EUROPE MARKETS: FTSE 100 Falls After Slowdown Fears Reignite; GVC Holdings Tumble 17%
08 März 2019 - 2:33PM
Dow Jones News
By Emily Horton
(http://www.marketwatch.com/story/volkswagen-to-cut-5000-jobs-by-2023-report-2019-03-08)London's
stock market fell on Friday, after disappointing Chinese and German
data reaffirmed fears of a global economic slowdown.
GVC Holdings PLC tumbled 17% after top executives sold sizable
stakes in the gambling group.
How are markets performing?
The U.K.'s FTSE 100 tumbled 0.8% to 7,103.59, after finishing
down 0.5% on Thursday.
The pound was up, reversing some of its recent losses, fetching
$1.3095 from $1.3083 late on Thursday evening in New York.
What's driving the markets?
Poor economic data from both China and Germany cast a dark cloud
over global markets on Friday. China's exports fell almost 21% in
February
(http://www.marketwatch.com/story/china-exports-plummeted-20-in-february-2019-03-07),
while German factory data
(http://www.marketwatch.com/story/german-manufacturing-orders-plunge-in-january-2019-03-08)revealed
a 2.6% decline in January.
This all comes a day after the European Central Bank cut its
growth forecast for the eurozone and announced new stimulus
measures for the lagging economy.
(http://www.marketwatch.com/story/asian-markets-sink-on-trade-deal-worries-weak-china-export-data-2019-03-07)
What stocks are active?
GVC Holdings PLC (GVC.LN) plunged 17% after top executives sold
substantial stakes
(https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/GVC/13994852.html)
in the gambling group.
"There is a widely used phrase in investing that says 'follow
the money'. In GVC's case, shareholders are following this advice
to the letter as the gambling company's share price dives amid news
of hefty share sales by directors," Russ Mould, investment director
at AJ Bell said in a client note.
"Chief executive Kenneth Alexander has sold GBP13.7m worth of
stock and Chairman Lee Feldman has dumped nearly GBP6m of his
personal holding. Investors are clearly spooked by this news and
are also selling down," Mould continued.
In sympathy, fellow gambling company Paddy Power Betfair PLC
fell 3%.
Heavyweight miner Antofagasta PLC (ANTO.LN) lost 3%, while
Fresnillo PLC (FRES.LN) added 2%.
(END) Dow Jones Newswires
March 08, 2019 08:18 ET (13:18 GMT)
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