London stock market index

Share to Twitter Share to Linkedin Topline The stock market fell on Tuesday—reversing a comeback rally a day earlier—as the months-long selloff on Wall Street persists with investors continuing to offload shares amid a gloomy profit outlook from Snap, which sent tech stocks plummeting and led to rising recession fears. Key Facts The Dow Jones Industrial Average was down 0.5%, nearly 200 points, while the S&P 500 lost 1.3% and the tech-heavy Nasdaq Composite 2.6%. The relentless market selloff resumed on Tuesday—despite a rebound led by financial stocks a day earlier, with seven straight weeks of losses briefly pushing the S&P 500 into bear market territory last Friday. “Stocks are getting hit hard” and the “main culprit is the Snap warning” from Monday evening, says Vital Knowledge founder Adam Crisafulli, after the social media company warned that it expects both quarterly sales and profit to fall short of its own estimates. … [Read more...] about Stock Market Selloff Resumes As Snap’s 40% Plunge Drags Tech Shares Lower

- A + A (May 24): The sell-off of equities will reach a bottom once the US Federal Reserve (Fed) signals the end of tightening, which may not happen until a recession is apparent, according to Goldman Sachs Group Inc. “It may be necessary for the market to become more confident than it is that financial condition tightening has been sufficient and that the Fed has delivered and signalled enough tightening,” Goldman strategist Vickie Chang wrote in a note. “Monetary policy has historically stopped tightening about three months before equities bottom, and shifted to easing about two months afterwards.” US equities have slumped this year amid investor concerns that the Fed will plunge the economy into a recession with its active monetary tightening amid soaring inflation. The S&P 500 flirted with a bear market last Friday (May 20), while the Nasdaq 100 is down more than 25% in 2022 as frothy technology shares have led the sell-off on worries about higher rates … [Read more...] about Goldman strategist says stocks will bottom once Fed signals shift

- A + A (May 24): Social media stocks are on course to shed more than US$100 billion in market value after Snap Inc’s profit warning, adding to woes for the sector which is already reeling amid stalling user growth and rate-hike fears. Shares in digital ad-dependent Snap are set for a record one-day drop, down 30% in premarket trading. If that move holds, the company will lose about US$10 billion in market value. Added to the value of premarket declines for peers including Facebook-owner Meta Platforms Inc, Google-owner Alphabet Inc, Twitter Inc and Pinterest Inc, the group may see about US$100 billion wiped out. “At this point, our sense is this is more macro and industry-driven versus Snap specific,” Piper Sandler analyst Tom Champion wrote in a note. Others on Wall Street agreed, with RBC Capital Markets analyst Brad Erickson saying that implications for the digital advertising space are broadly negative, with Meta and Alphabet likely best insulated among … [Read more...] about Social media stocks set to erase US$100b on Snap warning

Share to Twitter Share to Linkedin Topline Fresh off the S&P 500's brief plunge into bear-market territory, financial stocks led a staggering market rally on Monday after bullish news from the nation's largest lender, but with uncertainty around interest rate hikes still posing a risk to stocks, experts aren't breathing a sigh of relief just yet. Key Facts The Dow Jones Industrial Average soared 633 points, or 2%, to 31,896 by 3:30 p.m. ET Monday, while the S&P jumped 1.85% and the tech-heavy Nasdaq, 1.4%—setting the market up for its first daily increase in a week. Heading up the Dow and S&P's gains, shares of JPMorgan—though still down 22% this year—surged 7% after the bank raised its outlook for net interest income this year to $56 billion, up from guidance of $50 billion in January, due to expectations that the Federal Reserve will raise rates to 3% this year. "Strong economy, big storm clouds," JPMorgan CEO Jamie Dimon said … [Read more...] about Dow Soars 600 Points As JPMorgan Rallies—But ‘Vicious’ Bear Market Risks Keep Experts On Edge

London (CNN Business) One of the many buzzwords percolating around Davos this week is "fragmentation," the force economists there warned could have "devastating human consequences." By "fragmentation," they are referring to a breakdown of the kind of free-wheeling, border-crossing trade and investment that's defined the global economic order over the past three decades. It is a form of deglobalization — rebuilding fences around national or regional fiefdoms. "Fragmentation is the sense that we may be having economies protect themselves a little more domestically, and that could slow things down," Josh Lipsky, director of the Atlantic Council's GeoEconomics Center, told me. "And then it may make things more expensive in return." It's not a new issue, of course — supply-chain upheaval was turbocharged by the start of the pandemic more than two years ago — but the war in Ukraine, growing political divides and lingering trade disputes are renewing concerns … [Read more...] about Here’s another troubling reason inflation will be hard to fight

- A + A KUALA LUMPUR (May 24): Continuous selling in selected healthcare and financial services counters pulled Bursa Malaysia to end at intraday low on Tuesday (May 24), marking its fourth consecutive day of decline, in line with negative sentiment on regional bourses, dealers said. IHH Healthcare Bhd and Public Bank Bhd were among the top losers, falling 15 sen and four sen each to RM6.40 and RM4.50, respectively, contributing a total of 3.62 points to the loss in the composite index. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined 11.23 points or 0.73% to end at its lowest level for the day of 1,531.3, from Monday’s close of 1,542.53, after hitting a high of 1,547.84 in the early morning session. The benchmark index, which opened 5.31 points higher at 1,547.84, remained in the negative territory for most part of the day. Market breadth was negative with decliners outpacing advancers 696 to 247, while 406 counters were unchanged, 950 untraded, and 11 … [Read more...] about Bursa Malaysia ends at intraday low on continued selling

This article first appeared in The Edge Malaysia Weekly, on May 16, 2022 - May 22, 2022. - A + A COMMODITIES may still be riding an upward trend, but metal prices have melted to pre-Russia-Ukraine conflict levels. Aluminium, for one, has seen year-to-date gains erased on demand headwinds, especially the slowdown in China’s manufacturing activity due to Covid-19 lockdowns. Since surging past US$3,800 a tonne in March this year — the highest in more than 13 years — aluminium prices have retreated 30% to a five-month low of US$2,700 a tonne. Copper prices have also contracted to a more than seven-month low of US$9,000 a tonne as at last Thursday on fears of a global economic slowdown. Attributing the fall to a strong US dollar and weak Chinese demand, Fitch Solutions expects further weakening in metal prices in the second quarter before stabilising in the second half of the year. Local analysts are not overly concerned about softer aluminium prices as they … [Read more...] about Trailing demand a temporary blip for aluminium players

By Rachel Metz , CNN Business Updated 1124 GMT (1924 HKT) May 24, 2022 (CNN Business) Cher Scarlett, a software engineer, has a history of being misidentified by face-scanning technology, including one instance that may have surfaced a distant ancestor in a photo. So when she was introduced to an online facial-recognition tool she hadn't heard of, she wanted to see whether it would mistake photos of her mom or daughter for her. On February 1, Scarlett uploaded some images of her teenage daughter and her mom to PimEyes , a facial-recognition website meant to be used to find pictures of yourself from around the web — ostensibly to help stamp out issues such as revenge porn and identity theft. She didn't get any images of herself in return — pictures of her daughter yielded other kids, she said, while one of her mom led to some pictures of her mother, plus images of other, similar-looking women. Anyone can use this powerful facial-recognition tool — and … [Read more...] about She thought a dark moment in her past was forgotten. Then she scanned her face online

Ritesh Agarwal, founder and chief executive officer of OYO Hotels & Homes, speaks at the SoftBank World 2019 event in Tokyo, Japan, on Thursday, July 18, 2019. (Bloomberg filepix) - A + A (May 24): Oyo Hotels, the once high-flying Indian startup, is shelving plans for an initial public offering in 2022 after a market downturn that would hurt its valuation, according to people familiar with the matter. The board of Oyo, formally known as Oravel Stays Ltd, talked through a change in the offering’s timing during multiple meetings last week and earlier this week after consulting with its bankers and investors, said the people, asking not to be identified because the decisions aren’t yet public. If the company picks up the process again by year end, the earliest possibility for an IPO would be in 2023, they said. The Gurgaon-headquartered company, which filed preliminary IPO documents last year, is seeking regulatory permission to update its draft prospectus with … [Read more...] about SoftBank-backed Oyo to shelve plans for IPO in 2022, sources say

- A + A (May 24): India is set to restrict sugar exports as a precautionary measure to safeguard its own food supplies, another act of protectionism after banning wheat sales just over a week ago. The government is planning to cap sugar exports at 10 million tons for the marketing year that runs through September, according to a person familiar with the matter. The aim is to ensure there are adequate stockpiles before the next sugar season starts in October, the person said, asking not to be identified as the information is private. The move may be announced in the coming days, the person said. India was the world’s biggest sugar exporter after Brazil last year, and counts Bangladesh, Indonesia, Malaysia and Dubai among its top customers. A spokesman for both the food and commerce ministries didn’t immediately respond to a request for comment. Sugar futures in London rose as much as 1.1%. Producers in India plunged, with Shree Renuka Sugars Ltd sliding as much as … [Read more...] about India to limit sugar exports in risk to global food prices