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Friday,13 May 2022 at 15:58

Elon Musk has placed his $44 billion takeover of Twitter on hold sending the social network’s stock down by as much as 20 per cent amid mounting expectation that the deal could fall apart.
 
Musk wrote on Twitter early today, “Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5 per cent of users.”
 
Two hours later, after Twitter’s share price dropped sharply during pre-market trading, Musk added: “Still committed to acquisition.”
 
Under the terms of the deal, either party is liable to pay a $1 billion termination penalty if the deal does not progress to completion.

UK & European stocks bounced as global markets looked to regain some ground after a bruising week, with investors assessing the outlook for inflation and interest rates.
 
U.S. stocks gained, shaking off some losses from earlier this week after concerns over persistent inflation and the resilience of the U.S. economy stirred up further volatility in recent sessions.
 
Oil prices rose but were headed for their first weekly loss in three weeks as worries about inflation and China’s COVID lockdowns slowing global growth offset concerns about dwindling supplies from Russia.

Gold fell and was headed for a fourth consecutive weekly decline pressured by overall strength in the dollar on prospects of aggressive interest rate hikes by the U.S. Federal Reserve. 

Markets
At the close:
FTSE 100 7,418 +2.55%
FTSE 250 19,921 +2.26%
DAX 14,027 +2.10%
At 17:00:
Dow Jones 32,221 +1.55%
S&P 500 4,021 +2.33%
NASDAQ 11,776 +3.56%
Fixed Income
UK 10-YR YIELD 1.744
Exchange Rates
GBP/USD 1.224
GBP/EUR 1.175
Commodities
Gold $1,808 (-0.69%)
Brent $110.84 +3.49%
Important - No news or research item should be construed as a recommendation to trade. The inclusion of securities within this report does not necessarily imply their suitability for individual portfolios or situations in respect of which further advice should be sought. Information contained in this report has been compiled from sources believed to be reliable but is not warranted to be accurate or complete.

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