FTSE 100 LIVE: European markets fall as Currys rejects takeover bid
03/11/2024 16:05
The FTSE 250-listed stock fell more than 11% after the open, as it said that Elliott had declined to make a formal takeover offer.
The FTSE 100 and European markets started the week in the red. The moves came as electrical retailer Currys (CURY.L) said it has fended off a takeover bid from private equity firm Elliott Advisors.
The FTSE 100 (^FTSE) fell 0.2% as markets opened. Meanwhile Germany's DAX (^GDAXI) dropped 0.7% and the CAC (^FCHI) was 0.3% lower in Paris.
The pan-European STOXX 600 (^STOXX) fell 0.4%.
Currys stock fell more than 11% after the open, after it said that Elliott had declined to make a formal takeover offer. Its approaches had been rejected by the company's board.
"Following multiple attempts to engage with Currys’ Board, all of which were rejected, it is not in an informed position to make an improved offer for Currys on the basis of the public information available to it," Elliott said in a notice to the stock market.
Among other suitors is Chinese conglomerate JD.com (JD), which has a week to make an offer, according to UK takeover rules.
Currys is listed in the FTSE 250 (^FTMC), which was 0.2% lower in early trade.
Losses in Europe follow selling in the US on Friday as stocks came off record highs following the jobs report.
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Bitcoin rallies (again)
Bitcoin is rallying again, heading past the $71,200 mark to trade, as it comes off new all-time highs. The cryptocurrency is up 2.3% in the last 24 hours.
The cryptoasset has been volatile in recent weeks despite its ascent. Friday's pullback from all-time highs liquidated $240m worth of leveraged derivatives trading positions across all digital assets, according to CoinGlass. On Tuesday, that figure was nearly $1.2bn,.
Pound wobbles
The pound (GBPUSD=X), which rallied last week into Friday, is having less of a good time on Monday morning, pulling back about 0.2% to trade above $1.28.
The rally last week was supported by a weaker dollar, as traders digested data such as the US jobs report.
Bloomberg has a report this morning which says its recent performance means it's beating 92% of global currencies due to strength in the economy. 11 currencies performed better, the report added, including FX in Kenya, Zambia and Sri Lanka.
US stocks
Stocks ended the week with a thud, closing down on Friday, as investors pulled back after February's job report and market powerhouse Nvidia (NVDA) had a rare off-day.
The S&P 500 (^GSPC) lost 0.7% after logging another record close on Thursday, while the Dow Jones Industrial Average (^DJI) shed 0.2%, with losses pared by a pop in Apple (AAPL) shares. The tech-heavy Nasdaq Composite (^IXIC) lost 1.2% after a sharp gain the previous day. Shares of Nvidia fell more than 5% after a record-breaking hot streak.
Friday's non-farm payrolls report showed the US economy added 275,000 jobs in February, once again zooming past Wall Street expectations. However, the unemployment rate ticked up to 3.9%, its first increase in four months.
Futures on the three major averages were trading in red figures ahead of the jobs data. The report bolstered investor confidence that the Federal Reserve will cut rates following its June meeting, but the momentum fizzled by the end of the trading day.
Overnight in Asia
It was a tale of two regions in Asia on Monday, with heavy selling in Japan versus buoyant stocks in Hong Kong.
The Nikkei (^N225) closed Monday 2.2% lower, snapping a historic run of all-time highs to fall to its worst day's loss since October. The government issued revised figures showing the economy grew 0.1% in the last quarter of 2023. It had previously registered at minus 0.1%.
That means the economy is not in a technical recession.
In Hong Kong (^HSI) stocks finished the day 1.3% higher as China's National People's Congress concluded. There are no big swings in policy expected by this mostly ceremonial body.
Good morning!
Hello from London, it's beginning to feel a bit spring-like here, and stocks across China seem to agree — with a green day of trading.
No major data to watch for in the UK today. FTSE 100 futures are just a bit lower ahead of the open. Let's get to it.
Watch: Stocks in red as investors weigh strength of the economy and Fed expectations
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