U.S. Markets Continue Fall; Europe Back in More Red
Stock indexes in the U.S. market fell to its lowest levels in two-weeks as a global correction in markets continued. The S&P 500 fell for a third day since it closed at a record in September. Mega-cap tech stocks in the NASDAQ index also fell sharply.
European and Asian markets also mostly closed in the red today, mainly with fears that the economic support by central banks will be reduced soon. Selling is also happening in the cryptocurrency markets and in the commodity markets.
Stoxx Europe is down by 0.99%
Dow Jones is down by 0.37%
NASDAQ is down by 0.97%
Citrix Rises After Elliott’s 10% Stake Reveal
The stocks of Citrix Systems rose more than 8% up today in NASDAQ after The Wall Street Journal reported that hedge fund Elliott Management has made a stake worth more than $1 billion(Rs 7350 crores) in the company. The reports say that Elliot has informed Citrix that it has a stake of more than 10%, and would like to work with it to improve its valuation.
Tesla Sells 44,264 China-Made Vehicles In August
The China Passenger Car Association (CPCA) said on Wednesday EV maker Tesla has sold 44,264 units of China-made vehicles during August and this includes 31,379 units for export. Local sales of China-made vehicles rose 49% to 12,885 cars in August against 8,621 cars in July.
JPMorgan To Buy A Majority Stake In Volkswagen’s Payments Business
JPMorgan is preparing to buy a majority stake in German carmaker Volkswagen’s payments business. The deal amount is not disclosed, but the plan is to buy a 75% stake in the business that offers car purchase and leasing, in-vehicle payments, fuelling and electric vehicle charging, and some other subscription services.
Germany Admits The Use Of Pegasus Spyware
The German government on Tuesday admitted that its federal police service was using controversial Israeli spyware Pegasus. Reports say that Germany’s BKA federal police bought the software from Israel’s NSO Group in late 2019. The source of the above said information is unclear.
Bill Gates-Led Cascade Investment To Take Control Of Four Seasons Hotels
Bill Gates’ Cascade Investment has decided to buy about half of Saudi Arabian Prince Alwaleed bin Talal’s stake in the Four Seasons Hotels and Resorts for $2.21 billion(Rs 16,261 crores) and thereby taking control of the company. Cascade will have 71.3% of Four Seasons after buying 23.8% of Prince Alwaleed’s stake.
Sri Lanka Facing Severe FX Crisis, Finance Minister Says
Sri Lanka is facing a severe foreign exchange crisis as the island nation, which depends heavily on tourism and tea exports, was battered by the coronavirus pandemic, Finance Minister Basil Rajapaksa has said. He added that state coffers also suffered huge revenue losses due to the COVID-19 outbreak.