Mixed markets | Calamatta Cuschieri

U.S. stocks ended mixed on Wednesday, held back by the energy sector but also put the brakes on a global equity selloff as technology shares advanced. Oil tumbled the most in two months, while the dollar strengthened amid a broad risk-off mood. Gains in tech shares fought slumps in consumer and financial firms to a virtual draw.

European stocks edged higher after two days of declines, as a bout of profit taking petered out. The dollar rose and Treasuries steadied as progress continued toward negotiating a final U.S. tax bill with Republican lawmakers.

Ladbrokes Takeover

British bookmaker Ladbrokes Coral PLC is in "detailed" talks with GVC Holdings PLC over a takeover offer worth about 3.9 billion pounds ($5.2 billion), the two companies said in a joint statement Thursday. The cash-and-stock deal under discussion would give Ladbrokes shareholders around 46.5% of the merged company, while GVC shareholders would have 53.5%.

Under the proposals, GVC - which owns the Bwin and Sportingbet brands - would hold 53.5% of the combined group. Ladbrokes Coral became the UK's biggest High Street bookmaker following last year's merger of Ladbrokes and Coral. The maximum price GVC will pay will depend on the outcome of the government's review of gaming machines.

New heights for Bitcoin

The price of a single bitcoin rose more than 12% against the Dollar on Wednesday, passing both the $13,000 and $14,000 milestones, as it last traded at $14,006.50. Bitcoin’s total market capitalization is $234.3 billion, having first crested $200 billion on Tuesday. To give a sense of how quickly it has been rising, bitcoin first topped $100 billion in October.

Bitcoin prices have been trading wildly towards the end of the year, with volatility at an all -time high due to the extreme price swings as cautious investors adopt a risk-off mood and proceed to take their profits, and speculators swoop in to take advantage of a potential rise after having bought at a dip; characteristics which may be common to most traded instruments, however the sheer size of the market amplifies these conditions.

Disclaimer:

This article was issued by Peter Petrov, Junior Trader at Calamatta Cuschieri. For more information visit, www.cc.com.mt. The information, view and opinions provided in this article is being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri Investment Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website.