- Bridgette Randall
- 07 Oct, 2022
- Frankfurt
Adidas AG dropped 5.2% to
- Bridgette Randall
- 07 Oct, 2022
- New York City
European markets struggled in the morning trading and turned sharply lower after the U.S. economy added higher-than-expected jobs in September lifting rate hike worries.
Benchmark indexes in Europe opened lower after weak economic reports from Germany and the U.K. and the sentiment weakened after the euro, the Swiss franc and the British pound eased.
The U.S. economy added 263,000 net new jobs in September, the U.S. Bureau of Labor Statistics reported Friday.
The monthly new job additions declined from 315,000 in August but still highlighted tight labor market conditions and also underscored the tough job ahead for the Fed in cooling the U.S. economy.
The U.S. labor market is now 500,000 larger than pre-pandemic 2020, recovering nearly 22 million jobs lost at the onset of pandemic in 2020.
The S&P 500 and the Nasdaq Composite plunged more than 3% and dragged indexes worldwide on the worries that the Fed will continue its large-sized rate hike, supporting the advance in the dollar.
The DAX index fell 1.6% to 12,732.0, the CAC-40 index dropped 1.1% to 5,866.94 and the FTSE 100 index was nearly flat at 6,991.0.
For the week, the DAX, the CAC-40 and the FTSE 100 indexes gained 1.3%, 1.5% and 1.2% respectively.
The euro edged down to 97.62 U.S. cents and the British pounds declined to $1.109.
The dollar also advanced against the Swiss franc to 99.31 U.S. cents.
Brent crude oil jumped 3.2% to $97.25 a barrel and closed up 14.6% in the week, the best weekly gain since March.
German Output and Retail Sales Drop
German industrial output declined 0.8% in August after staying flat in July, Destatis reported Friday.
Retail sales also fell 1.3% in August from the previous month and fell 4.3% from a year ago.
In nominal terms, not adjusted for inflation, retail sales in August rose 0.1% from the previous month and increased 5.4% from a year ago.
The difference between real and nominal sales data reflects the scale of price increase.
The impact of inflation was also visible in imports and exports prices released by the Federal Statistics Office.
German Import and Export Prices Surge
Import prices surged 32.7% in August from a year ago and increased 4.3% from a year ago.
Export prices jumped 18.6% in August from a year ago and gained 2.1% from the previous month.
A private report also underscored the raging inflation in U.K. home prices.
Home prices surged at a slower pace of 9.9% in August after 11.1% in July, the Lloyds Bank subsidiary Halifax reported Friday.
Mortgage rates for two-year and five-year fixed-rates inched up above 6%, 14-year highs on the worries that the U.S. rate hikes are likely to push U.K. rates higher.
Adidas AG dropped 5.2% to
- Barry Adams
- 07 Oct, 2022
- New York City
Stocks on Wall Street dropped sharply after the latest jobs report provided another signal for the Fed to continue its rate hike campaign.
The good news on the economy meant bad news for Wall Street as investors focused on the Fed action.
September Payrolls Rise 263,000
The U.S. economy added 250,000 jobs in September, lower than unrevised 315,000 in August, the U.S. Bureau of Labor Statistics reported Friday.
The shrinking pool of available workers also dragged down the unemployment rate to 3.5% from 3.7% in August, the Labor Department said.
Average monthly jobs added in 2022 edged down to 420,000, lower than 562,000 in 2021.
Before the release of the September month data, net new job additions averaged 439,000 in the first eight months of 2022, reflecting labor market strength and tight job market conditions.
With the September month job addition, the U.S. labor market is now about 500,000 larger than the pre-pandemic level.
Average hourly earnings increased 0.3% from the previous month and 5% from a year ago.
The yield on 2-year notes increased to 4.30%, 10-year notes advanced to 3.861% and 30-year bonds rose to 3.81%.
The S&P 500 index declined 2.4% to 3,56.23 and the Nasdaq Composite index dropped 3.3% to 10,706.89.
Tech stocks led the decliners and the energy complex led the gainers.
Crude oil increased $3.45 to $92.35 a barrel and natural gas fell 10 cents to $6.87 a thermal unit.
Levi Strauss dropped 9.8% to $14.37 after the apparel maker lowered its full-year sales and earnings outlook.
Advanced Micro Devices, Inc declined 11.3% to $60.27 after the chipmaker lowered its sales forecast on a weaker-than-expected personal computer market.
European Stocks and Currencies Turn Lower
European markets dropped sharply after the release of the U.S. jobs report in mid-day trading.
The DAX index fell 1.6% to 12,732.0, the CAC-40 index dropped 1.1% to 5,866.94 and the FTSE 100 index was nearly flat at 6,991.0.
The dollar advanced against all major currencies after the release of the jobs report on the expectations of higher interest rates.
The euro edged down to 97.62 U.S. cents and the British pounds declined to $1.109.
The dollar also advanced against the Swiss franc to 99.31 U.S. cents.
- Brian Turner
- 07 Oct, 2022
- New York City
The U.S. economy added 250,000 jobs in September, lower than unrevised 315,000 in August, the U.S. Bureau of Labor Statistics reported Friday.
The monthly non-farm payrolls increased slowest since April 2021.
The Leisure and hospitality sector added 83,000 jobs and the healthcare sector increased 75,400 jobs.
The Professional business services sector added 43,000 jobs and the manufacturing sector expanded by 22,000 jobs.
Construction added 19,000 net new jobs and wholesale trade added 11,000 in September.
However, financial services and transportation and warehouse lost about 8,000 jobs each in the month.
The shrinking pool of available workers also dragged down the unemployment rate to 3.5% from 3.7% in August, the Labor Department said.
Average monthly jobs added in 2022 edged down to 420,000, lower than 562,000 in 2021.
Before the release of the September month data, net new job additions averaged 439,000 in the first eight months of 2022, reflecting labor market strength and tight job market conditions.
With the September month job addition, the U.S. labor market is now about 500,000 larger than the pre-pandemic level.
Average hourly earnings increased 0.3% from the previous month and 5% from a year ago.
- Barry Adams
- 06 Oct, 2022
- New York City
Stocks on Wall Street lacked direction and bond yields rose ahead of the non-farm payrolls report Friday.
The bond yields rose in advance on the worries that the jobs report is likely to indicate labor market strength, providing one more signal to the Fed to stay the course on its rate hike campaign.
The 10-year U.S. Treasury bond yield jumped to 3.8%, inching closer to 14-year high seen in September, as investors worry that the Fed may keep raising rates despite easing of price pressures and cooling of job market.
The service sector and private sector reports Wednesday showed the healthy economic activities and strong labor market, fading the prospect of the Fed pivot to slower and smaller rate hikes.
Initial jobless claims rose 29,000 to 219,000 for the week ended on October 1, the U.S. Department of Labor reported Thursday.
Investors are keenly awaiting the monthly jobs report Friday and economists are expecting at least 270,000 net new non-farm jobs addition in September.
The S&P 500 index declined 1.02% to 3,744.52 and the Nasdaq Composite index dropped 0.7% to 11,073.31.
Oil prices traded near a 3-week high after OPEC and allies announced a production cut of two million barrels a day on Thursday.
Crude oil increased $1.04 to $88.85 a barrel and natural gas edged down 2 cents to $7.05 a thermal unit.
The yield on 2-year notes inched up to 4.26%, 10-year Treasury notes increased to 3.83% and 30-year bonds edged down to 3.79%.
European Markets Fall On Weak Retail Sales
European markets traded lower after inflation jitters and rate hike worries resurfaced.
European markets traded sideways in the morning trading but turned lower following the weakness in New York.
Indexes closed near their lows as investors focused on the UK debt rating cut and retail sales fell in the eurozone and Germany factory orders also declined.
Bond yield also rose ahead of the U.S. jobs report Friday and investors are anticipating at least 270,000 net new job additions in September.
The yield on 10-year German bonds rose to 2.1%, U.K. Gilts increased to 4.19%, French bonds edged up to 2.69% and Italian bonds inched higher to 4.519%.
The DAX index fell 0.1% to 12,470.78, the CAC-40 index dropped 0.8% to 5,936.42 and the FTSE 100 index dropped 0.80% to 6,997.27.
The euro inched lower to 98.38 U.S. cents and the British pound declined to $1.124.
Crude oil traded down despite yesterday's production cuts announced by the OPEC and allied nations.
Brent crude oil gained 40 cents to $93.75 a barrel and natural gas futures fell 2% to 170.33 euros a megawatts an hour.
Stock Movers
Shell PLC fell 3.2% to 26.31 after the energy giant said its natural trading and refining division is facing difficult times.
Skanska AB gained 2.9% to 141.35 Swedish kroner after the company signed a deal with Metropolitan Transport Authority of New York to replace ageing escalators.
Credit Suisse AG increased 2.6% to 4.22 Swiss francs after JP Morgan upgraded the stock to "neutral" from "underweight."
Imperial Brands gained 2.4% to 1,941.88 pence after the tobacco and cigarette company said fiscal 2022 performance is in-line with company's expectations.
The company also announced a stock repurchase plan of one billion pounds.
Halma Plc gained 0.7% to 2,156.78 pence after the company said it has agreed to acquire Weetech Holding GmbH for
- Brian Turner
- 05 Oct, 2022
- New York City
The trade deficit in August declined to $67.4 billion, the lowest since May 2021, the Bureau of Economic Analysis reported Wednesday.
The goods deficit declined $3.4 billion to $87.6 billion and the services surplus narrowed by $0.4 billion to $20.2 billion.
Imports in August fell 1.1% to $326.3 billion driven by the fall in imports of oil and fuel and computer parts.
Exports declined 0.3% to $258.9 billion. driven by a decline in oil related products and travel services and non-monetary gold shipment.
- Bridgette Randall
- 06 Oct, 2022
- Frankfurt
European markets traded lower after inflation jitters and rate hike worries resurfaced.
European markets traded sideways in the morning trading but turned lower following the market weakness in New York.
Indexes closed near their lows as investors focused on the UK debt rating cut and retail sales fell in the eurozone and Germany factory orders also declined.
Bond yield also rose ahead of the U.S. jobs report Friday and investors are anticipating at least 270,000 net new job additions in September.
The yield on 10-year German bonds rose to 2.1%, U.K. Gilts increased to 4.19%, French bonds edged up to 2.69% and Italian bonds inched higher to 4.519%.
The DAX index fell 0.1% to 12,470.78, the CAC-40 index dropped 0.8% to 5,936.42 and the FTSE 100 index dropped 0.80% to 6,997.27.
The euro inched lower to 98.38 U.S. cents and the British pound declined to $1.124.
Crude oil traded down despite yesterday's production cuts announced by the OPEC and allied nations.
Brent crude oil gained 40 cents to $93.75 a barrel and natural gas futures fell 2% to 170.33 euros a megawatts an hour.
Stock Movers
Credit Suisse AG increased 2.6% to 4.22 Swiss francs after JP Morgan upgraded the stock to "neutral" from "underweight."
Ferrexpo Plc declined 3.9% to 126.70 pence after the Ukraine based high-grade iron ore pellets miner and maker reported lower production in the third quarter.
Total iron ore pellets production declined 68% to 0.8 million tons and the company blamed the current production shortfall on Russia's invasion of Ukraine.
Iron ore pellets sales dropped 65% from a year ago to 1.0 million tons in the third quarter, reflecting logistics constraints and the draw down on existing stockpiles in Ukraine.
Halma Plc gained 0.7% to 2,156.78 pence after the company said it has agreed to acquire Weetech Holding GmbH for
- Bridgette Randall
- 06 Oct, 2022
- Frankfurt
European markets traded lower after inflation jitters and rate hike worries resurfaced.
European markets traded sideways in the morning trading but turned lower following the weakness in New York.
Indexes closed near their lows as investors focused on the UK debt rating cut and retail sales fell in the eurozone and Germany factory orders also declined.
Bond yield also rose ahead of the U.S. jobs report Friday and investors are anticipating at least 270,000 net new job additions in September.
The yield on 10-year German bonds rose to 2.1%, U.K. Gilts increased to 4.19%, French bonds edged up to 2.69% and Italian bonds inched higher to 4.519%.
The DAX index fell 0.1% to 12,470.78, the CAC-40 index dropped 0.8% to 5,936.42 and the FTSE 100 index dropped 0.80% to 6,997.27.
The euro inched lower to 98.38 U.S. cents and the British pound declined to $1.124.
Crude oil traded down despite yesterday's production cuts announced by the OPEC and allied nations.
Brent crude oil gained 40 cents to $93.75 a barrel and natural gas futures fell 2% to 170.33 euros a megawatts an hour.
Stock Movers
Shell PLC fell 3.2% to 26.31 after the energy giant said its natural trading and refining division is facing difficult times.
Skanska AB gained 2.9% to 141.35 Swedish kroner after the company signed a deal with Metropolitan Transport Authority of New York to replace ageing escalators.
Credit Suisse AG increased 2.6% to 4.22 Swiss francs after JP Morgan upgraded the stock to "neutral" from "underweight."
Imperial Brands gained 2.4% to 1,941.88 pence after the tobacco and cigarette company said fiscal 2022 performance is in-line with company's expectations.
The company also announced a stock repurchase plan of one billion pounds.
Halma Plc gained 0.7% to 2,156.78 pence after the company said it has agreed to acquire Weetech Holding GmbH for
- Barry Adams
- 06 Oct, 2022
- New York City
Stocks on Wall Street opened lower after two-day rally in the beginning of the week faded ahead of jobs report Friday.
The service sector and private sector reports Wednesday showed the healthy economic activities and strong labor market, fading the prospect of the Fed pivot to slower and smaller rate hikes.
Initial jobless claims rose 29,000 to 219,000 for the week ended on October 1.
Investors are keenly awaiting the monthly jobs report Friday and economists are expecting at least 270,000 net new non-farm jobs addition in September.
Crude oil declined 44 cents to $87.32 a barrel and natural gas inched up 11 cents to $7.04 a thermal unit.
The yield on 2-year notes inched up to 4.17%, 10-year Treasury notes increased to 3.77% and 30-year bonds edged down to 3.76%.
UK Debt Rating Cut
Fitch Ratings cut the U.K. government debt outlook to negative from stable, after the newly appointed government proposed unfunded large tax cuts and energy subsidies lifting the prospect of a significant jump in deficit over a medium term.
Eurozone Retail Sales Fall
Eurozone retail sales declined 0.3%in September from the previous month and dropped 2% from a year ago, Eurostat said in a report Thursday.
German Factory Orders Drop
German factory orders declined 2.4% in August from the previous month after 1.9% rise in July, Destatis said Thursday.
Orders dropped 4.1% from a year ago after a plunge of 11.0% in July.
European Markets Turn Lower
European markets traded lower after inflation jitters and rate hike worries resurfaced.
The DAX index fell 0.1% to 12,501.62, the CAC-40 index dropped 0.5% to 5,952.79 and the FTSE 100 index dropped 1.03% to 6,980.72.
The euro inched lower to 98.38 U.S. cents and the British pound declined to $1.124.
- Barry Adams
- 05 Oct, 2022
- New York City
Benchmark indexes rebounded from the lows of the day and managed to trim session's losses.
Popular indexes rested today after a two-day surge on the hopes that the central bankers around the world have gone too far with rate hikes.
The optimism on slower future rate hikes reigned on Wall Street despite the private sector showed healthy gains in September and service sector expanded at a strong pace.
The service Purchasing Managers' Index in September eased to 56.7 from 56.9 in August, according to ISM data released Wednesday.
Private sector added 208,000 jobs in September from the revised 185,000 additions in August, the ADP reported Wednesday.
Job gains of 147,000 in trade, transportation and utilities helped to offset 29,000 jobs lost in manufacturing and mining sectors.
Professional and business services added 57,000 net new jobs.
The ADP's report comes two days ahead of labor market report scheduled to be released by Department of Labor on Friday.
Market is anticipating non-farm payrolls for private and public sector to add at least 270,000 in September.
The S&P 500 index traded down 0.20% to 3,783.28 and the Nasdaq Composite index dropped 0.25% to 11,148.64.
Crude oil surged as much as 2% after OPEC+ nations agreed to a 2 million a day production cut, larger than expected by analysts.
US crude oil inventories decreased 1.356 million barrels to 429.2 million barrels in the week ended September 30th, according to the Energy Information Administration's weekly report released Wednesday.
Oil analysts were looking for the decrease to be at least 2 million barrels.
Crude oil rose $1.36 to $87.87 a barrel and natural gas prices rose 12 cents to $6.96 a thermal unit.
The yield on 2-year Treasury notes rose to 4.14%, 10-year Treasury notes inched up to 3.758% and 30-year bonds edged up to 3.76%.
U.S. Trade Deficit Eased In September
The trade deficit in August declined to $67.4 billion, the lowest since May 2021, the Bureau of Economic Analysis reported Wednesday.
The goods deficit declined $3.4 billion to $87.6 billion and the services surplus narrowed by $0.4 billion to $20.2 billion.
Imports in August fell 1.1% to $326.3 billion driven by the fall in imports of oil and fuel and computer parts.
Exports declined 0.3% to $258.9 billion. driven by a decline in oil related products and travel services and non-monetary gold shipment.
Prime Minister Truss Doubles Down, Pound Wobbles
UK Prime Minister Liz Truss doubled down on her policy of cutting taxes and increasing government borrowing.
- Brian Turner
- 05 Oct, 2022
- New York City
UK Prime Minister Liz Truss doubled down on her policy of cutting taxes and increasing government borrowing.
- Bridgette Randall
- 05 Oct, 2022
- Frankfurt
European markets traded lower after two days of rally and recession worries were in focus after business activities in the euro zone declined more than expected.
The Purchasing Managers' Index dropped to a 20-month low 48.1 in September from 48.9 in August, S&P Global said Wednesday.
The seasonally adjusted index for the UK declined to 49.1 from 49.6 in August.
Any reading below 50 indicates a contraction in growth and above 50 shows expansion.
The DAX index fell 0.9% to 12,557.21, the CAC-40 index dropped 0.7% to 5,996.81 and the FTSE 100 index declined 0.9% to 7,023.80.
The euro traded down to 0.99 U.S. cents and the British pound inched lower to $1.134.
Crude oil surged as much as 2% after OPEC+ nations agreed to a 2 million a day production cut.
Brent crude oil increased 1.8% to $93.35 a barrel and TTF natural gas jumped 6.2% to 172.0 euros a megawatt hour.
Prime Minister Truss Doubles Down, Pound Wobbles
UK Prime Minister Liz Truss doubled down on her policy of cutting taxes and increasing government borrowing.
- Barry Adams
- 05 Oct, 2022
- New York City
Benchmark indexes trend lower after two days of market rally on the hopes that the Fed may have gone too far in hiking rates.
The S&P 500 index traded down 0.86% and the Nasdaq Composite index dropped 1.06%.
Crude oil rose 25 cents to $86.79 a barrel and natural gas prices fell 13 cents to $6.70 a thermal unit.
The yield on 2-year Treasury notes rose to 4.13%, 10-year Treasury notes inched up to 3.69% and 30-year bonds edged up to 3.74%.
European Markets Turn Lower
European markets traded lower after two days of rally and recession worries were in focus after business activities in the euro zone declined more than expected.
The Purchasing Managers' Index dropped to a 20-month low 48.1 in September from 48.9 in August, S&P Global said Wednesday.
The seasonally adjusted index for the UK declined to 49.1 from 49.6 in August.
Any reading below 50 indicates a contraction in growth and above 50 shows expansion.
The DAX index fell 0.9% to 12,557.21, the CAC-40 index dropped 0.7% to 5,996.81 and the FTSE 100 index declined 0.9% to 7,023.80.
The euro traded down to 0.99 U.S. cents and the British pound inched lower to $1.134.
Prime Minister Truss Doubles Down, Pound Wobbles
UK Prime Minister Liz Truss doubled down on her policy of cutting taxes and increasing government borrowing.
- Barry Adams
- 04 Oct, 2022
- New York City
Stock rally picked up pace and extended tow-day gains not seen since 2020.
Market sentiment improved after the number of job openings declined to 10.1 million in August from a downwardly revised 11.2 million in July, the U.S. Census Bureau reported Tuesday.
The job openings are still near the record 11.9 million in March, but the slight easing of the data also contributed to positive sentiment.
Market mood improved on the hopes that the Federal Reserve may slow future rate hikes and may even pause as the U.S. rate hikes are stoking worldwide commodities inflation and currency market chaos.
The British pound, the Japanese yen and the euro have dropped at least 20% in the last six months, since the Federal Reserve began its aggressive rate hike in March.
Tensions also receded after Credit Suisse executives reassured investors over the weekend that the investment bank has sufficient liquidity.
The S&P 500 index jumped 3.06% to 3,790.93 and the Nasdaq Composite index surged 3.3% to 11,176.41.
The two-day rally lifts the benchmark S&P 500 index by 5.7% after dropping 9% in September and extending its year-to-date loss to 25%.
The VIX index, a measure of market volatility, declined 5% after investors focused on searching bargains among the recently beaten down stocks.
Crude oil increased $2.45 to $86.06 a barrel and natural gas increased 35 cents to $6.81 a thermal unit.
The yield on 2-year notes decreased to 4.11%, 10-year notes fell to 3.63% and 30-year bonds eased to 3.70%.
Poshmark Agrees to $1.2 Billion Deal from Korea-based Naver
Poshmark Inc soared 13.2% to $17.64 after the online retailer agreed to be acquired by South Korea-based Naver for $1.2 billion in an all-cash deal.
The operator of social commerce platform has a significant following among teenagers looking to sell used fashion and accessories items.
U.S. Movers: Cruise Liner, Big Oil, Rivian, Tesla, Twitter
Energy complex stocks led the gainers after crude oil prices extended two-week gains to 14%.
Exxon Mobil, Chevron, Hess Corp and Schlumberger jumped nearly 4%.
Cruise companies rebounded following a surge in travel and leisure stocks.
Carnival Cruise soared 12.7% to $7.72, Norwegian Cruise Line surged 16.2% to $13.25 and Royal Caribbean Cruises Ltd jumped 15.4% to $43.40.
Rivian Automotive Inc jumped 12.6% to $35.92 after the electric vehicle maker said third quarter production surged 67% from the previous quarter.
Rivian said it produced 7,363 and shipped 6,584 vehicles in the third quarter
The company also said it is on track to meet its lowered annual production target of 25,000 announced in March.
Rivian had originally set its annual production target of 50,000.
Tesla Inc rebounded 2.6% to $248.72 after the company dropped more than 8% in Monday's trading after releasing third quarter production and shipments.
The company produced 365,923 and shipped 343,830 electric vehicles, lower than estimated by investors.
Twitter Inc soared 12.6% to $47.93 after Elon Musk proposed to continue with the original offer of $54.20 a share proposed on April 25, 2022 and complete the purchase of social media platform.
Twitter released the proposal in an regulatory filing with the SEC.
European Markets Surge Nearly 4%
European markets accelerated gains following the surge in New York and Australia lifted its rate by a smaller amount.
Investors increased exposure to stocks after bond yield eased across the euro zone and mood improved after the U.S. job openings fell in August, easing the pressure on the Fed to lift rates faster.
In addition, the natural gas prices eased in Europe trading and dropped to a ten-week low.
Brent crude oil price in London rose 2.7% to $91.32 a barrel and TTF natural gas prices declined 4.7% to 161.95 euros a megawatt hour.
The DAX index increased 3.7% to 12,670.49, the CAC-40 index soared 4.2% to 6,039.69 and the FTSE 100 index gained 2.6% to 7,086.46.
The euro rebounded and moved further away from a 20-year low to 99.87 U.S. cents and the British pound jumped to $1.147.
The yield on 10-year German government bonds eased to 1.885% and British Gilts dropped to 3.876%.
The Italian 10-year bond yields also improved to 4.18% from the 10-year high of 4.5% in the end of September.
The Reserve Bank of Australia lifts its key lending rate by 25 basis points, smaller-than-expected 50 basis points.
The RBA revised its key lending rate to 2.60% from 2.35% and added that additional rates are required to bring down inflation back to its target range between 2% and 3%.
Europe Movers: Sika, Metropole, Made.com Group, Holcim
Holcim AG increased 3.9% to 42.84 Swiss francs after the cement building materials maker said it has completed the purchase of Polymers Sealants of North America, a division of Illinois Tool works Inc.
PSNA is expected to have 2022 revenues of $100 million.
Last week, Holcim completed the acquisition of Belgium-based Cantillana, a specialty building solutions provider with an estimated 2022 revenue of 80 million euros.
Sika AG gained 6.1% to 21.420 Swiss francs after the chemical maker said 2022 sales and operating earnings (EBIT) in local currencies are expected to rise 15%.
The company also confirmed it is on track to complete its acquisition of MBCC Group and has received unconditional approvals in South Africa, China, Brazil, Japan, Thailand, Turkey and Saudi Arabia.
Metropole Television SA plunged 10.8% to 11.10 euros after RTL Group controlled by Bertelsmann dropped its plan to sell a controlling stake in the company.
Legal & General Group Plc added 5.3% to 233.68 pence after the financial services provider reassured investors about the financial health of the company.
Made.com Group Plc soared 39.8% to 4.74 pence after the troubled online furniture retailer " has now entered in to non-disclosure agreements and begun discussions with a number of interested parties regarding the sale of the Group."
The company also said in a regulatory filing that the management plan implementation is estimated to require "
- Scott Peters
- 04 Oct, 2022
- New York City
Poshmark Inc soared 13.2% to $17.64 after the online retailer agreed to be acquired by South Korea-based Naver for $1.2 billion in an all-cash deal.
The operator of social commerce platform has a significant following among teenagers looking to sell used fashion and accessories items.
The agreed sale price represents a premium of 15% to Poshmark