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Cevian cuts stake in Vodafone after demanding faster change – FT By Reuters

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© Reuters. FILE PHOTO: A branded sign is displayed at a Vodafone store in London, Britain, May 16, 2017. REUTERS/Neal Hall/File Photo

(Reuters) – Civian Capital, Europe’s largest active investor, has cut its stake in Britain’s Vodafone (Nasdaq:) as doubts grow that the telecom company will be able to reverse its sluggish performance, the Financial Times reports.

Citing people familiar with the matter, the report said Sevian built a large but undisclosed stake in Vodafone last year through shares and derivatives, becoming one of the top ten shareholders.

The report said the investor was pressuring Vodafone’s management to streamline its international portfolio and sell underperforming divisions. It said Sevian had sold the vast majority of its stake by June.

Vodafone and Civil Capital did not immediately respond to requests for comment.

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Earlier in January, the Financial Times reported that Aberdeen, one of Vodafone’s largest shareholders, backed Sivian’s call for a restructuring.

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Wall Street Retreats After Powell’s Rise As Dollar Falls By Reuters

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© Reuters. FILE PHOTO: An electronic board shows the indexes of the Shanghai and Shenzhen stock exchanges, in the Lujiazui Financial District, in the wake of the coronavirus disease (COVID-19) outbreak, in Shanghai, China November 14, 2022. REUTERS/Ali Song/File Photo

Written by Sinéad Caro and Mark Jones

NEW YORK/LONDON (Reuters) – Wall Street stocks fell on Thursday as investors digested economic data after a big rally in the previous session on signs the U.S. Federal Reserve will slow the pace of interest rate hikes.

The US dollar fell to its lowest level since August and Treasury yields sank after Federal Reserve Chairman Jerome Powell said on Wednesday that it was time to slow down interest rate hikes. He also pointed to a prolonged economic adjustment to rising borrowing costs and inflation only slowly coming down. He also pointed to the chronic labor shortage in the United States.

Oil rose on Thursday on the prospect of further supply cuts by OPEC+, and as Covid restrictions eased in China, the prospect of higher demand from the world’s largest crude importer increased.

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While equity investors were cheering signs of moderate inflation and an increase in US consumer spending in October, risk appetite waned after data showed US manufacturing activity contracted for the first time in two-and-a-half years in November as higher borrowing costs hit demand for goods. .

Investors still see inflation softening which supports the Fed chair’s signal that rate hikes may slow. In the 12 months through October, the personal consumption expenditures (PCE) price index rose 6.0% after rising 6.3% in September compared to the Fed’s target of 2%.

wrote Chris Zaccarelli, chief investment officer of the Independent Advisors Alliance in Charlotte, North Carolina.

It fell 284.6 points, or 0.82%, to 34,305.17, lost 2.01 points, or 0.05%, to 4,078.1 points, and added 20.63 points, or 0.18%, to 11,488.63 points.

The S&P rose 3% on Wednesday after Powell’s comments while the Nasdaq rose more than 4% and the Dow Jones added 2%.

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The pan-European index rose 0.95% and the MSCI measure of equities around the world rose 0.76%. Emerging market stocks rose 0.59%.

In currencies, it was down 0.756%, with the euro up 0.79%, to $1.0487.

The Japanese yen strengthened 1.57% against the dollar at 135.92 per dollar, while the British pound last traded at $1.2264, up 1.73% on the day.

In bond trading, moderate inflation in October initially pushed US Treasury yields lower after Wednesday’s drop.

The benchmark 10-year note fell 10.7 basis points to 3.594%, from 3.701% late Wednesday. The 30-year note fell 11 basis points to 3.7132% from 3.823%. The two-year note last fell 5.4 basis points to 4.3181% from 4.372%.

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Chart: Stock Rebound https://fingfx.thomsonreuters.com/gfx/mkt/lgpdkwbxkvo/Pasted%20image%201669900096733.png

Reopening of China

Allied to fresh signs that China is looking to ease COVID restrictions, Asian stocks closed up 1.36%.

China’s factory activity contracted in November, a survey of the private sector showed on Thursday as broad restrictions hampered manufacturers’ output, weighing on employment and economic growth in the third quarter.

Oil prices rose ahead of the Dec. 4 meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, in a group known as OPEC+. Although sources said on Wednesday that a policy change is unlikely, some feel an additional cut cannot be ruled out.

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It recently rose 2.84% to $82.84 a barrel and was at $88.86, up 2.17% on the day.

It added 1.7%, to $1,798.17 an ounce. The United States gained 2.83% to $1,795.40 an ounce.

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Elon Musk of Tesla congratulates Big Rival Ford

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Elon Musk and Tesla changed the way consumers think and look.

They have pushed the entire auto industry to switch to electric vehicles and make the technology the future of the sector, which is crucial to the economy.

Today, nearly every automaker—vintage automakers, start-ups, luxury brands, sports car manufacturers—offers an electric or hybrid model. Groups are investing billions of dollars to develop electric vehicles.

Consumers are also following developments, since their demand for these green vehicles is rising sharply even as cars remain expensive and the number of charging stations continues to lag. Charging still takes a long time, and electric vehicle owners have to plan their trips according to the geography of charging stations, which is a particular problem.

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Financials and Materials Drive TSX Higher By Reuters

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© Reuters. FILE PHOTO: Screen showing the price of a major Canadian stock index, the S&P/TSX Composite Index of the Toronto Stock Exchange, as it rose to a record high in Toronto, Ontario, Canada on January 7, 2021. REUTERS/Chris Helgren

(Reuters) – The main Canadian stock index rose on Thursday, supported by financial stocks and commodity-related commodities, while Canadian manufacturing data for November rose from the previous month.

At 09:33 AM ET (1433 GMT), the S&P/TSX Composite Index of the Toronto Stock Exchange rose 104.98 points, or 0.51%, at 20,558.24, approaching a six-month high.

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