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The burst of bullishness that lifted U.S. stocks on Wednesday evaporated, with the Standard & Poor’s 500 Index posting the steepest selloff in six weeks amid renewed scepticism over global growth. The Dow Jones Industrial Average dropped more than 230 points at its worst levels, while banks in the S&P 500 fell the most since February, pacing declines amid falling bond yields as investors sought havens. A measure of volatility had its biggest spike since January, with today’s selloff echoing action that started the year when lenders were also especially hard hit on flaring growth concerns. The S&P 500 fell 1.2 percent to 2,041.91, alternating for a third day between gains and losses of at least 1 percent. The Dow sank 174.09 points, or 1 percent, to 17,541.96. The Nasdaq Composite Index lost 1.5 percent, nearly reversing yesterday’s rally. About 7.2 billion shares traded hands on U.S. exchanges, 14 percent below the three-month average.
PRESS COMMENTARY
The chairman of the Federal Reserve has celebrated the strength of the US economy, insisting that recent growth was not built on a bubble blown by the central bank, Telegraph.
The yen touched new highs on Thursday, defying Tokyo’s effort to weaken the Japanese currency in the latest sign that policymakers in leading economies are running out of tools to kick-start sagging growth and battle the threat of deflation, FT.
AVOID Wordplay for now; BUY Dunelm for now for the flow of special dividends should continue; BUY Puretech Healthfor long term, Times
COMPANY NEWS
Associated British Foods PLC (ABF.LN ) said it will buy the remaining 48.65% interest in Illovo Sugar Ltd. (ILV.JO) for 5.6 billion South African rand ($0.37 billion), or ZAR25 per share, in cash.
BNP Paribas SA and its partners in a Scottish energy loan are staring at a loss of 122 million pounds ($172 million) after entrepreneur Ian Suttie’s venture went bankrupt, illustrating the wreckage banks are likely to face from the oil bust.
Tullow Says FPSO Bearing Damaged; Restart to Be in 2 Weeks
Sanofi Bought Back 18.8M Shares Totaling EU1.4 Billion in 1Q
Dechra Pharmaceuticals PLC (DPH.LN) said Tony Rice has joined the company's board as non executive director and will assume the position of chairman with effect from the conclusion of the annual meeting on Oct. 31.
Hikma Pharmaceuticals PLC (HIK.LN), a pharmaceutical group, on Friday confirmed that its abbreviated new drug application, or ANDA, for fluticasone propionate and salmeterol inhalation powder has been accepted for filing by the U.S. Food and Drug Administration.
Advent Sells 30m DFS Shares at 300p/Share
John Wood Group PLC (WG.LN) said Friday that it has acquired Ingenious Inc., a U.S. based software supplier to the energy industries, from its senior management.
Vivendi CEO Says Tel Italia May Consider Work With Enel: I l Sole source Quilter Cheviot
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