Italy’s political turmoil has left Credit Default Swap (CDS) markets pricing in a super-sized sovereign rating downgrade, which, if it happened, would push the country deep into “junk-grade” territory. A gauge using CDS levels compiled by S&P’s Capital IQ analytics unit, known as a Market Derived Signal Score (MDS), now puts Italy’s government debt at […]
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Political turmoil in Italy has TradingAnalysis.com founder Todd Gordon betting on a drop for another key European market: Germany. The German stock market-tracking ETF (EWG) tumbled more than 3 percent Tuesday, and Gordon believes the ETF, which he says is “representative of [the] overall condition of European markets,” is headed lower on the recent volatility. […]
Read moreCheck out the companies making headlines before the bell: Dick’s Sporting Goods – The sporting goods retailer beat forecasts by 7 cents a share, with adjusted quarterly profit of 52 cents per share. Revenue also came in above forecasts. Comparable-store sales fell more than expected, but Dick’s also raised its full-year outlook largely above Street’s […]
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Lega leader’s call for fresh election takes gloss off Italian recovery
A recovery in Italian stocks has been slowed by news that the leader of the right-wing Lega party has called for a new election. Matteo Salvini said Wednesday that he wanted new elections in Italy “as soon as possible.” Salvini added that holding a fresh vote in late July would be disruptive for many Italians, […]
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Here's how Italy ended up in political turmoil — and why it’s threatening a new euro zone crisis
Italy is embroiled in a dramatic power struggle between euroskeptic populists and pro-EU establishment lawmakers. The country has been plunged back into crisis mode after several weeks of protracted negotiations between anti-establishment groups ultimately failed to produce a new coalition government. As a result, Italy is back to square one. Italy has been without a […]
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Kremlin critic Bill Browder arrested and then released by police in Madrid
British investment fund manager Bill Browder was released from a Madrid police station on Wednesday because an Interpol arrest warrant for him was no longer valid, a Spanish police source said. The source could not confirm that the Interpol arrest warrant came from Russia. Neither could she confirm why the arrest warrant was no longer […]
Read moreChina lashed out on Wednesday at renewed threats from the White House on trade, warning that it was ready to fight back if Washington was looking for a trade war, days ahead of a planned visit by U.S. Commerce Secretary Wilbur Ross. In an unexpected change in tone, the United States said on Tuesday that […]
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European Uber rival Taxify gets unicorn status with $175 million investment led by Daimler
Taxify, a European competitor to Uber, has raised $175 million in a funding round led by German automaker Daimler. The Tallinn, Estonia-based start-up secured a $1 billion valuation after the investment, helping it enter the ranks of Europe’s unicorn companies. Korelya Capital, a French venture capital fund, Taavet Hinrikus, the co-founder of U.K.-based money transfer […]
Read moreU.S. Commerce Secretary Wilbur Ross has called out the European Union for opposing trade negotiations at a time when China was willing to hold talks. “China are paying their tariffs,” Ross told the panel at an economic development forum in Paris on Wednesday, in response to EU criticism of sweeping import tariffs the White House […]
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Ad man Martin Sorrell makes comeback from WPP blow with tested tactic
Martin Sorrell is staging a comeback just six weeks after he was ousted from WPP, using the same formula as in the 1980s when he transformed a shell company into the world’s biggest advertising group. One of Britain’s best known businessmen, Sorrell said he would invest £40 million ($53 million) of his own money into […]
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