News That Matters

Tag: selloff

Europe stocks sharply lower after US and Asia sell-off

Europe stocks sharply lower after US and Asia sell-off

Business
European stocks were sharply down in morning trade after concerns about a trade war and higher US bond yields stoked global investor concerns.In London, the FTSE 100 index of leading UK shares was down more than 1.7% at 7,020.Markets in Asia had plunged to a 19-month low after US shares suffered their worst losses in eight months.The global sell-off came as IMF head Christine Lagarde said stock market valuations have been "extremely high". In Paris, the Cac 40 share index was down 1.6% at 5,122 points, while in Frankfurt the Dax index fell nearly 1.5%.The FTSE 100 and the Cac 40 have fallen to their lowest levels since April, while the Dax is at its lowest since early 2017. ...
Bitcoin dips below $6,000 amid cryptocurrency sell-off

Bitcoin dips below $6,000 amid cryptocurrency sell-off

Finance
Bitcoin fell below $ 6,000 late Monday — for the first time since June — against a backdrop of cryptocurrencies declining in value. The world's largest digital currency by market value tumbled as low as $ 5,900 at around 10 p.m. ET, and was down around 4 percent, according to CoinDesk index data, which tracks prices from several exchanges. The cryptocurrency's price is close to its lowest point of the year. The lowest level of 2018 was reached in June 18, when it retreated to $ 5,785. Rival coins ether, the digital tok...
One of market’s biggest bulls takes a ‘few chips off the table,’ sees impending sell-off

One of market’s biggest bulls takes a ‘few chips off the table,’ sees impending sell-off

Finance
One of the market's biggest bulls is on sell-off watch. Federated Investors' portfolio manager Steve Chiavarone sees a 5 to 8 percent drop in stocks before summer ends. And, he thinks it may have already started. "We've taken a few chips off the table," the portfolio manager said Friday on CNBC's "Trading Nation," and he cited uncertainty as the overwhelming reason why. "On average, midterm election years have pullbacks, particularly in the summer months," Chiavarone said. "Big trade rhetoric is going to continue to be hot." ...
NEC-owner hires bankers for £800m sell-off

NEC-owner hires bankers for £800m sell-off

Business
The group behind some of Britain's biggest exhibitions and events venues has hired bankers to oversee an £800m auction that will generate unprecedented windfalls for its private equity backers. Sky News has learnt that NEC Group, which was sold by Birmingham City Council for just over £300m less than four years ago, has hired Bank of America Merrill Lynch (BAML) to launch a sale process within weeks.The NEC, which is majority-owned by LDC, the private equity division of Lloyds Banking Group, counts Birmingham's National Exhibition Centre, the International Convention Centre and the Genting Arena among its assets.Sources said that BAML had been appointed to handle the sale partly because of its ability to provide an immediate debt package to the NEC's acquirer.The...
Govt poised to resume multibillion pound RBS sell-off

Govt poised to resume multibillion pound RBS sell-off

Business
The government is poised to sell a multibillion pound stake in Royal Bank of Scotland (RBS), resuming a huge privatisation programme that has been stalled for three years. Sky News has learnt that City bankers and investors have been ‎primed to expect a disposal of part of taxpayers' 70.5% shareholders, potentially as soon as this week.Full details of a prospective deal were unclear on Monday, and bankers cautioned that it would be subject to considerations relating to wider stock market conditions and ministers' ability to demonstrate that the taxpayer was getting value for money.Those factors could cause any share sale to be delayed, they added.One City analyst suggested that a disposal could target proceeds of more than £3bn, equating to a roughly 10% stake in...