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Europe close: Shares rebound as Universal Music sounds right note

by OKORO EMMANUEL 2 months ago in 90s music

European shares closed higher on Tuesday, rebounding strongly after a sharp fall in the previous session sparked by the China Evergrande debt crisis with Universal Music Group striking the right chord on market debut with investors.

European offers shut higher on Tuesday, bouncing back unequivocally after a sharp fall in the past meeting started by the China Evergrande obligation emergency with Universal Music Group striking the right harmony on market debut with financial backers.

The skillet European Stoxx 600 list completed the meeting 1% higher subsequent to falling 1.67% on Monday. All major territorial bourses made additions with Germany's DAX bouncing back to rise 1.43%.

In Britain, new information from the Office for National Statistics showed the UK's public area acquiring had seen its second most elevated August on record.

Public area net acquiring was assessed to have been £20.5bn in August, £5.5bn less year on year. Focal government receipts were assessed to have ascended by £5.3bn to £61.2bn. The UK's FTSE 100 file rose 1.12%.

Hong Kong shares fell somewhat for the time being as China Evergrande executive Hui Ka Yuan attempted to promise financial backers that the obligation outfitted organization would "leave its most obscure second".

Land engineers have a commitment of over $ 300 billion and are in competition to raise money to pay witnesses and professionals and loan providers in the market that previously launched the bankruptcy of US bank Lehman Brothers. Financial accident in 2008.

CMC Markets analyst Michael Hewson said concerns over Evergrande’s fate had shifted to this week’s bond payments, "and whether Chinese authorities will be able to manage any resulting fallout once the deadline has passed".

"There appears to be an acceptance that an Evergrande failure is more a matter of when and not if, and the real question is how any fallout is managed," he said.

In terms of equity, UK-owned sports book Entain, which owns Coral and Ladbrokes, surpassed Stoxx by 18% on news that US sports company DraftKings has offered $ 20 billion to its business. rice field.

The news increased rival 888 Holdings by 6.36% and Flutter Entertainment by 3.46%."It certainly seems an odd proposition given that Entain has a joint venture with MGM Resorts, which could prompt a counter proposal, however it is clear that DraftKings recognises Entain’s strong brand in the UK as well as its other 27 markets," said Hewson.

Investors are also looking at central bank policy meetings this week, including the Federal Reserve Board of Governors and the Bank of England, for signs of a slowdown in fiscal stimulus. Federal Reserve Board Chair Jerome Powell will hold a press conference on Wednesday at the end of the two-day meeting with investors looking for signs of easing his loose monetary policy. Powell said downsizing could take place this year, but investors are waiting for more details, especially after the release of mixed economy data, since his last comment. On the equity side, British Airways, Aer Lingus and IAG owners, IAG, are still profiting from the news that the United States wants to open up to European double-vaccinated travelers in November. Swiss travel dealer Dufry also benefited.

The share of British passenger carrier National Express rose 7.6% after rival stage coaches said they were discussing the possibility of a full merger. Stagecoach's share increased by 21%. Shell went ahead after announcing at the end of Monday that it would sell all of its Permian basin assets to ConocoPhillips for $ 9.5 billion in cash.

Universal Music Group, with stable Lady Gaga, Taylor Swift and The Weeknd, rose 38.1% on the first trading day. The value of the business was around 33.5 billion euros before its debut. The share of the old Vivendi decreased by 19%.

UMG has invested hundreds of millions of dollars in talent, including raising $ 300 million from Bob Dylan's publishing catalog. Kingfisher, a British-French DIY group, said sales were down 0.6% in the third quarter and slowed in the second quarter, while sales were down 4.92% as they reported an increase in interim profits.

However, sales forecasts for the second half also increased. Husqvarna, a Swedish garden tools group, fell by almost 7% after warning that a dispute with a supplier could result in loss of up to SEK 2 billion (£ 169- $ 230 million). bottom.

90s music

OKORO EMMANUEL

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