Markets Now – Thursday 6th August 2020 – FT Alphaville

Things are mostly down and there’s a quite lot of news. Sterling, BOE, gold, the Turkish lira and whatnot are covered on the main site. On these pixels we’ll stick with the corporate stuff after a look at the mid-session scoreboards:

Hammerson’s pressed the button on a £552m rights issue. That might seem not very much at a time when a company can raise $460m by proposing to fire Richard Branson into space, which is an actual thing that’s happening. But then, the second-quarter sunk costs for firing Richard Branson into space were only $63m whereas Hammerson booked a first-half loss of £1.1bn. Based on current burn rates Hammerson could fire ten Richard Bransons into space annually yet the company continues to run shopping centres, which challenges conventional theories about efficient allocation of capital. Here’s Kempen (“neutral”, 78p target):

[Not] a surprise as it was leaked on Monday, but Hammerson

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