european stock markets join global downtrend
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice
Emiratesvoice, emirates voice
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice

European stock markets join global downtrend

Emiratesvoice, emirates voice

Emiratesvoice, emirates voice European stock markets join global downtrend

uropean stock markets join global downtrend
london - Emiratesvoice

Europe’s major stock markets churned lower Wednesday as investors took their cue from broadly downbeat moves on Wall Street and in Asia.

Virtual currency bitcoin meanwhile dived, with some traders eyeing sub-$10,000 after what one analyst called a “cryptocalypse” that saw digital units take a hammering.

London stocks “opened on the back foot following downward trends in the US and Asia, signalling a shift in global sentiment as traders opt to lock in profits following the latest rally,” noted Russ Mould, investment director at online stockbroker AJ Bell.

Adding to the gloom, disappointing earnings eclipsed takeover activity in the British capital.Publisher and conference organiser Informa revealed it was in talks to buy rival UBM to create a giant worth more than £9.0 billion ($12.4 billion, 10.1 billion euros).

The deal is aimed at accelerating growth and slashing costs, the companies said in a statement. But investors were unconvinced, sending Informa shares tumbling more than nine percent.

The FTSE 100 was also punished as poor results from luxury fashion giant Burberry and publisher Pearson sent the two companies’ share prices diving by seven and five percent respectively.

 

– ‘Cryptocalypse’ for bitcoin –

Bitcoin was down at $10,554.80 compared with $10,759.55 late on Tuesday, when it had slumped by around 15 percent.

The fierce selling also spread to other alternative digital units, with ethereum, ripple and litecoin all losing about a quarter of their value Tuesday.

Bitcoin is down from record highs approaching $20,000 in the week before Christmas, having rocketed 25-fold over the year before being hit by concerns about a bubble and worries about crackdowns on trading it.

“It’s been a Cryptocalypse overnight with BTC and other virtual currencies coming under heavy selling pressure,” said Greg McKenna, chief market strategist at AxiTrader.

But Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers, sounded a slightly positive note, saying:

“Not all hope is lost. The cryptocurrency market is privy to these wild swings and seasoned veterans in this space have seen this happen many times previously.

“Not saying that it couldn’t be different this time but every major correction has been followed up by a rally more powerful than the last.”

– Hong Kong stocks soar –

In Asia, Hong Kong stocks hit an all-time high to break a record that had been in place for more than 10 years.

However, most other regional markets fell into the red with energy firms rocked by lower oil prices.

Hong Kong’s Hang Seng Index spent most of the day in negative territory after ending at a record high close on Tuesday. But late buying saw shares stage a recovery to finish up 0.3 percent at 31,983.41 — overtaking its previous high seen on October 30, 2007.

However, most other markets in the region tracked Tuesday’s losses on Wall Street, where investors returned from a long holiday weekend to political horse-trading as Washington lawmakers struggle to avert a crippling government shutdown.

However the dollar then rebounded to extend Tuesday’s recovery, but analysts say a global move towards tighter monetary policy could keep pressure on the greenback.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

european stock markets join global downtrend european stock markets join global downtrend

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

european stock markets join global downtrend european stock markets join global downtrend

 



GMT 05:06 2024 Tuesday ,06 February

New hunt for flight MH370 gets under way

GMT 06:15 2018 Tuesday ,23 January

Volkswagen clinches record sales

GMT 22:30 2017 Thursday ,01 June

Actress Heidy Karam deals with her work

GMT 12:19 2012 Wednesday ,22 August

School violence and 'collective sanctions'

GMT 19:36 2016 Friday ,26 August

Univision to hold unity concert ahead of election

GMT 13:40 2017 Friday ,20 January

PSG better option than China

GMT 08:36 2017 Thursday ,09 November

Kobe Steel,Nissan scandals tarnish image

GMT 12:41 2017 Wednesday ,22 February

Saudi Crown Prince Meets US Senator John McCain

GMT 08:48 2011 Wednesday ,14 December

Botanical suplements linked to serious illness

GMT 20:24 2011 Saturday ,26 February

Iran rejects nuclear watchdog\'s concerns

GMT 13:27 2013 Wednesday ,08 May

300,000 day-old babies die each year in India

GMT 14:21 2017 Monday ,14 August

Aqua therapies available in UAE

GMT 09:46 2011 Monday ,20 June

DisplaySearch downgrades LCD TV market outlook

GMT 04:33 2016 Sunday ,08 May

NBA playoff results

GMT 09:29 2017 Tuesday ,27 June

Federal National Council visits UAE soldiers

GMT 16:40 2011 Friday ,25 February

Egypt arrests former information minister

GMT 11:52 2017 Sunday ,12 March

NASA reveals strange shape of Saturn's moon Pan

GMT 16:36 2017 Tuesday ,02 May

Rain for parts of Oman

GMT 12:30 2017 Monday ,04 December

Mining giant Rio Tinto appoints new chairman

GMT 23:08 2017 Wednesday ,28 June

French officials realize Qatari threat
Emiratesvoice, emirates voice
 
 Emirates Voice Facebook,emirates voice facebook  Emirates Voice Twitter,emirates voice twitter Emirates Voice Rss,emirates voice rss  Emirates Voice Youtube,emirates voice youtube  Emirates Voice Youtube,emirates voice youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

emiratesvoieen emiratesvoiceen emiratesvoiceen emiratesvoiceen
emiratesvoice emiratesvoice emiratesvoice
emiratesvoice
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
emiratesvoice, Emiratesvoice, Emiratesvoice