Welcome to another edition of Under60 Daily - a brief rundown of the top happenings in the business world, curated by hand to exclude the clutter and ensure you get up to speed in under a minute.
[Markets] Two days after the Chinese government tightened antitrust rules against Fintech monopolies, the ChiNext index in Shenzhen fell by 3.3%. The sell-off in Chinese tech stocks also extended to Hong Kong, where the Hang Seng Tech index fell by 6.3%.
[Energy] A consortium led by Rolls Royce has announced plans to build up to 16 mini-nuclear plants in the UK. It says the project will create 6,000 new jobs in the Midlands and the North of England over the next five years and provide energy export opportunities. Over60: BBC
[M&A] Australian investment bank Macquarie is in talks to purchase Italy’s largest independent gas storage facility for close to $1.2 billion. The facility’s current majority owner is Morgan Stanley Infrastructure Partners.
[Currencies] A Joe Biden presidency and positive news surrounding the Pfizer vaccine have sent emerging market currencies soaring. The MSCI Emerging Markets FX index rallied by 1.6% in November, making it its best month since 2019.
[Bonds] After making a handsome $2.6 billion profit during the beginning of the pandemic, hedge fund manager Bill Ackman predicts that companies will struggle to pay back their debts. His new trade involves hedging his equity exposure with corporate default insurance.
Over60: Bloomberg Quint