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Market summary
Markets in Europe closed mixed on Wednesday as investors continued to digest a string of corporate earnings, focusing on E.ON, Ubisoft and UniCredit. Meanwhile, US President Donald Trump arrived in Beijing for a three-day state visit. Trump called on China to improve cooperation in tackling the crisis on the Korean peninsula and deny any support to the Kim regime. The automobile industry and the financial sector recorded the biggest losses.
In London, the FTSE 100 finished 0.22% higher. Persimmon recorded the biggest drop, decreasing 3.55% after posting its corporate results. German DAX remained almost flat, adding 0.02% at the close. In France, the CAC 40 declined 0.17% at the end of the trading session.
Tencent with a 10% stake
Chinese company Tencent Holdings Ltd. has acquired a 10% stake in Snap Inc., shown on the US firm's latest filing. The Shenzhen-based company bought 145.78m non-voting shares on the open market and hasn't been given any board seats following the purchase.
"As a result of our ownership structure, Tencent and Snap are not obligated to disclose changes in Tencent’s ownership of our Class A common stock, so there can be no assurance that you, or we, will be notified of any such changes," Snap stated in the filing.
The news comes a day after the US social media company reported worse-than-expected quarterly earnings with a net loss for the third quarter of 2017 stood at $443 million, increasing from a loss of $124 million in the same period a year ago. The American technology and social media giant also announced it intends to redesign the Snapchat app in an attempt to attract more users. The company plans to redesign its application to be more like Twitter and Facebook. The redesigned app would focus on the social media feed, friends and what people are watching currently.
Apple’s Market Cap
This is a first for a publicly Traded US Company. Apple reached a $900 billion market capitalization. The phone maker passed the $900 billion mark during intraday trading, after it had already approached the same mark following last week’s earnings report. The report showed optimism about the iPhone X launch and recoveries in many of Apple’s other businesses.
Following the same route, Google’s Alphabet Inc. surpassed the $700 billion mark for the first time last month, becoming the second company after Apple to accomplish that.
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