Egypt's FEC, TRAIN partner to support food exporters    Spot Gold, futures slips on Thursday, July 17th    Egypt's EHA, Huawei discuss enhanced digital health    Egypt expresses condolences to Iraq over fire tragedy    Egypt, Oman discuss environmental cooperation    Egypt's Environment Minister attends AMCEN conference in Nairobi    At London 'Egypt Day', Finance Minister outlines pro-investment policies    Sukari Gold Mine showcases successful public–private partnership: Minister of Petroleum    Egypt's FRA chief vows to reform business environment to boost investor confidence    Egyptian, Belarusian officials discuss drug registration, market access    Syria says it will defend its territory after Israeli strikes in Suwayda    Pakistan names Qatari royal as brand ambassador after 'Killer Mountain' climb    Health Ministry denies claims of meningitis-related deaths among siblings    Sri Lanka's expat remittances up in June '25    EU–US trade talks enter 'decisive phase', German politician says    Egypt's Health Min. discusses drug localisation with Sandoz    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Europe markets close lower as Micro Focus tanks 46%; investors look ahead to Fed meeting
Published in Amwal Al Ghad on 20 - 03 - 2018

European markets closed lower Monday afternoon as investors looked ahead to a trading week in which the Federal Reserve is likely to hike interest rates.
The pan-European Stoxx 600 closed down just over 1 percent Monday afternoon, with major bourses and all sectors bar travel and leisure in negative territory.
Britain's FTSE 100 was the worst performing index, tanking 1.7 percent amid a flurry of downbeat company reports. The German DAX performed similarly, closing 1.4 percent lower.
Basic resources stocks led the drop, closing 2.6 percent down after tumbling during afternoon trade amid heightened fears of a trade war. The topic is likely to be top of the agenda at a two-day G-20 meeting starting in Argentina later on Monday, with any sign of escalating tension between Washington and Beijing likely to make investors in Asia increasingly nervous. BHP Billiton, Anglo American and Glencore all closed lower by around 4 percent.
Technology also closed well into the red. Stocks closed 2.6 percent lower amid news of a trading update for British tech firm Micro Focus. The company said its CEO had quit amid ongoing problems with its recent purchase of Hewlett Packard Enterprise assets. Micro Focus also slashed its annual revenue forecast for 2018, prompting shares to plummet by 46 percent at the market close.
The oil and gas sector closed down by 2.15 percent.
Travel and leisure was the only sector to finish positively, up by 0.4 percent. It was boosted by U.K. bookmakers William Hill and Ladbrokes, which closed up 4.2 and 2.9 percent, respectively. This came on the back of new regulations from the Gambling Commission that were less harsh than initially feared.
Looking at individual stocks, French shopping center operator Klepierre said Monday that it had made a proposal to buy U.K. peer Hammerson, Reuters reported. The British firm rejected the offer, meaning that shares closed 24 percent higher.
Barclays shares closed up by 3.6 percent percent after Sherborne acquired the voting rights of 5.16 percent of the British bank's issued share capital.
U.S. stocks moved lower Monday as a decline in Facebook dragged the technology sector lower.
The Nasdaq composite pulled back 2.2 percent as Facebook dropped 7.3 percent, on track for its biggest one-day drop in five years. The Dow Jones industrial average fell 310 points, with Caterpillar as the worst-performing stock in the index.
On Wednesday, the U.S. central bank is widely expected to raise interest rates to 1.75 percent, up from 1.5 percent. The Fed could also signal that as many as three more rate hikes may lie in store for the rest of the year.
Back in Europe, it was announced that the U.K. will remain within the European Union until the end of 2020, but with restricted powers. Negotiators from Britain and Europe are meeting in Brussels for Brexit talks ahead of an EU summit later in the week. Source: CNBC


Clic here to read the story from its source.