Shares in UK chip designer Arm have been priced at $51 apiece before trading begins today, giving the company a market valuation of $52.3bn. The price is at the top end of a range of $47-$51 a share due to high demand that resulted in its stock being more than five times oversubscribed. The IPO will raise about $4.9bn for SoftBank, which has offered 9.4% of the company’s stock, but will still control roughly 90% of the company’s shares. European Central Bank governors are split over whether to raise or hold rates today. The British government is expected to respond to a damning report from parliament that found the UK’s approach to China’s espionage was “completely inadequate”. Goldman Sachs has fired several employees over “serious violations” of its communications policies. The EU has announced an anti-subsidy investigation into China’s electric car industry. Private funds are set to spend billions of dollars to comply with US disclosure rules imposed by the Securities and Exchange Commission. Falling house sales and prices have left British estate agents at their gloomiest in 14 years. Gloom is spreading through Germany’s manufacturing sector. The volume of cash payments rose in the UK by 7% last year to 6.4 billion.

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