Shares on Wall Street and in Asia and Europe start to recover after Monday’s rout
Shares on Wall Street rose and many Asian and European markets staged a recovery after this week’s global stock market rout, but analysts warned: “We might not be out of the woods.”
The FTSE 100 index in London rose 18 points, or 0.2%, on Tuesday to close at 8,026.69, after losing 166 points, or 2%, on Monday, its biggest one-day points drop in more than a year.
Continue reading...FTSE 100 on track for its lowest close since April and Japan’s Nikkei suffers biggest fall since crash of 1987
Shares on Wall Street and in London have fallen heavily amid a global stock market rout triggered by fears of a recession in the US.
The tech-focused Nasdaq index dropped by 6% as trading in New York opened on Monday, while the broader S&P 500 index fell by 4.2% in a sell-off triggered by weak US jobs data. The Dow Jones industrial average lost more than 1,100 points, a 2.8% decline.
Continue reading...Europe’s main indices all decline and Japanese equities suffer worst day since 2020 while gold hits fresh record
Stock markets in Europe, Asia and New York tumbled on Friday as fears of a US economic slump grew and technology shares were hit by underwhelming earnings.
Concerns that the US could be sliding towards a recession spurred a global sell-off, which accelerated after a poor employment report on Friday showed that the US jobs market was cooling fast, pushing up the unemployment rate.
Continue reading...Chief executive, Rene Haas, says UK-based firm is benefiting from huge demand for AI-powered products and apps
Shares in Arm have soared by more than 50% after raising profit and revenue forecasts amid red-hot demand for artificial intelligence technology, valuing the UK-based tech company at double the market capitalisation when it floated in September.
Shares in the world’s biggest supplier of design elements for processing chips used in products from smartphones to games consoles opened up 58% on the Nasdaq in the US on Thursday.
Continue reading...US watchdog sues Dozy Mmobuosi for allegedly faking documents and making up companies out of ‘thin air’
A Nigerian businessman who appeared to be closing in on a takeover of the Premier League football club Sheffield United is being sued by the US financial watchdog for a fraud, in which he is alleged to have faked documents and made up companies out of “thin air”.
The US Securities and Exchange Commission (SEC) said on Monday it had filed charges against Dozy Mmobuosi, claiming he inflated his companies’ financial performance by hundreds of millions of dollars to defraud investors.
Continue reading...British carmaker also gearing up for sales of new Eletre electric SUV under Chinese owner Geely’s expansion plans
The British carmaker Lotus produced a record number of sports cars in the first half of 2023, as it gears up for a huge push behind sales of a new electric SUV under its Chinese owners’ expansion plans.
Lotus, which marked its 75th anniversary this year, produced 2,200 vehicles in the first six months of the year at its factory in a former second world war bomber factory at Hethel in Norfolk.
Continue reading...Shares in US tech firm jump by 25% in early trading as quarterly revenue forecast excites investors
The value of the US tech company Nvidia has soared by a quarter after it predicted a boom in demand for its computer chips to meet the needs of artificial intelligence products such as ChatGPT.
Nvidia’s share price rose by 25% in early trading on the back of the announcement, and gave it a market valuation of more than $940bn (£760bn) after stock markets opened on Wall Street on Thursday, up from $755bn on Wednesday evening.
Continue reading...Stock markets fail to be reassured by Joe Biden’s intervention, as SVB failure is followed by Signature
Global financial markets have come under severe pressure after the collapse of Silicon Valley Bank, despite governments on both sides of the Atlantic taking extraordinary measures to maintain confidence in the banking system.
On a day conjuring up memories of the 2008 financial crisis, the US president, Joe Biden, sought to restore calm by insisting the US banking system remained safe, while HSBC stepped in to buy the UK arm of the failed technology lender after a deal brokered by the British government and the Bank of England.
Continue reading...S&P edges towards all-time record with oil prices and hospitality stocks rising as investor optimism rebounds
US stock markets moved closer to record highs on Tuesday after investors bet on a fresh round of government spending to lift the economy and counter the effects of the Covid-19 pandemic.
The S&P 500, seen as the broadest measure of US investor sentiment, raced to a 10-point gain by mid afternoon to leave it just 16 points short of the all-time high reached in February.
Continue reading...