
FTSE 100 Live: Pound Rises After Best Week Since March
Hikma: The generic drugmaker is to invest $1 billion to expand manufacturing for its US business.
Chemring: The defence contractor has agreed to buy Hampshire-based radio systems firm Landguard for £20 million.
TT Electronics: The high-tech components maker said revenue has fallen in the first five months of the year and expects to update on a CEO appointment in the second half.
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Big investors ditch tech ahead of expected September stocks slump
By Nell Mackenzie LONDON (Reuters) -Big investors, fearful of September's typical seasonal declines, exited profitable stock positions on Tuesday, according to investors and trading company research, a sign the selloff in tech may be driven by a broad aversion to risk. The tech-heavy Nasdaq and broad S&P 500 stock index sold off sharply on Tuesday, driven by tech stocks that have rallied hard for much of the year. Nvidia sank 3.5%, the biggest drop in nearly four months. "This week's tech sell-off looks less like panic and more like a broad reshuffling of risk," said Bruno Schneller, managing director at investor Erlen Capital Management. "We've seen crypto, high-beta tech and the AI beneficiaries all come under pressure at the same time, which suggests investors are cutting exposure across multiple risk assets rather than reacting to a single headline." A momentum shift was taking place, noted two other hedge fund investors, declining to be named because they were not authorised to speak publicly. Hedge funds and asset managers were selling their winners, they said. This theme played out earlier on Wednesday in Korean technology stocks and China biotech-related equities, one of the sources said. This week's market moves could be a sign of things to come in the weeks ahead. BUYING EVAPORATES September 3 has historically notched highs for the benchmark S&P 500 index since 1928, after which stocks have fallen most years, said Scott Rubner, head of equity and equity derivatives strategy at Citadel Securities in a note on Tuesday. Stock buying routinely evaporates in September as retail buyers slow their purchases and companies buying back their own stock stop in mid-September for regulatory reasons, Rubner said. "After a summer of strong positioning and relentless upside, September historically brings a shift," he added. Currently, systematic traders such as hedge funds and trend followers have bought all the stock they had planned to and further appetite to push equities higher has petered out, Citadel Securities said. "The final week of August often coincides with low volumes due to vacations, and barbeques contributing to upward drift in stocks, especially in low-volume environments," said Rubner. Plus, larger asset managers will begin to reassess or rebalance their portfolios ahead of the quarter's end in September. "Mostly, we've run out of catalysts to buy more. Valuations are high. What can you point at to justify any higher?" said hedge fund BLKBRD's owner and founder Dan Izzo. Sign in to access your portfolio
Yahoo
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Intel in talks with large investors for equity boost at discount, CNBC reports
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Compass Business Finance joins Acquis Lumia platform
Compass Business Finance has joined the Acquis Lumia platform, marking its 42nd UK member. Founded by Mark and Jamie Nelson in 2005, Compass Business Finance focuses on providing asset-based financial solutions to sectors, including construction, engineering, packaging, print, and renewables. As a new member of the Acquis Lumia platform, Compass Business Finance will have access to the monitoring of asset finance agreements. The platform, which debuted in 2022, offers users the ability to detect potential fraud and gain insights into their financial portfolios. Acquis chief commercial officer James Rudolf said: 'We're thrilled to welcome Compass Business Finance to the Lumia network. Its focus and commitment to supporting SMEs reflect the very ethos behind what Lumia is designed to deliver. Having Compass on board demonstrates the value our platform brings to lenders who are keen to manage risk more effectively and collaborate across the industry.' Compass Business Finance director Mark Nelson stated: 'We have been watching the development of the Lumia network with great interest over the past two years as a keen supporter of what it will achieve for the industry – we're delighted to now be an official part of this important initiative.' The integration follows the addition of Lloyds Banking Group as the 41st member. Last month, IT leasing and financing specialist Grenke became the 40th organisation to join the Acquis Lumia platform. "Compass Business Finance joins Acquis Lumia platform" was originally created and published by Leasing Life, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.