Spreadex Market Update
Dow Jones falls at open while Microsoft dominates with LinkedIn acquisition
Slipping 30 points lower after the bell the Dow Jones didn’t get off to a great start, but crucially managed to avoid the kind of losses seen in Europe. Yet focus on Wall Street was nowhere near the Dow itself, but rather on the latest acquisition by Microsoft. The tech-giant revealed this Monday is purchasing LinkedIn for $26.2 billion in cash, a deal which values each of the latter’s profiles at $60 a pop and is $7 billion more than Facebook spent on picking up the arguably more popular Whatsapp. While LinkedIn was understandably ecstatic, jumping over 47% as the US session got underway, the cost of the move wasn’t appreciated by Microsoft investors, the company falling 3% to a 3 week low.
Monday’s M&A excitement failed to do much for the European indices this afternoon. The FTSE’s losses widened to nearly 1%, the UK index dipping perilously close to 6050, while the DAX and CAC plunged by an accelerated 1.4% and 1.5% respectively.
With Monday’s empty economy agenda allowing the Brexit-fears to further take hold it will be interesting to see whether Tuesday’s busier schedule can cause calmer scenes to prevail. The morning’s focus will be on the latest UK inflation figures, while the afternoon sees US retail sales and import prices.
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