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    London View  1288  0 Kommentare Tesco Totters, Asian Markets Slide

    This week has brought a tough start for Tesco, which has issued its third profit warning in weeks and is saying that profits have been overstated by around £250 million. Shares in the UK’s largest supermarket chain are currently down by a staggering 8%. There’s little for the UK’s rival supermarket firms to celebrate, however, as a ‘plague on both your houses’ attitude by the markets means that shares in both Morrisons and Sainsburys are also down, the former by 2% and the latter by around 2.87%. The FTSE as a whole is feeling the effects; the index is currently down by around 0.7%

    After weeks of waiting, Alibaba finally exploded onto the US Stock Market on Friday, with the opening price of $92.70 far exceeding their $68 pricing on Thursday. The company was originally valued at $170 billion, but Friday’s close saw the company valued at $231 billion, more than US competitors Amazon and eBay combined.

    In tech. Stock news, Oracle shares closed down by 4.21% on Friday as markets reacted to Larry Ellison’s resignation as CEO of the US firm. Ellison will still play a role in the company which he founded, but has appointed two successors to share the role of CEO, Mark Hurd and Safra Catz.

    Asian Markets saw a slump in Monday’s session, with the Shanghai Composite and Hang Seng falling by 1.7% and 1.44% respectively after Chinese Finance Minister Lou Jiwei appeared to emphasise determination not to show knee-jerk reactions to disappointing economic data; tomorrow will bring HSBC’s China Manufacturing PMI data release. The Nikkei was down  by 0.71% as Softbank shares saw a sharp drop in the wake of the Alibaba’s successful IPO, despite the Japanese bank’s significant stake in the e-commerce company. Softbank shares rose by around 30% in the weeks leading up to the IPO.






    Ishaq Siddiqi
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    Ishaq Siddiqi, FINANCIAL MARKET STRATEGIST at ETX Capital - Covering financial markets for over four years with Dow Jones Newswires and the Wall Street Journal, Ishaq kicked off his career as a financial journalist just before the 2008 market turmoil. He has since reported on all major market news, particularly European equities during the region's financial crisis. Ishaq is ETX Capital's market strategist, providing daily commentary on market action.
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    London View Tesco Totters, Asian Markets Slide This week has brought a tough start for Tesco, which has issued its third profit warning in weeks and is saying that profits have been overstated by around £250 million. Shares in the UK’s largest supermarket chain are currently down by a staggering 8%.

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