Asian stocks in general have gone down today due to indications from the Chinese government may not boost stimulus measures. However, the biggest movers of the day have been: 1) Softbank Corp, which lost 6.1% after Alibaba’s initial public offering due to a perceived reduction in its allure as a proxy for the aforementioned firm. 2) China Galaxy Securities Co., a Hong Kong based online broker, also saw a substantial decline of 5.5% after noting that some of its higher level officials are cooperating with the authorities.
European stocks also fared bearishly for the most part on pessimism from China. However, another ingredient for anxiety was poor performance by British retailer Tesco Plc, which dropped 8.5% to a low after it started an investigation into account practices that were responsible for a 408 million dollar overstatement in earnings. Another major loss was felt by Sulzer AG, which declined 3.2% after terminating takeover talks with Dresser-Rand Group. However, not all news was bad news, as Norwegian fishing firm Cermaq rose 14% after Mitsubishi Corp. offered to buy it.
American Stocks are also dropping, mostly as a result of worse than expected home sales data. However, tech stocks specifically were under-performing. Alibaba group, a recent addition to the US financial world, fell 2.1% after surging last Friday during its IPO. In addition, Yahoo Inc. fell 2.3% after it was downgraded by Sanford C. Bernstein & Co. Though many investors are still bullish in the long term due to the Federal Reserves continuation plan of monetary tightening, no one has ruled out a short term pullback due to recent information and possible profit taking.
September 22. 2014 – Stock Market News
Asian stocks in general have gone down today due to indications from the Chinese government may not boost stimulus measures. However, the biggest movers of the day have been: 1) Softbank Corp, which lost 6.1% after Alibaba’s initial public offering due to a perceived reduction in its allure as a proxy for the aforementioned firm. 2) China Galaxy Securities Co., a Hong Kong based online broker, also saw a substantial decline of 5.5% after noting that some of its higher level officials are cooperating with the authorities.
European stocks also fared bearishly for the most part on pessimism from China. However, another ingredient for anxiety was poor performance by British retailer Tesco Plc, which dropped 8.5% to a low after it started an investigation into account practices that were responsible for a 408 million dollar overstatement in earnings. Another major loss was felt by Sulzer AG, which declined 3.2% after terminating takeover talks with Dresser-Rand Group. However, not all news was bad news, as Norwegian fishing firm Cermaq rose 14% after Mitsubishi Corp. offered to buy it.
American Stocks are also dropping, mostly as a result of worse than expected home sales data. However, tech stocks specifically were under-performing. Alibaba group, a recent addition to the US financial world, fell 2.1% after surging last Friday during its IPO. In addition, Yahoo Inc. fell 2.3% after it was downgraded by Sanford C. Bernstein & Co. Though many investors are still bullish in the long term due to the Federal Reserves continuation plan of monetary tightening, no one has ruled out a short term pullback due to recent information and possible profit taking.
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