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Good morning. We start with news from Donald Trump's social media business debut in New York yesterday.
Trump Media & Technology Group, the company behind his Truth Social platform, rose to $79.38 a share from the previous day's price of $49.95, before closing up 16 percent at $57.99. Trading was so volatile that it was halted for several minutes.
Trump, who owns 58 percent of the combined company's shares before dilution, is the biggest beneficiary of higher prices. His stake now stands at $4.6 billion.
TMTG is now listed on the Nasdaq under the stock symbol DJT — Trump's initials — after completing its merger with blank-check company Digital World Acquisition Corp on Monday.
The former US president faces a group of legal and financial problems ahead of what is expected to be the most expensive presidential election campaign in the history of the United States. But that's why a rise in TMTG's share price is unlikely to help it secure funds.
Here are the other things I'm tracking today:
Economic Data: The European Union and France release consumer confidence numbers for this month.
Bank of England: The UK central bank publishes minutes of its latest policy meeting.
Companies: H&M, S4 Capital and Carnival report results. Moderna holds investor day.
Five more stories top
1. US small-cap stocks are experiencing their worst performance relative to large caps in more than 20 years, highlighting the extent to which investors have chased giant technology stocks while smaller groups are burdened by high interest rates. The Russell 2000 has risen 24 percent since the beginning of 2020, lagging the S&P 500's gain of more than 60 percent over the same period. Read the full story.
2. Exclusive: JPMorgan Chase Chairman Jamie Dimon had a one-on-one lunch with US Vice President Kamala Harris at the White House last week, according to people familiar with the matter. His private meeting was not disclosed in the vice president's public schedule, and comes at a turbulent time in relations between the Biden administration and American business. Joshua Franklin and James Politi have more details.
3. Exclusive: Solid-state battery technology for electric cars is still years away from commercialization, with “many objectors” hindering its development, the head of the Chinese company that dominates the industry said. The highly publicized technology doesn't work well enough, lacks robustness and still has safety issues, CATL's founder and chairman told the Financial Times. Read the full interview with Robin Zheng.
More electric cars: A quarter of electric cars sold in the European Union this year will be made in China, as new entrants to the country continue to take sales from local rivals, according to new research by a policy group.
4. Cryptocurrency group Copper hosted a party where guests were served sushi by two scantily clad models at the five-star Mandrake Hotel in London last week. The company, headed by former UK Chancellor Lord Philip Hammond, stores digital assets for clients. Here's more about the event.
More Cryptocurrency: The US Securities and Exchange Commission is seeking $2 billion in fines from Ripple Labs after a court found that the company improperly sold some tokens to investors.
OPINION: Crypto disguises herself to make herself look mature, writes Katie Martin, but her new clothes may not fit.
5. Rishi Sunak was forced to make a mini-cabinet reshuffle after two of his ministers resigned yesterday ahead of the Easter recess. The UK Prime Minister had hoped to send his MPs into a three-week parliamentary recess with an upbeat assessment of the economy, but his attempts to boost morale were stymied by Robert Halfon's unexpected decision to resign.
More on Sunak: Under pressure from party hawks to take tough action after repeated cyber attacks in Beijing, the Prime Minister plans a new crackdown on Chinese entities operating in the UK.
UK Trade: Politicians are failing to support exports and inward investment due to fears of reawakening old divisions over Brexit, the British Chambers of Commerce has warned.
The Easter holiday caps off a difficult first three months of the year for Sunak. To learn more about what this means for him and his conservative party, sign up for Stephen Bush's Inside Politics newsletter.
In-depth news
The collapse of the Francis Scott Key Bridge in Baltimore after a container ship collided with it yesterday raised urgent questions. Wes Moore, Governor of Maryland, declared a state of emergency after the elevated road disintegrated in the Patapsco River. Six people are presumed dead, according to state police. What happened and who will pay?
We read too. . .
The rise of Fortnox: Shares of the $4.6 billion Swedish software company have boomed under CEO Tommy Eklund, but how much can its niche business expand?
China's economy: President Xi Jinping's pivot toward high-tech manufacturing, rather than promoting consumer-led growth, is drawing scrutiny at home and abroad.
Fascism is not dead: the 1920s and 1930s were different times, writes Martin Wolf, but don't be complacent: history may not repeat itself, but it chimes in now.
The war between Israel and Hamas: The second Israeli raid on Al-Shifa Hospital in Gaza extends into its ninth day and turns into the largest battle in the war that has been going on for almost six months.
Today's chart
The price of cocoa exceeded $10,000 per ton for the first time yesterday, as the stunning rise in prices caused by poor harvests in Africa continues to accelerate. Andrew Moriarty, director of price reporting at commodity data group Mintech, said the market was “out of control”. “Everyone is just bracing for impact.”
Take a break from the news
Are we really ready to live forever? In an age of remarkable scientific progress, Stephen Cave reviews three new books that explore the possibilities of living longer – and the challenges facing human society.
Additional contributions from Benjamin Wilhelm and Gordon Smith
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