesday — Lenner and Pier 1 earnings; ADP employment report
Thursday — Costco earnings; CNN Business launches
Friday — US jobs report

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 296745

Reported Deaths: 6783
CountyCasesDeaths
DeSoto19731230
Hinds18881393
Harrison16780282
Rankin12787265
Jackson12643229
Lee9703161
Madison9484203
Jones8005147
Forrest7250138
Lauderdale6847227
Lowndes6033140
Lamar590980
Lafayette5747113
Washington5229130
Bolivar4620124
Oktibbeha442194
Panola432396
Pearl River4193132
Warren4138115
Pontotoc410771
Marshall404492
Monroe3993128
Union396474
Neshoba3822170
Lincoln3564104
Hancock350277
Leflore3389119
Sunflower319286
Tate303374
Pike301796
Scott295271
Alcorn292463
Yazoo290865
Itawamba290275
Coahoma282069
Tippah279565
Copiah279259
Simpson276680
Prentiss271158
Wayne254541
Leake253172
Marion252778
Covington249780
Grenada248578
Adams235078
George232445
Newton231252
Winston221979
Jasper213845
Tishomingo212965
Attala206870
Chickasaw201453
Holmes182770
Clay179251
Stone173029
Tallahatchie171439
Clarke169672
Calhoun158528
Smith153033
Yalobusha145536
Greene127933
Walthall124540
Noxubee123131
Montgomery122939
Perry122235
Lawrence120621
Carroll119025
Amite112235
Webster111132
Jefferson Davis102731
Tunica99523
Claiborne99129
Benton93924
Humphreys93027
Kemper90423
Quitman77414
Franklin76219
Choctaw69817
Jefferson62827
Wilkinson62427
Sharkey49117
Issaquena1676
Unassigned00

Alabama Coronavirus Cases

Cases: 498076

Reported Deaths: 10094
CountyCasesDeaths
Jefferson716711387
Mobile36294737
Madison32616468
Tuscaloosa24340421
Montgomery22739519
Shelby22174218
Baldwin19873289
Lee15039157
Calhoun13832293
Morgan13753254
Etowah13390325
Marshall11448211
Houston10124264
Elmore9483190
Limestone9420138
St. Clair9022227
Cullman8984182
Lauderdale8612214
DeKalb8489175
Talladega7606165
Walker6585259
Jackson6545104
Autauga632492
Blount6236127
Colbert6001121
Coffee5264103
Dale4671107
Russell406933
Franklin399878
Covington3993106
Chilton3898103
Escambia379173
Tallapoosa3622143
Clarke344053
Chambers3431111
Dallas3422142
Pike293373
Marion288695
Lawrence284985
Winston258368
Bibb246160
Geneva240370
Marengo238857
Pickens225457
Barbour213651
Hale212269
Fayette202057
Butler201466
Henry183541
Cherokee178039
Monroe166739
Randolph164840
Washington156836
Macon147745
Crenshaw146255
Clay145954
Cleburne139841
Lamar133733
Lowndes132751
Wilcox122925
Bullock117336
Conecuh107024
Perry106127
Sumter99732
Coosa90224
Greene88532
Choctaw55323
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