The week in IR: Macy’s and Citigroup among shares that tank and We Company reveals IPO details
US stocks and Treasury yields fell Monday, in a deluge of negative sentiment covering not only the on-going trade war with China, but political developments in Argentina and Hong Kong and wider fears for the global economy, reported the Financial Times.
At the same time, the FT also reported that Hong Kong investors got rid of stock in the most aggressive way, amid on-going protests, which got more bitter by the day, resulting in gains from the year disappearing.
But it wasn’t just in the Asia-Pacific region’s capital markets that were suffering: CNBC noted small-cap stocks were falling on the Russell 2000, but at least large caps were holding up, it said.
Offering a different narrative, CNBC’s Jim Cramer asserted that the economy is not falling into a recession.
The Wall Street Journal offered some positives noting that stocks jumped Tuesday, based on news that the US would delay some tariffs against China.
Despite market uncertainty, CNN took a longer view of the stock market, highlighting that stocks are up 29 percent during President Donald Trump's tenure so far. This news came with a big shock: Trump did not tweet it.
Wednesday saw CNBC name the stocks making the biggest moves, but in the wrong direction: Macy’s, Citigroup, Canada Goose and CBS.
Reuters noted that London’s FTSE 100 was pushed into a negative position on Thursday by several big stocks.
In a move that got some in the market excited, We Company released the prospectus for its $3 bn-$4 bn IPO, revealing an abundance of information on its growth, the risks the business faces, and the strategy of co-founder and chief executive Adam Neumann, reported the FT.
Thursday saw CNN report the worst day of the year for stocks.
The BBC went with the fact that recession fears prompted selling in global stock markets.
GE shares fell dramatically Thursday after a fraud inside the company ‘bigger than Enron and WorldCom combined’ was alleged by the financial investigator who called out the Bernard Madoff ponzi scheme, reported the FT.
Early Friday, stocks on the FTSE 100 and FTSE 250 had other problems, as the London Stock Exchange said ‘trading services issues’ prevented the markets from opening, reported the FT. It could be seen as being one way to prevent a market fall.
Protests in Hong Kong’s ensured that its stock market remained in turmoil – removing about $15 bn off the net worth of its 10 richest people, reported the FT.
In an end of week twist, however, stocks around the world staged a rebound Friday, albeit a modest one, reported the WSJ. Stocks were boosted by hopes of a package of stimulus measures from the European Central Bank and strong retail sales data in the US.
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