News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here:
  • Canadian Dollar snapped a three-week losing streak after USD/CAD stalled at key technical resistance. Get your CAD weekly forecast from @MBForex here:
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here:
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here:
  • Get your snapshot update of the of top level exchanges and key index performance from around the globe here:
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here:
  • The Nasdaq 100 index is aiming to breach a key resistance level at 14,950 for a second time. A successful attempt may open the door to further gains, although the MACD indicator flags signs of weakness. Get your equities forecast from @margaretyjy here:
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here:
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here:
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here:
Pershing Square SPAC Deal With Universal Music Group Falls Through

Pershing Square SPAC Deal With Universal Music Group Falls Through

Brendan Fagan,

SPAC, Pershing Square, Universal Music Group - Talking Points:

  • Pershing Square Tontine Holdings backs out of deal to acquire 10% Universal Music
  • Pershing Square Holdings will now acquire a 5-10% stake in Universal
  • Bill Ackman cited increased SEC scrutiny as a primary driver in the changed approach

Pershing Square Tontine Holdings, the blank-check acquisition vehicle managed by billionaire investor Bill Ackman, backed out of a proposed SPAC merger with Universal Music Group citing increased regulatory scrutiny. Following discussions with the U.S. Securities and Exchange Commission (SEC), the board of Pershing Square Tontine Holdings voted unanimously to discontinue merger discussions. In June, it was announced that Bill Ackman’s SPAC had agreed to acquire 10% of Universal in a deal totaling $4 billion. The announcement gave Universal Music Group an estimated enterprise value of $41.55 billion.

SPAC Summary Chart

Pershing Square SPAC Deal With Universal Music Group Falls Through

Chart courtesy of SPAC Analytics

In a letter published to shareholders, Ackman highlighted the regulatory concerns that plagued the proposed deal. “Our decision to seek an alternative initial business combination (“IBC”) was driven by issues raised by the SEC with several elements of the proposed transaction – in particular, whether the structure of our IBC qualified under the NYSE rules…” said Ackman. Since the announcement of the merger, shares of Pershing Square Tontine Holdings have shaved nearly 20%. As a result of the SPAC merger falling through, Ackman’s Pershing Square hedge fund will now acquire a 5-10% stake.

SPAC Activity Table

Pershing Square SPAC Deal With Universal Music Group Falls Through

Courtesy of SPAC Analytics

The failed deal comes as new SEC Chair Gary Gensler has been vocal about the vague nature of SPAC transactions as the new administration looks set to stamp its authority on the securities industry. Gensler has said in testimony and commentary that SPAC transactions require increased oversight and transparency. However, deal flow has remained strong despite regulatory pressures from the SEC. SPAC IPOs have constituted 65% of all US IPOs in 2021 and 53% of all IPO revenue raised. The numbers represent sharp year-over-year increases, a trend that has caught the attention of financial regulators.

SPAK ETF Daily Chart

Pershing Square SPAC Deal With Universal Music Group Falls Through

Chart provided by TradingView

As “retail mania” in equity markets subsides, investment products that dominated headlines have cooled off, with SPACs being no exception. SPAK, an actively managed ETF that tracks post-merger companies for two years, sits 37% below its recent all-time high from February. Other proxies for speculative behavior such as meme stocks and options activity have also declined as broader markets digest growth concerns and a resurgence in COVID.

--- Written by Brendan Fagan, Intern for DailyFX

To contact Brendan, use the comments section below or @BrendanFaganFX on Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.