Australian shares are set to drop after nearly a decade of Coalition rule ended and Wall Street fell for a seventh straight week, flirting with a bear market.
The Coalition, which has weaponised climate change policy at every election since 2010, found itself for the first time on the receiving end, with the most brutal of consequences.It’s been hard to watch, impossible to predict and a nightmare to trade. But has the SP 500’s slide been an unqualified panic to date? By some measures no, and that might bode poorly for equities in the near term, write Bloomberg’s Katie Greifeld and Vildana Hajric.
On Thursday, domestic repairs firm HomeServe agreed to be bought by Brookfield Asset Management for £4.6 billion including assumed net debt. HomeServe shares had tumbled so much that the offer didn’t match their pre-bid one-year high despite its 71% premium.Co. secured a £4.9 billion deal to purchase ContourGlobal, offering shareholders a smidgen above the price of the utility’s 2017 initial public offering. The shares have traded below that level for the last four years.
About 2,350 stock-related hedge funds last month dropped below a threshold that typically activates clauses requiring them to slash exposures, with many headed toward a level that mandates liquidation, according to an industry data provider. Such signs of stress were “close to the historical high,” China Merchants Securities Co. analysts said in a report this month.
Richemont chairman Johann Rupert said Chinese demand will be slower to recover than expected, clouding prospects for a market that’s fuelled the luxury industry’s recent growth.
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