August 16, 2019

LSE glitch delays open of FTSE 100, midcap trading

LONDON, Aug 16 (Reuters) - Stock trading on the London Stock Exchange's major stock indexes started at 0840 GMT on Friday, after a technical glitch delayed the start of trading on the FTSE 100 and midcap markets. Trading normally starts at 0700 GMT.
August 16, 2019

GE rebounds after CEO share purchases, Wall Street analysts come to company’s defense

General Electric bounced back Friday after the CEO shored up confidence by purchasing a bulk of company shares, and analysts defended the industrial giant. GE's stock surged more than 9% on Friday following its biggest drop since April 2008 a day earlier. The shares had tanked 11% on Thursday. The stock began its downward spiral Thursday morning after Harry Markopolos, best-known for pointing out irregularities with Bernie Madoff's investment strategy years before the Ponzi scheme was exposed, published a report accusing GE of fraudulent financial statements. Larry Culp, who took over the struggling industrial conglomerate last year, bought 252,200 shares for $7.93 each, according to a Thursday evening filing with the SEC. The CEO has roughly doubled his holding of GE shares this week. In the 175-page report, Markopolos accused GE of $38 billion in accounting fraud — "bigger than Enron and WorldCom combined." He outlined a "long history" of accounting fraud at GE, dating to a..
August 16, 2019

Analyst says GE stock recovering because Madoff whistleblower fraud allegations are baseless

The allegations by Madoff whistleblower Harry Markopolos of a $38 billion fraud at General Electric are "at best disingenuous" and "at worst highly inaccurate," according to Nick Heymann, co-group head of global industrial infrastructure at the William Blair financial services firm. "You got the stock on sale yesterday for absolutely no basis. This is why all the insiders are buying," Heymann told CNBC on Friday, one day after GE shares tanked 11% to $8.01 per share, in their worst trading session in more than a decade. GE stock on Friday regained most of the losses after the troubled conglomerate late Thursday revealed that CEO Larry Culp purchased nearly $2 million worth of shares. The purchase was made after Markopolos called the company "a bigger fraud than Enron." Culp, who became chairman and CEO of GE last year, said the Markopolos accusations were false and driven by market manipulation. Leslie Seidman, a GE board director and audit committee chair, also pushed back on the Mar..
August 16, 2019

Trump called the CEOs of the biggest US banks on Wednesday as the stock market plunged

President Donald Trump held a conference call with the CEOs of the three biggest U.S. banks as the stock market tanked Wednesday. Trump held the call with J.P. Morgan Chase CEO Jamie Dimon, Bank of America's Brian Moynihan and Citigroup's Michael Corbat, according to people with knowledge of the situation. The Dow plunged 800 points, or 3%, in its worst day of the year on Wednesday amid a recession warning from the bond market. The president asked the three men to give him a read on the health of the U.S. consumer, according to one of the people. The executives responded that the consumer is doing well, but that they could be doing even better if issues including the China-U.S. trade war were resolved, this person said. The CEOs also told Trump that the trade dispute is damaging the outlook for capital spending by corporations, according to another person with knowledge of the discussions. The president was receptive to the notion that uncertainty over trade is hurting corpor..
August 16, 2019

UK’s FTSE 100 opens higher after delay due to a technical glitch

London Stock ExchangeToby Melville | Reuters London's FTSE 100 index opened higher on Friday after a nearly two-hour delay in trading due to a technical glitch. The index was up 0.8% in early market trade, adding to gains to the overall European stock markets that traded higher in the morning session. The London Stock Exchange (LSE) had earlier confirmed to CNBC that there were problems with trading. "Can confirm there are technical problems affecting certain securities on the London Stock Exchange," a spokesperson from the LSE told CNBC Friday. "Investors would have been yearning for a quiet Friday after a week of turmoil for the markets driven by recession fears," AJ Bell investment director Russ Mould said in a statement. "And it looked like just such a peaceful interlude was on the cards until technical issues at the London Stock Exchange delayed the start of trading in FTSE 350 stocks, delaying an expected rebound for the index," he added. FTSE 100, U.K.'s blue-ch..
August 15, 2019

Bitcoin slumps to two-week low on technical trading, market jitters

LONDON: Bitcoin extended losses on Thursday after suffering its worst day for a month on Wednesday, with traders citing factors ranging from technical trading to jitters in traditional markets washing into cryptocurrency trading. The biggest cryptocurrency fell 5.5 per cent in early trade after slumping 7.7 per cent a day earlier, when it dropped under $10,000 for the first time since Aug. 1 and posted its biggest fall since July 16. It was last down 1.7 per cent at $9,859. Traders said it was difficult to pinpoint the catalyst that triggered the losses. Some cited selling caused by technical trading as bitcoin approached the widely-watched $10,000 mark. Others said nerves from the recent fall in global equity markets on fears of a recession had infected cryptocurrencies, though exactly how digital coin and equity markets are linked is up for debate. "The link (with stocks) is unreliable on a day to day basis," said Craig Erlam, senior market analyst at OANDA, adding that the bitc..
August 15, 2019

China shares bounce back as tech stocks gain

SHANGHAI: China shares reversed course to end higher on Thursday, led by technology stocks, as Beijing pushed to seek technological independence amid a bruising Sino-US trade war. The blue-chip CSI300 index rose 0.3 per cent to 3,694.00, while the Shanghai Composite Index and added 0.3 per cent to 2,815.80. Major indexes opened sharply lower, following an overnight selloff on the Wall Street, after the US Treasury yield curve temporarily inverted for the first time in 12 years. Stocks then turned direction, led by gains for tech firms, with the tech-heavy start-up board index ChiNext Price Index ending up 1.2 per cent, reversing a 2 per cent loss earlier. Major indexes tracking IT and telecoms firms gained 2.0 per cent and 1.6 per cent, respectively. The US Treasury yield curve inversion bodes well for China's core assets, as China has relatively ample room for interest rates operations, strong domestic production and consumption, as well as independent markets and policies, ..
August 15, 2019

European shares steady after steep sell-off

European shares edged higher on Thursday, after a brutal sell-off was fueled by global recessionary fears, but investors were hoping central banks would step in to ease monetary policy and soothe markets. The pan-European STOXX 600 index rose 0.2 per cent by 0710 GMT, gaining some ground after dropping to near six-month lows hit in the previous session. London's FTSE 100 index was the only major index in the red with oil majors leading declines as crude prices slumped. In earnings news, strong numbers from beer maker Carlsberg and shipping group A.P. Moller-Maersk pushed shares of both Danish companies higher. Drillisch and United Internet slid lower, after the German telecom firms cut their profit outlook. Markets in Italy, Austria and Greece were shut for a public holiday.
August 15, 2019

Recession fear grips Australia, NZ stock markets

Australian and New Zealand shares fell sharply on Thursday as investors sold off equities globally in search of safety after a drop in a US bond yield curve highlighted the risk of recession. The yield on the US Treasury 10-year note briefly fell below the two-year yield, a pattern that is widely seen as an indicator of a looming recession. The inversion, as it is known, last happened in 2007 and proved to be correct when the global financial crisis hit the following year. The S&P/ASX 200 index sank 2.9 per cent to 6,408.1 points, its lowest level since early June. The benchmark had managed a 0.4 per cent gain on Wednesday after US President Donald Trump delayed tariffs on some Chinese imports, easing some fears over the escalating US-China trade war. Worries of contagion gripped markets, with investors shifting money away from sectors such as financials and mining to the relative safety of gold. Australia has proved in the past to be relatively resistant to global recessions and ..

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