european stock markets join global downtrend
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

European stock markets join global downtrend

Arab Today, arab today

Arab Today, arab today European stock markets join global downtrend

Europe’s major stock markets churned lower Wednesday as investors took their cue from broadly downbeat
London - Arab Today

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

Source: AFP

arabstoday
arabstoday

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 06:14 2017 Wednesday ,23 August

HM King thanked by Saudi king

GMT 20:52 2017 Thursday ,30 March

Donia Abdel Aziz creates new account on "Instagram"

GMT 06:43 2015 Tuesday ,08 December

Iran swine flu outbreak kills 33 in 3 weeks

GMT 14:15 2017 Saturday ,09 December

Israel strike kills 2 Palestinians

GMT 12:22 2017 Thursday ,02 February

European stocks diverge on Fed, earnings

GMT 13:59 2017 Thursday ,23 November

Heidy underlines works like “Seventh Neighbor”

GMT 21:59 2016 Thursday ,06 October

350 German tourists arrive at Luxor

GMT 13:46 2017 Thursday ,19 October

Samsung's revamped Bixby takes on Amazon Alexa

GMT 18:47 2017 Friday ,25 August

Jakarta remains flood alert until March

GMT 03:19 2017 Saturday ,18 November

Apple pushes back release of HomePod speaker to 2018

GMT 12:25 2018 Wednesday ,17 October

Khashoggi family denies issuing statement

GMT 18:24 2018 Wednesday ,05 September

BACA president meets Diyar Al-Muharraq CEO

GMT 09:54 2016 Saturday ,27 August

Apple issues update after cyber weapon captured

GMT 09:29 2015 Thursday ,26 March

Yemen shuts major sea ports due to conflict

GMT 07:20 2017 Sunday ,24 December

Pope Francis is Time person of the year

GMT 04:16 2017 Tuesday ,02 May

Global gold prices fall
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday