Category Archives: Stock markets

Google share price plunges, wiping $70bn off its market value

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Biggest fall since October 2012 follows worse-than-expected quarterly results

Google’s share price has had its biggest fall in nearly seven years, wiping $70bn (£54bn) off its market value, after disappointing sales figures sparked investor fears that advertisers have been shifting their business to digital rivals such as Facebook and Amazon.

Shares in Alphabet, the parent company of Google and YouTube, fell at one point by more than 8% on Tuesday, the biggest fall since October 2012, after the company produced first quarter results on Monday that were worse than expected.

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Eurozone growth rises, unemployment falls, and Italy escapes recession – business live

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Eurozone economy grew by 0.4% in the last quarter, faster than expected, as Italy escaped its third recession in a decade

Earlier:

Italy’s farms, factories and service sector companies all made a positive contribution to growth in the last quarter, Istat says.

Net exports also boosted growth, which is an encouraging signal.

In another boost to the eurozone, Italy has returned to growth after its third recession in a decades.

Italy Q1 preliminary GDP +0.2% vs +0.1% q/q expected https://t.co/bZacGKzKXT pic.twitter.com/6Nl0Eqd7KZ

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Turkey may be the spark that lights a fire in the world economy | Larry Elliott

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Erdoğan’s costly move against currency speculators could prove to have major ripple effects

The battle waged by Turkey’s Recep Tayyip Erdoğan against currency speculators is a classic pyrrhic victory. The show of resolve by the self-styled strongman on Wednesday stopped investors from dumping the lira but at enormous cost in both the short and long term. That Turkey will be damaged is beyond question. All that’s in doubt is how severe that damage will be and whether the fallout will be felt elsewhere. Looking at the fragile state of the global economy, there’s every chance it will be.

The backdrop to the latest instalment of a long-running crisis is that Erdoğan is this week facing important local elections at a time when the Turkish economy is in recession. In an attempt to drum up support, Turkey’s president last week condemned Donald Trump’s decision to recognise Israeli control over the Golan heights, but this proved a spectacular own goal by convincing foreign investors that Ankara was on a collision course with Washington. The lira plunged.

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Asian stocks slump as US recession fears grip markets

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Australian treasury yields hit a record low in a grim portent for the economy, while the Nikkei falls 3% in wider share selloff

Shares in Asia Pacific have slumped after a key market indicator flashed an “amber warning” that the United States is heading for a recession.

Bond yields also continued to fall across the world with Australian 10-year treasury yields falling to a record low on Monday of 1.756% in what analysts see as a strong indicator of a downturn hitting the resource-rich country.

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UK firms cut staff; Greek debt auction success; Carney on Brexit – business live

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Rolling coverage of the latest economic and financial news, as China sets its lowest growth target in almost three decades

Mark Carney is then asked about activist investor Edward Bramson, who has used a $1.4bn loan from Bank of America to buy his stake in Barclays (and agitate for a board seat),

Q: Would that loan affect his ability to meet the City’s ‘fit and proper person’s test’?

Earlier in the hearing, Mark Carney suggested that that City has underestimated future interest rate hikes.

The governor pointed out that Bank of England’s most recent economic forecasts - based on market expectations of borrowing costs - showed inflation above the BoE’s target over its three-year forecast period

“In other words, the path of interest rates is not firm enough, it’s not quite high enough for us to be fulfilling our mandate, which sends a broad signal in terms of the stance of policy.”

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Davos 2019: Prince William interviews Sir David Attenborough – live

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Rolling coverage of the first day of the World Economic Forum in Davos, including appearances from Brazil’s Jair Bolsonaro, Prince William, Sir David Attenborough and New Zealand PM Jacinda Ardern

I’m delighted to report that Prince William has cracked a joke.

We’re being shown a dramatic clip from Our Planet, of a glacier ‘calving’ -- a massive skyscraper-sized piece of ice, surging upwards and away from the rest of the sheet (making the most almighty din)

Attenborough is now plugging his new TV venture, Our Planet, created with the World Wildlife Fund.

It’ll be shown on Netflix, Attenborough says excitedly, saying that this will give a new audience for his work.

Now, with Netflix, it is possible for a show to be seen by 150 million people overnight.

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FTSE 100 hits five-week high as US-China trade talks end – business live

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Hopes of a ceasefire in the trade war between Washington and Beijing are boosting stocks

After three days of gains, Wall Street is expected to rise further when trading begins in under 90 minutes.

US Opening Calls:#DOW 23848 +0.27%#SPX 2579 +0.18%#NASDAQ 6570 +0.27%#IGOpeningCall

Entrepreneur Elon Musk has been doing his bit for US-China relations this week.

“We hope you can get a firm foothold and expand the market.

We hope your company can become an in-depth participant in China’s opening and a promoter of the stability of Chinese-U.S. relations.”

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Apple’s shock profit warning sends Wall Street shares sliding

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Firms with exposure to China hit over fears the Silicon Valley giant’s slowdown could spread

Apple’s shock downgrade has sent shares in European and US-listed companies with exposure to China – from Burberry and the Gucci owner, Kering, to chipmakers and miners – tumbling over fears the slowdown that has hit the Silicon Valley giant is set to spread.

In New York the Dow Industrial Average fell over 2% in morning trading and all the major markets suffered sharp losses as investors reacted to the Apple news, reports of a slowdown in US factory activity and an ongoing government shutdown over the funding of Donald Trump’s proposed border wall with Mexico.

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US markets start 2019 with a whimper as Trump blames ‘glitch’ for 2018 losses

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Trump claims ‘We’re the talk of the world’ as weak data in Asia and Europe confirmed fears of a global economic slowdown

After their worst year in close to a decade US stocks started the new year with a more than 1% decline on Wednesday before inching their way back into the black as Donald Trump blamed a “glitch” for last year’s losses.

Markets wobbled between gains and losses all day on Wednesday as weak data in Asia and Europe confirmed fears of a global economic slowdown while the US government shutdown dragged on.

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