British fintech Wise to move primary listing to the U.S. in blow to London stock exchange
The Wise logo displayed on a smartphone screen.
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British money transfer firm Wise on Thursday said that it plans to move its primary listing location to the U.S., dealing a fresh blow to the London stock exchange.
Wise said in its full-year earnings statement that it will move to a dual listing, with its main listing hub shifting to the U.S. while maintaining a secondary listing in London.
“This would allow Wise’s shares to trade on both a US stock exchange and the LSE,” Wise said in its earnings announcement.
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— Ryan Browne
Markets pricing in ECB rate cut
European investors are awaiting the latest monetary policy decision from the European Central Bank, due to be announced at 2:15 p.m. Central European Time.
Markets are overwhelmingly pricing in a 25-basis-points cut to the central bank’s key interest rate, according to LSEG data. That would bring the deposit facility rate down to 2%.
In a note to clients on Thursday morning, analysts at Danske Bank said that while “the fight against inflation is almost over” in the euro zone, economic growth in the region is likely to remain below potential this year because of U.S. trade policies and cautious consumers.
“We view the risks to inflation as balanced since energy prices could increase more than expected while growth could be weaker than projected,” they said. “The ECB is anticipated to reduce the deposit rate to 1.5% this year, as we believe it is necessary to move into slightly accommodative territory to prevent de-anchoring inflation expectations and support activity below potential amidst trade uncertainty.”
Read more here about what to expect from the ECB today.
— Chloe Taylor
Here are the opening calls
The Euro Sculpture at Willy-Brandt-Platz in the financial district of Frankfurt, Germany, on March 6, 2025.
Bloomberg | Bloomberg | Getty Images
Good morning from London! This is CNBC’s live blog covering all the action in European financial markets on Thursday. All eyes are on the European Central Bank, which is expected to announce a rate cut.
Futures data from IG suggests London’s FTSE will open 4 points higher at 8,802, Germany’s DAX up 22 points at 24,276, France’s CAC 40 unchanged at 7,804 and Italy’s FTSE MIB 46 points higher at 40,123.
The ECB’s monetary policy decision is in focus for regional markets Thursday, with the central bank widely expected to trim interest rates by 25 basis points, taking its key rate, the deposit facility rate, to 2%.
Expectations of a rate cut were cemented after flash data on Tuesday showed inflation in the euro zone hit a cooler than expected 1.9% in May.
Read more here: The European Central Bank is almost guaranteed to cut rates. Here’s what could happen next
— Holly Ellyatt
Global market action overnight
Traders work at the New York Stock Exchange on June 4, 2025.
NYSE
Asia-Pacific markets traded mixed and U.S. stock futures were near flat overnight with sentiment dented by U.S. data showing private sector hiring has hit its lowest level in over two years.
Private sector payrolls rose by just 37,000 in May, coming in sharply below the Dow Jones forecast of 110,000 and raising investor worries about the softening job market and the impact on the economy. Those concerns weighed on the major averages during the session, too.
Still, the market’s recent gains — which have been powered by a surge in technology stocks — coupled with a blowout first-quarter earnings season, have revived sentiment on Wall Street. Nevertheless, investors remain cautious that more pain could be ahead in light of the Trump administration’s tariffs.
— Holly Ellyatt, Pia Singh