Latest news with #RussMould
Yahoo
11 hours ago
- Business
- Yahoo
European markets lower as investors eye US-China trade developments
Almost all major European indexes remained in the red on Monday afternoon after China said the US "severely violated" the terms of their recent trade agreement. Market participants also considered the impact of US President Donald Trump's plan to double current tariffs on steel and aluminium from 25% to 50% from this Wednesday. At the time of writing (16:40 CEST), the EURO STOXX 50 was down 0.43%, Germany's DAX fell 0.47%, while France's CAC 40 declined 0.45%. 'Donald Trump has upset markets once again,' Russ Mould, investment director at AJ Bell, said in an email note sent to Euronews. 'Doubling import taxes on steel and aluminium, and aggravating China once again, mean we face a situation where uncertainty prevails. Trump's continuous moving of the goal posts is frustrating for businesses, governments, consumers and investors. 'Equity markets were down across Europe and Asia, with futures prices implying a similar pattern when Wall Street opens for trading on Monday. Unsurprisingly, gold got a boost as investors returned to safe-haven assets." Related China accuses US of violating trade truce and vows firm retaliation Meanwhile, US markets ended May on a flat note, although for the month as a whole each of the main indices rose strongly following hopes of tariff reconciliations. "Such optimism will face an immediate challenge as June begins, with comments over the weekend keeping the aggressive rhetoric in place. The latest broadsides from the White House were primarily directed at China and the EU, with both threatening a response in kind to any further tariff hikes," Richard Hunter, head of markets at Interactive Investor, said in an email note to Euronews. However, he noted, back on the ground, there were some promising economic signs with the Federal Reserve's preferred measure of inflation, the Personal Consumption Expenditures index coming in lower than expected and with a consumer sentiment index showing higher than had been feared. "However, such respite could prove short-lived as the latter was largely predicated on an apparent softening of hostilities between the US and China in the latter part of the month, which has since evaporated. There will be a further signal on the state of the economy at the end of the week, with non-farm payrolls expected to show that 130,000 jobs will have been added in May compared to 177,000 the previous month and that the 4.2% unemployment rate will remain unchanged. "In the meantime, US markets have repaired much of the damage wrought over the last few months although sentiment remains fragile. The Dow Jones and Nasdaq are down by 0.6% and 1% respectively in the year-to-date, while the 0.5% gain for the benchmark S&P500 has in part been driven by a resurgence of the mega cap technology trade," Hunter said. Related Volkswagen in direct talks with US government regarding tariff deal In addition to contending with the weekend comments, Asian markets fell foul of geopolitical uncertainty following the latest Russia-Ukraine developments, with the Hang Seng under pressure based on the renewed likely tariff hikes on aluminium and steel. "Mainland China was closed for a public holiday, which could leave some losses being stored up ahead of its reopening, likely exacerbated by a report which showed a further contraction in factory activity over the last month," Hunter added. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13 hours ago
- Business
- Yahoo
Drugmaker Indivior to abandon London listing amid exodus of companies
The drugmaker Indivior has become the latest company to abandon its listing in London, heaping further pressure on the London Stock Exchange (LSE) to reinvigorate itself. The Virginia-based company, which makes the opioid addiction treatments Sublocade and Suboxone, switched its main stock listing to the US last year, but now plans to cancel the secondary listing it had retained in London. Indivior said on Monday that in making the decision it had considered the liquidity and trading volumes of its shares on the US's Nasdaq exchange compared with the LSE; the location of its shareholders; and the cost and administrative requirements related to the London listing. More than 80% of Indivior's net revenues come from the US, which has been in the grip of an opioid crisis for decades, after a rise in the use of opioid painkillers led to increasing addiction rates and a sharp rise in fatal overdoses. David Wheadon, the Indivior chair, said: 'A single primary listing on Nasdaq best reflects the profile of Indivior's business. We appreciate the support received from shareholders for this initiative and look forward to capitalising on the expected benefits of this move, including reductions in cost and complexity.' The London-listed share price fell by 2% to 925.7p on Monday, giving Indivior a market value of nearly £1.2bn. The LSE has been hit by an exodus of companies, such as the Anglo-German travel company Tui, which opted for a sole listing in Frankfurt last year. 'The London Stock Exchange will be upset it is losing another big name,' said Russ Mould, the investment director at AJ Bell. 'It means the pressure is on to attract new names to the market and keep existing ones.' The blow was softened as the LSE welcomed Anglo American's $11bn (£8bn) platinum spin-off Valterra, which became independent from the mining company. Valterra is listed in South Africa and will now have a London listing as well. Anglo retains a 19.9% stake for now but has promised to sell it down over time. Mould said he had expected Indivior to exit London entirely, as its business is focused on the US, where most of its shareholders are based. The company had been listed in London because it was spun off in 2014 from the UK consumer goods group Reckitt Benckiser, itself listed in London. Indivior appointed the pharma veteran Joseph Ciaffoni as chief executive in February, replacing Mark Crossley after warning of a sharp drop in revenues this year. Last year it posted 9% sales growth to almost $1.2bn. This was driven by Sublocade, a prescription medicine that is injected once a month by health professionals to treat addiction to opioid drugs in adults, alongside mental health support. Suboxone is a similar drug but is given as tablets or as a film that dissolves when placed under the tongue. Sublocade's 2025 sales are expected to be flat compared with last year, while Suboxone film faces a 50% slump in sales because of competition from generic drugs, and Indivior will discontinue Perseris, its once-monthly schizophrenia drug. Indivior also said in February it faced 'numerous lawsuits', including an allegation that Suboxone film was 'defectively designed and caused dental injury'. There have also been cases brought by shareholders in the UK and US. Indivior faces a lawsuit from Wirral council, which administers the Merseyside Pension Fund, in London's high court over alleged false marketing of Suboxone. The case was thrown out in 2023; Wirral council appealed, and Indivior said in February it intended to 'vigorously defend' itself. In 2019, the US justice department charged Indivior with fraudulently claiming Suboxone film was better and safer than similar drugs. Its former parent, Reckitt, agreed to pay a $1.4bn fine to settle the case in July 2019, without any admission of wrongdoing, while Indivior said in 2020 that it had 'pleaded guilty to one count of making a false statement relating to healthcare matters in 2012' and that it would make payments to federal and state authorities totalling $600m over seven years. Shaun Thaxter, the former Indivior chief executive, was sentenced to six months in federal prison in 2020 after pleading guilty to his role in a scheme to secure Medicaid coverage for Suboxone film by misleading officials about its dangers to children.
Yahoo
14 hours ago
- Business
- Yahoo
European markets lower as investors eye US-China trade developments
At the time of writing (13:05 CEST), all major European indexes were in the red after China said the US "severely violated" the terms of their recent trade agreement. Market participants also considered the impact of US President Donald Trump's plan to double current tariffs on steel and aluminium from 25% to 50% from this Wednesday. The EURO STOXX 50 was down 0.68%, Germany's DAX fell 0.48%, while France's CAC 40 declined 0.63%. 'Donald Trump has upset markets once again,' Russ Mould, investment director at AJ Bell, said in an email note sent to Euronews. 'Doubling import taxes on steel and aluminium, and aggravating China once again, mean we face a situation where uncertainty prevails. Trump's continuous moving of the goal posts is frustrating for businesses, governments, consumers and investors. 'Equity markets were down across Europe and Asia, with futures prices implying a similar pattern when Wall Street opens for trading on Monday. Unsurprisingly, gold got a boost as investors returned to safe-haven assets." Related China accuses US of violating trade truce and vows firm retaliation Meanwhile, US markets ended May on a flat note, although for the month as a whole each of the main indices rose strongly following hopes of tariff reconciliations. "Such optimism will face an immediate challenge as June begins, with comments over the weekend keeping the aggressive rhetoric in place. The latest broadsides from the White House were primarily directed at China and the EU, with both threatening a response in kind to any further tariff hikes," Richard Hunter, head of markets at Interactive Investor, said in an email note to Euronews. However, he noted, back on the ground, there were some promising economic signs with the Federal Reserve's preferred measure of inflation, the Personal Consumption Expenditures index coming in lower than expected and with a consumer sentiment index showing higher than had been feared. "However, such respite could prove short-lived as the latter was largely predicated on an apparent softening of hostilities between the US and China in the latter part of the month, which has since evaporated. There will be a further signal on the state of the economy at the end of the week, with non-farm payrolls expected to show that 130,000 jobs will have been added in May compared to 177,000 the previous month and that the 4.2% unemployment rate will remain unchanged. "In the meantime, US markets have repaired much of the damage wrought over the last few months although sentiment remains fragile. The Dow Jones and Nasdaq are down by 0.6% and 1% respectively in the year-to-date, while the 0.5% gain for the benchmark S&P500 has in part been driven by a resurgence of the mega cap technology trade," Hunter said. Related Volkswagen in direct talks with US government regarding tariff deal In addition to contending with the weekend comments, Asian markets fell foul of geopolitical uncertainty following the latest Russia-Ukraine developments, with the Hang Seng under pressure based on the renewed likely tariff hikes on aluminium and steel. "Mainland China was closed for a public holiday, which could leave some losses being stored up ahead of its reopening, likely exacerbated by a report which showed a further contraction in factory activity over the last month," Hunter added. 登入存取你的投資組合
Euronews
15 hours ago
- Business
- Euronews
European markets lower as investors eye US-China trade developments
At the time of writing (13:05 CEST), all major European indexes were in the red after China said the US "severely violated" the terms of their recent trade agreement. Market participants also considered the impact of US President Donald Trump's plan to double current tariffs on steel and aluminium from 25% to 50% from this Wednesday. The EURO STOXX 50 was down 0.68%, Germany's DAX fell 0.48%, while France's CAC 40 declined 0.63%. 'Donald Trump has upset markets once again,' Russ Mould, investment director at AJ Bell, said in an email note sent to Euronews. 'Doubling import taxes on steel and aluminium, and aggravating China once again, mean we face a situation where uncertainty prevails. Trump's continuous moving of the goal posts is frustrating for businesses, governments, consumers and investors. 'Equity markets were down across Europe and Asia, with futures prices implying a similar pattern when Wall Street opens for trading on Monday. Unsurprisingly, gold got a boost as investors returned to safe-haven assets." Meanwhile, US markets ended May on a flat note, although for the month as a whole each of the main indices rose strongly following hopes of tariff reconciliations. "Such optimism will face an immediate challenge as June begins, with comments over the weekend keeping the aggressive rhetoric in place. The latest broadsides from the White House were primarily directed at China and the EU, with both threatening a response in kind to any further tariff hikes," Richard Hunter, head of markets at Interactive Investor, said in an email note to Euronews. However, he noted, back on the ground, there were some promising economic signs with the Federal Reserve's preferred measure of inflation, the Personal Consumption Expenditures index coming in lower than expected and with a consumer sentiment index showing higher than had been feared. "However, such respite could prove short-lived as the latter was largely predicated on an apparent softening of hostilities between the US and China in the latter part of the month, which has since evaporated. There will be a further signal on the state of the economy at the end of the week, with non-farm payrolls expected to show that 130,000 jobs will have been added in May compared to 177,000 the previous month and that the 4.2% unemployment rate will remain unchanged. "In the meantime, US markets have repaired much of the damage wrought over the last few months although sentiment remains fragile. The Dow Jones and Nasdaq are down by 0.6% and 1% respectively in the year-to-date, while the 0.5% gain for the benchmark S&P500 has in part been driven by a resurgence of the mega cap technology trade," Hunter said. In addition to contending with the weekend comments, Asian markets fell foul of geopolitical uncertainty following the latest Russia-Ukraine developments, with the Hang Seng under pressure based on the renewed likely tariff hikes on aluminium and steel. "Mainland China was closed for a public holiday, which could leave some losses being stored up ahead of its reopening, likely exacerbated by a report which showed a further contraction in factory activity over the last month," Hunter added.
Yahoo
3 days ago
- Business
- Yahoo
Is DoorDash Planning To Gobble Up Europe? Company Strikes $3.9 Billion Deal To Buy UK Food Delivery Company Deliveroo
DoorDash (NASDAQ: DASH) is synonymous with food delivery in the U.S., and now it appears the company is positioning itself to take on the European delivery giant has announced it will acquire U.K.-based Deliveroo in a $3.9 billion deal. U.K.-based Deliveroo is like DoorDash in that it is one of the most recognizable names in its geographic market. The deal, which Reuters says both sides have been working on for the last several months, is indicative of a changing landscape in the food delivery business. According to Reuters, the sector has been struggling due to several factors. First, inflation and increased costs have forced consumers to tighten their belts, and dialing back on luxuries like dinner delivery is an easy way to cut expenses. Second, there is an overabundance of competitors in the sector. Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Inspired by Uber and Airbnb – Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets – The two obstacles to profit have created an environment where consolidation is much more likely. AJ Bell Investment Director Russ Mould told Reuters he believes the entire sector has been weakened by an oversaturation of delivery services competing for the same customers. That kind of climate inevitably means that some food-delivery services operating today will not survive the current downturn. 'Only the strongest will survive, and they're the ones picking up smaller rivals who realize their future is [the] best part of a bigger entity, and not going it alone,' he said. DoorDash may have gotten a good deal on the final price. According to Reuters, Deliveroo shares are trading on the London Stock Exchange for less than half of their 2021 IPO price. Deliveroo CEO Will Shu, who delivered meals himself during the company's formative years, was philosophical about the current business climate and its effect on the company's share price. Trending: Invest where it hurts — and help millions heal:. 'That was a different time, (and) a different interest rate environment," Shu told Reuters. He was optimistic about Deliveroo's long-term future, but also very aware of how much competition his company was facing. 'The board and myself evaluated that and said, 'Where do we think Deliveroo should be in order for us to truly win?' And we thought this was the right place for us,' he said. Shu's analysis illustrates the reality of being a CEO of a company. You have a duty to your shareholders and investors to do what's best for the company, even if that means being acquired at a relative discount by a larger company. With that said, it's not all bad news for Shu. Reuters estimates that he will receive roughly $215 million for his Deliveroo shares. "I could not be more excited by the prospect of what DoorDash and Deliveroo will be able to accomplish together," said DoorDash CEO Tony Xu. " We'll cover more than 40 countries with a combined population of more than 1 billion people, enabling us to provide more local businesses with the tools and technology they need to thrive." Reuters estimates the two companies did roughly $90 billion in delivery orders in 2024. Read Next: Image: Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Is DoorDash Planning To Gobble Up Europe? Company Strikes $3.9 Billion Deal To Buy UK Food Delivery Company Deliveroo originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
