Etsy buys Depop in $1.6bn gen-Z push; UK to begin trans-Pacific trade bloc talks – business live
Rolling coverage of the latest economic and financial news, as CPTPP members agree UK can start negotiations to join free trade bloc
Earlier:
- Introduction: UK to begin talks to join CPTPP
- Government: membership would deepen access to fast-growing markets
- New Zealand: UK must meet market access standards
Etsy is buying Depop, the British second-hand fashion resale app, for $1.6bn (£1.1bn) to tap into the fast-growing trend of generation Z young people reselling clothes online.
Josh Silverman, the chief executive of Brooklyn-based Etsy, said:
“We are simply thrilled to be adding Depop – what we believe to be the resale home for gen Z consumers – to the Etsy family.”
Related: Etsy buys second-hand clothing app Depop to tap into gen Z
The US stock market has pushed a little higher, in a rather muted session.
Traders seem to be marking time ahead of Friday’s US jobs report, which will show if hiring picked up in May after a surprise slowdown in April.
The markets have been all over the place so far in the week, with the dollar initially falling and then rebounding, causing gold and foreign currencies to the opposite.
Traders are evidently not willing or comfortable to commit to one particular direction and are quick to take profit. Overall, though, the underlying trend remains the same: bullish for stocks, gold, crude and other risk assets, and bearish for dollar.
