Egypt, France airdrop aid to Gaza amid growing humanitarian crisis, global criticism of Israel    Supply minister discusses strengthening cooperation with ITFC    Egypt launches initiative with traders, manufacturers to reduce prices of essential goods    SCZONE chief discusses strengthening maritime, logistics cooperation with Panama    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Egypt reviews health insurance funding mechanism to ensure long-term sustainability    Gaza on verge of famine as war escalates, ceasefire talks stall    Gaza crisis, trade on agenda as Trump hosts Starmer in Scotland    Egyptian president follows up on initiatives to counter extremist thought    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    I won't trade my identity to please market: Douzi    Sisi calls for boosting oil & gas investment to ease import burden    EGX to close Thursday for July 23 Revolution holiday    Egypt welcomes 25-nation statement urging end to Gaza war    Sisi sends letter to Nigerian president affirming strategic ties    Egypt, Senegal sign pharma MoU to unify regulatory standards    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    58 days that exposed IMF's contradictions on Egypt    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    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    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    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.