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Friday,13 May 2022 at 15:58
Elon Musk has placed his
$44 billion takeover of Twitteron hold sending the social network’s stock down
by as much as 20 per cent amid mounting expectation that the deal could fall
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 & Europeanstocks bouncedas
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.
At the close:
FTSE 100 7,418 +2.55%
FTSE 250 19,921 +2.26%
DAX 14,027 +2.10%
Dow Jones 32,221 +1.55%
S&P 500 4,021 +2.33%
NASDAQ 11,776 +3.56%
UK 10-YR YIELD 1.744
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.