European stock markets bleed red as Trump takes trade war to Mexico May 31, 2019 European stock markets extended their slide into the red in the run-up to midday following the news that US President Donald Trump is set to slap fresh tariffs on all Mexican imports next month. Read more: Trump threatens Mexico with 25 per cent tariffs over immigrants Trump said the move was a bid to lower migration [...]
Three reasons why the UK stock market looks compelling May 31, 2019 | City Talk Whatever the opposite of a sweet spot is, many investors think UK equities are currently in one. With Brexit still unresolved, some have put the market in the “too difficult” basket. While it is understandable to fear uncertainty, as stock pickers we embrace the mis-priced opportunities created by it. The global nature of the market [...]
Activist Icahn sues Occidental over ‘misguided’ $55bn for rival Anadarko May 30, 2019 One of the world’s most famous activist investors is suing Occidental Petroleum over its $55bn (£44bn) takeover of rival Anadarko claiming the bid was too expensive, it was revealed today. Carl Icahn, who has a $1.6bn stake in Occidental, said it should have looked to sell itself instead. Read more: Chevron drops out of $38bn [...]
Gazprom profits soar 44 per cent after energy prices boom May 30, 2019 Profits shot up at Gazprom in the first three months of the year, the company reported today after months of international energy price rises. Sales at the firm rose 6.8 per cent to 1.3 trillion Russian roubles (£15.8bn) in the first quarter of 2019, even as the amount of gas it sold dropped 8.6 per [...]
Chevron divests $2bn North Sea fields to Delek subsidiary as US majors scale back in the UK May 30, 2019 Israeli-backed Ithaca Energy took a major holding in the North Sea this morning with a $2bn deal for Chevron, as the US oil major looks increasingly likely to pull out of the UK altogether. The deal moves around 500 staff to Ithaca, which is owned by Tel Aviv-listed Delek, and quadruples its expected production for [...]
Should you really sell in May and go away – What is the truth of the old stock market saying? May 30, 2019 There are many phrases used to try to capture trends or patterns that supposedly appear in the movement of share prices over the years. For example, the concept of a “Santa Rally” suggests that stock prices increase in the run up to Christmas. Yet one of the oldest such phrases is “sell in May and [...]
FTSE 100 and US stock markets drop as Chinese trade war concerns weigh on investors May 29, 2019 The FTSE 100 fell 1.2 per cent today amid signs of an escalation in the China-US trade war along with growing concerns over a no-deal Brexit. All 10 blue-chip indices were in the red after China warned Beijing was ready to use its control over rare earths to his back at the US in their [...]
No Bucs: US football team lose damages case against BP for Deepwater Horizon spill May 29, 2019 An American football team which tried to claim damages over the BP Deepwater Horizon oil spill has been rejected in a US court. The Tampa Bay Buccaneers had sued BP for $19.5m (£15.5m) over lost revenues it claimed resulted from the 2010 spill. Read more: Greenpeace protesters blockade BP headquarters However, the US Circuit Court [...]
China rare earth metals warning sparks market selloff May 29, 2019 | City Talk Again we see how the market is moving around on US-China news flow that is hard to lock down. China’s threats to stop rare earth exports is clearly a bargaining chip, if not exactly a trump card, but one the market is starting to really take seriously. We’ve not heard this much about rare [...]
General Atlantic to sell half its stake in £2bn oil data group Argus Media May 29, 2019 Growth equity fund General Atlantic (GA) is set to sell half its stake in oil data group Argus Media in a deal that will value the firm at roughly £2bn. City A.M. understands GA, which bought a 50 per cent stake in Argus three years ago for around £1bn, is in advanced talks with long-term [...]