Daily Archive: March 4, 2020

Trash hauler GFL falls after braving market roiled by coronavirus in $1.43-billion IPO

GFL Environmental Inc. fell in its trading debut after raising US$1.425 billion in the largest Canadian initial public offering in almost six years.

Shares of North America’s fourth-biggest waste hauler fell 9.5 per cent at 12:08 p.m. in New York to US$17.19, down from its US$19 IPO price. GFL sold 75 million shares at that price Monday in its initial sale, valuing the company at US$5.87 billion based on 308.9 million shares outstanding.

GFL is the largest Canadian IPO since PrairieSky Royalty Ltd.’s offering of US$1.54 billion in May 2014.

GFL had earlier planned to raise as much as US$1.54 billion but was caught out by the panic over the coronavirus that swept markets last week. As markets calmed down Monday, the company decided to go ahead only to be faced by more market turmoil on Tuesday.

“I’m thrilled that in the face of very challenging market conditions over the

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Dollar on defensive as rate cut spooks markets, yields slide By Reuters

© Reuters. FILE PHOTO: U.S. dollar banknote is seen in this picture illustration

By Stanley White

TOKYO (Reuters) – The dollar hovered near five-month lows versus the yen on Wednesday after the U.S. Federal Reserve’s emergency 50 basis point rate cut sparked more anxiety about the impact of the coronavirus and sent Treasury yields tumbling to record lows.

The greenback also traded near the lowest in almost two years against the Swiss franc as investors flocked to traditional safe havens as rate cuts were deemed insufficient to offset risks posed by the global spread of the coronavirus.

The euro was one of the currencies to benefit most from the broad-based dollar weakness as traders bet the Fed will cut rates more than the European Central Bank.

Disappointment that a Group of Seven statement on Tuesday did not lay out a specific response to a global slowdown caused by the coronavirus

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The Fed tries to calm heads—but markets roil instead

This is the web version of the Bull Sheet, Fortune’s no-BS daily newsletter on the financial markets. Sign up to receive it in your inbox here.

Good evening, Bull Sheeters. This is Fortune finance reporter Rey Mashayekhi, filling in this week for Bernhard Warner. We’re trying something new: To keep you informed on the latest developments in the Asian and U.S. markets amid the coronavirus scare, I’ll be sending you a special evening (or morning, for those of you in Asia) edition of the newsletter. We’ll be back to regular scheduling next week.

After reversing some of last week’s precipitous, coronavirus-induced declines on Monday, the global markets were much more tepid on Tuesday. And in the U.S., even a big helping hand from the Fed couldn’t stem considerable losses.

Markets update

First to Asia, where markets on mainland China continued to show signs of life despite … Read More