tech mega deal helps liven up equities
Last Updated : GMT 09:40:38
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Themuslimchronicle, themuslimchronicle
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

while European stocks ended

Tech mega deal helps liven up equities

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleTech mega deal helps liven up equities

The three major US stock indexes closed at records for the second straight day
Washington - Muslimchronicle

The prospect of the biggest tech deal helped push US equities higher into record territory on Monday, while European stocks ended mixed.

Before trading began in New York, Broadcom launched a $130 billion unsolicited bid for rival chip manufacturer Qualcomm in a cash and stock offer that was 28 percent above Qualcomm's closing price on Friday.

Qualcomm's shares rose over five percent in early trading, but gave up much of those gains by late morning. Shares in Broadcom, which climbed nearly 2.5 percent at the start of the session, were later down 0.75 percent.

"After a shaky start, markets have rediscovered their form, as tech M&A provides the catalyst for a push into fresh record highs for US markets," said Chris Beauchamp, chief market analyst at online trading house IG.

Approaching midday, the Dow, S&P 500 and Nasdaq Composite were pushing higher after having closed Friday at record levels.

"Deprived of any other big news, aside from Trump?s jaunt around Asia, investors have taken the news of Broadcom?s bid for Qualcomm as a sign that there are still bargains to be had," added Beauchamp.

 

Meanwhile, in London the FTSE 100 edged higher to reach a new record close.

However, in the eurozone both Frankfurt and Paris dipped despite the euro sliding against the dollar.

Market analyst David Madden at CMC Markets UK put it down to a lack of news.

"Volatility has been low and we have seen some small amounts of profit taking," he said.

"Stock markets have been strong in Europe lately and it appears the bulls are taking a breather today."

- Trump lashes out -

Asian stocks were largely flat Monday, as US President Donald Trump lashed out at "unfair" trade practices and China's central bank chief condemned excessive debt.

Investors shrugged off rebounding commodity prices and another record-breaking Wall Street session Friday on strong Apple earnings.

Trump began his marathon Asia tour in earnest Monday by criticising trade relationships with Tokyo and Beijing, saying that close ally Japan had been "winning" for decades at the expense of the United States, and calling commerce with China "very unfair".

In particular, Trump's criticism of a "massive trade deficit" that "has to come down" prompted concern among Asian exporters.

Markets were already nervous over the prospect of an escalation in rhetoric -- or even further missile and nuclear tests -- from North Korea during the US president's Asian tour.

Elsewhere oil futures continued to rally with Brent crude hitting $63.75 per barrel -- the highest level since mid 2015.

Prices have risen sharply due to growing global demand and OPEC-led supply curbs, with traders now closely monitoring the impact of a sweeping crackdown in oil-rich Saudi Arabia, which included the arrest of billionaire investor Prince Al-Waleed bin Talal.

- Key figures around 1630 GMT -

London - FTSE 100: UP 0.03 percent at 7,562.28 points (close)

Frankfurt - DAX 30: DOWN 0.07 percent at 13,468.79 (close)

Paris - CAC 40: DOWN 0.2 percent at 5,507.25 (close)

EURO STOXX 50: DOWN 0.2 percent at 3,683.74

New York - DOW: UP 0.06 percent at 23,552.98

Tokyo - Nikkei 225: FLAT at 22,548.35 (close)

Hong Kong - Hang Seng: FLAT at 28,596.80 (close)

Shanghai - Composite: UP 0.5 percent at 3,388.17 (close)

Euro/dollar: DOWN at $1.1588 from $1.1610 at 2100 GMT on Friday

Pound/dollar: UP at $1.3121 from $1.3073

Dollar/yen: UP at 114.06 yen from 114.05 yen

Oil - Brent North Sea: UP $1.61 at $63.68 per barrel

Oil - West Texas Intermediate: UP 79 cents at $56.43

source: AFP

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