1. U.S. Markets At 4 Week Low; Profit Booking Kicks in
U.S. stocks touched their lowest level in four weeks and bond yields moved up as investors booked profits. Concerns of the delta virus strain in China scared market participants.
The drop is also on the quadruple witching day, which is the quarterly expiration of options and futures in the U.S. market, which usually causes a fall.
Stoxx Europe is down by 0.88%
Dow Jones is up by 0.53%
NASDAQ is down by 0.36%
Canadian National Railway To Resume Previously Approved Share Buyback
Canadian National Railway said on Friday it has decided to resume share buyback under the plan approved by its board in January. It is planning to complete the remaining C$1.1 billion (Rs 6385 crores)) of share buyback by the end of January next year. At the time of writing the stock is nearly 1% down.
Manchester United’s Full-year Loss Widens
Football Club Manchester United said on Friday the full-year loss has increased as Covid-19 lockdowns affected matchday sales and commercial revenue. Total revenue for the year ended June 30 was down 2.9% to 494.1 million pounds (Rs 5,000 crores). The net loss for the year ended June 30 was 92.2 million pounds(Rs 920 crores), compared with a loss of 23.2 million pounds(Rs 230 crores) in the year-ago period.
New Lebanon Govt Raises Petrol Price
Lebanon’s new cabinet on Friday raised petrol prices to tackle the financial collapse. The government cut the subsidy on gasoline as it has become unaffordable. They have signed new contract with restructuring consultancy Alvarez & Marsal (A&M) to carry out a forensic audit of the Central Bank and is in talks with the International Monetary Fund (IMF) to address the situation.
Invesco Rises On Plans To Buy State Street’s Asset Management Business
The shares of American investment management company Invesco rose more than 6% on Friday in NYSE after The Wall Street Journal reported that it is in plans to merge with State Street’s asset management business. State Steet has a market cap of around $32 billion(Rs 2,35,140 crores) while Invesco has $11.48 billion(Rs 84356 crores) market cap.
Crossing Debt Limit Could Cause Recession: White House
The White House said on Friday that hitting the debt limit could take the economy into a recession mode and could lead to cuts in critical state services. It also said in a fact sheet, “economic growth would be affected, unemployment would jump, and the people could lose millions of jobs”. This is not a good statement from the White House and can affect the market negatively.
SoftBank Sells $1.69 Billion of Coupang as Son Unloads Assets
SoftBank Group Corp. sold about $1.69 billion worth of its stake in Coupang Inc., the South Korean e-commerce giant whose stock surged and then tumbled after its initial public offering in March. SoftBank sold 57 million shares at $29.685 on Sept. 14, the company said in a statement to the U.S. Securities and Exchange Commission. The Japanese company is still Coupang’s largest shareholder.