Up to deliver vaccines to remote areas. We start on wall street where the Stock Market Rally continues with the s p 500 and nasdaq closing at new record highs. Americas Top Companies are reporting better than expected results. The senate is inching towards passing President Biden� s 1. 9 trillion stimulus package. And theres been another fall in the number of americans filing forjobless benefits a sign the Labour Market is stabilising. There are still huge problems facing the worlds biggest economy but investors believe the flow of cheap money from the Federal Reserve will keep on coming. The biggest problem isjust that we have 20 million americans who are still in some state of receiving Unemployment Insurance benefit so we still have a really long way to go on the labour front and that take quite a bit of time to resolve. But gdp and output may recover faster but it will take more time to employ that many americans. I think it means that for market, we now believe that for market, we now believe that the fed will stay at the zero policy for quite a long period of time because the fed has a statutory mandate to fulfil full employment so they will be here for a while and it will be here for a while and it will take a lot of time to get back to where we were on the labour front. Its not all good news on the markets especially if you are one of the army of small investors who piled into the likes of gamestop in last weeks social media driven trading frenzy. Gamestop shares slumped around 40 on thursday its now atjust over 50 a far cry from the 483 it was trading at last week. Us financial regulators are now looking for evidence of Market Manipulation on reddit forums. Susannah streeter is Senior Investment and markets analyst at Hargreaves Lansdown she is in bristol in the west of england. Thank you very much forjoining us. It is nice to see you. Lets start with gamestop. Where does the buck stop there . Has it been manipulated . It is a big question indeed and which, of course, the securities and Exchange Commission would be looking at very closely. Certainly many retail traders and investors would be very anxious but they had their fingers burnt because they may have got into this big wave and followed the herd, as it were, and then seen their speculative Position Plunge because gamestop shares fell again yesterday. However, they are still at almost 200 higher than before all of this began. I expect the focus for regulators will be on these message boards, on reddit for example, but it will be difficult to prove intent to many late the market because it is not illegal to promote a stock and whether or not they could take action to stop such messages on these boards appearing remains to be seen. We know how difficult it is to monitor social media in this way. Monitor social media in this wa. ,. , monitor social media in this wa. ,. , , way. Turning now more broadly to what is way. Turning now more broadly to what is going way. Turning now more broadly to what is going on way. Turning now more broadly to what is going on in way. Turning now more broadly to what is going on in the to what is going on in the United States and the health of the us economy. In our introduction there we did a small explainer on way we think the stock market are rising. I wonder whether you had been looking into Smaller Companies in the United States because they are a better barometer, are they not, of the domestic economy and what is happening in the United States themselves. In the United States themselves. ~. ,. , themselves. We have corporate results from themselves. We have corporate results from the themselves. We have corporate results from the giants, themselves. We have corporate results from the giants, people| results from the giants, people like amazon and paypal for example but dig deeper into the economy and certainly a recovery is nothing like that scale. Of course there have been slight changes to the Unemployment Claimants and that is what came through yesterday. Were going to get some new jobs numbers out later today and that is to show a slight rise in hirings but, still, there are more than 10 Million People claiming the benefits backin people claiming the benefits back in February 2020 so it still shows the huge scale that needs to be climbed. It is a big mountain ahead of the Us Administration trying to get the economy back on track. And it will be hospitality, small restaurants, small bars that had to close during the pandemic and travel, of course. There is a long way to go, certainly and why there is going to be pressure on congress to pass this 1. 9 trillion stimulus package. Thank you very much. Lets talk brexit now because its more than a month since the uk left the eu trading bloc and there is still no clarity on Market Access for british based financial companies. The boss of one of the biggest barclays Bossjes Staley Has told the bbc that financial jobs have already been moved to europe. But he says the City Of London now has a chance to plot a different course and should focus on competing with asia and the us rather than the eu. Brexit gives the uk the opportunity to define its own agenda. An in defining that agenda. An in defining that agenda around financial surfaces, what frankfurt what london needs to focus on is not paris or frankfurt, he needs to focus on singapore and new york and if london can stay competitive with new york and singapore, they could have the equivalence across the atlantic as opposed to across the channel, i think that is how you want to drive the financial industry in the uk. Industry in the uk. When you talk to the industry in the uk. When you talk to the eu industry in the uk. When you talk to the eu There Industry in the uk. When you talk to the eu there is industry in the uk. When you talk to the eu there is a industry in the uk. When you | talk to the eu there is a sense of distrust talk to the eu there is a sense of distrust that the uk just cannot of distrust that the uk just cannot wait to become what they Call Singapore on the thames to bil Call Singapore on the thames to big banks Call Singapore on the thames to big banks to rip up the rulebook. How important is trust rulebook. How important is trust between the two sides . A trust between the two sides . Significant part of berkeley is now as a European Bank headquartered in dublin. So a constructive relation between the uk and europe is critically important. It need not be finalised in footnotes and a long negotiated agenda but the goodwill between the eu and the uk is important for the uk and important for the eu. Both blocks have to remain partners and i think that is what will happen. If and i think that is what will ha en. ,. , happen. If we get this wrong is the us the happen. If we get this wrong is the us the big happen. If we get this wrong is the us the big recipient, happen. If we get this wrong is the us the big recipient, the i the us the big recipient, the bil the us the big recipient, the big winner here . If the us the big recipient, the big winner here . Big winner here . If we get it wron big winner here . If we get it wrong the big winner here . If we get it wrong the main big winner here . If we get it wrong the main beneficiary. Big winner here . If we get it| wrong the main beneficiary is probably asia. Wealth accumulation in asia is growing and increasingly you have Asset Managers setting up offices across asia. So the winner, if europe and the uk pullback, would be singapore, tokyo, hong kong. If would be singapore, tokyo, hong kona. , would be singapore, tokyo, hong kon. ,. , would be singapore, tokyo, hong kona. ,. , would be singapore, tokyo, hong kona. ,. , kong. If there was one bit of regulation kong. If there was one bit of regulation that kong. If there was one bit of regulation that is kong. If there was one bit of regulation that is derived kong. If there was one bit of. Regulation that is derived from us being regulation that is derived from us being part of the eu, where is the us being part of the eu, where is the opportunity to faure ourselves . Is the opportunity to faure ourselves . �. , ourselves . Burner regulation, which one . Ourselves . Burner regulation, which one . Will ourselves . Burner regulation, which one . Will be ourselves . Burner regulation, | which one . Will be contrarian. Sitting here today and berkeleys has been profitable every month during the course of this economic crisis and we are helping our customers, we are helping our customers, we are keeping all our people employed. In part, that is because the Regulatory Environment that we face over the last ten years put this bank on a much safer footing. We have done well at working inside the Regulatory Framework because it protects the financial industry in london and as we learn how to deal with this regulation it makes the banks safer. Im not going to point a finger at anybody. So no bonfire for you . Trio. Lets stay with britains future outside the eu. Key to the governments strategy for attracting investment is the setting up of freeports special Economic Zones where normal tax and Customs Rules do not apply. The uk wants to set up ten freeports around england. Today is the deadline for applications, and one of them is coming from the Thames Estuary downriverfrom london. Thames freeport says it would create up to 25,000 jobs, offer training and upskilling opportunities and unlock £400 million in port investment, benefitting communities along the estuary that need it most. Kate willard is chair of the Thames Estuary growth board which is backing the bid. Thank you very much forjoining us. The government says that this will create thousands of job and unlock investment. However, you speak to trade experts and they Say Something very different. Here, a report from the Trade Policy Observatory suggest the benefits would be, and i quote them, tiny. Why is there a divergence of opinion . There is a divergence divergence of opinion . There is a divergence of divergence of opinion . There is a divergence of Opinion Divergence of opinion . There is| a divergence of opinion because it is political but what is absolutely clear to us in the estuary is that the freeport is an extraordinary opportunity to start to build in this post transition arguably fragile economy, acobit managed economy, acobit managed economy, Serious International trade and new links. The Thames Estuary has an unrivalled position. 0ur estuary has an unrivalled position. Our global reach is better than anywhere else in the uk and we are absolutely ready to capitalise on this opportunity. More importantly it is notjust about opportunity. More importantly it is not just about the international dimension. We know that the government needs to build back better, to build good green growth and reports be a key part of that green growth agenda by greening freight, by building great skills in innovation and the estuary is an important part of this because another part of governments agenda is that levelling up agenda, making sure that there are not communities and places left behind. Across the estuary we have some incredibly deprived communities and some places that really need that confidence that a Freeport Designation would bring. International opportunities that are brought, the skills and the great meaning opportunities so i think arguably they can be contentious but almost in a three radical way. What is clear to us in our analysis is that a freeport on the Thames Estuary would enable the government notjust build back better but to build back brilliantly because there are so many facets of this which are an opportunity for our community. I are an opportunity for our community are an opportunity for our community. I will ump in if i ma. Community. I will ump in if i may. Brussels community. I will ump in if i may. Brussels is h community. I willjump in if i may. Brussels is clamping i community. I willjump in if i. May. Brussels is clamping down on these reports after identifying that their special tariff and status has aided the financing of terrorism, amongst other things. Surely these free ports will become a big source of tension between the uk and the eu. ~. ,. , 4 of tension between the uk and the eu. ~. ,. , ~. , the eu. We do not think that is the eu. We do not think that is the case at the eu. We do not think that is the case at all. The eu. We do not think that is the case at all. We the eu. We do not think that is the case at all. We are the case at all. We are conscious of the hard work that government is doing and indeed the big teams are doing to make sure that these are responsible measures, that these are opportunities which do not wander into that field of danger and inappropriateness, but how exactly do we do that . How do we prevent schemes like this from becoming a hub for counterfeiting, for the trade of people, Money Laundering and organised crime . It is of people, Money Laundering and organised crime . Organised crime . It is a great oint organised crime . It is a great point and organised crime . It is a great point and we organised crime . It is a great point and we need organised crime . It is a great point and we need to organised crime . It is a great point and we need to have i point and we need to have responsible teams. We need a government which makes sure that those designations are after carefully. Importantly in after carefully. Importa ntly in the after carefully. Importantly in the estuary we have something else, we have a growth board thatis else, we have a growth board that is committed to working with that bid team to make sure that not only do we have a responsible application but we are looking after that designation and making sure it is delivering all those great benefits appropriately. Thank ou ve benefits appropriately. Thank you very much benefits appropriately. Thank you very much. Kate you very much. Kate williard there. Shares in chinese video sharing app Kuaishou Technology have surged as much as 200 on their debut on the hong kong stock exchange. Sharanjit leyl is following this for us. Incredible demand from investors. I read that the Company Received 1. 4 million applications from local investors meaning that one in every four adults in hong kong actually wanted these shares. Is that demand normal . Incredible, isnt it . You said it. It is becoming increasingly normal in hong kong and elsewhere as investors essentially satiate their huge appetite for Chinese Tech Companies even though beijing is stepping up a lot of scrutiny of the sector. For instance, just after the market debuted this morning we saw Kuaishou Technology shares nearly tripled the list price and no wonder because it is one of the most hotly anticipated initial public offer is insincere. It raised 5. 4 billion and the app has a massive user base in china and competes with tick tock. If you wonder what the big deal about this app is, was created 12 years ago, it is a short form video platform popularfor Live Streaming and Kuaishou Technology has ambitions to be the most customer Obsessed Company in its own world. It claims about 305 million daily active users spending an average of a t six minutes or more on the app. Its revenue has grown from about 1. 3 billion in 2017 to 6. 2 billion in the nine months ending last november that it is still maintaining profit. They have reported that make it is not maintaining profit. They have reported losses of over 1 billion. They make their money from live streamed e commerce and it makes money from virtual gifts while Online MarketingServices Account for about one third of its business. But there are big risks to its shares. Investors should start to Pay Attention to the changing Regulatory Environment in china. Big tech firms are under the spotlight for Monopolistic Behaviour and Live Stream Services and virtual gifting have already caught the attention of chinese regulators so i imagine Kuaishou Technology should not be far behind. Lets get some of the days other news. Kenneth frazier ceo of Drugs Giant Merck is to retire at the end ofjune. One of only a handful of black executives leading major us companies. Frasierjoined the Company Almost 30 years ago and climbed the ranks to become the boss in 2011. Peloton says its struggling to meet demand for its excercise bikes and that will hits earnings. Its been one of the big beneficiaries of lockdow