The FTSE 100 index opened at 7247.08 on Monday, October 14th, 2019. The index traded below the opening level throughout the week and have closed at 7,160.87 on Friday. The market presented a sharp decline of around 87 points in the past week.
Thomas Bravo, U.S based private equity firm has closed a deal with Sophos in the past week, and have purchased the cybersecurity company for $4bn. On Monday, Total had also announced its new partnership with Adani Group of India; the biggest name in infrastructure and energy sector of the country.
WeWork To Lay Off 2000 Staff Members Starting With The New Week
As per the Guardian’s report on Tuesday, WeWork has announced that as many as 2000 people will be laid off starting in the upcoming week. Following the weaker market conditions in the third quarter, on the other hand, Vesuvius has forecasted the annual earnings to decline.
Owing to the sales practice scandal and the rising legal costs, a sharp decline for Wells Fargo’s net income (third quarter) was reported on Tuesday. According to the officials, the investment fund is likely to be wound up. Asos, an online fashion retailer, has also been under pressure due to the restructuring costs and has presented a steeper fall in annual profit than expected.
Sales growth for Unilever, a well-known consumer good company, has taken a hit in the third quarter, as per last week’s report, with China and India having contributed the most in slower growth. AVAST, the cybersecurity company, came out to be the star performer of the last week with the figure for adjusted revenue growth rising to 5%.
Following Domino’s disappointing performance in the third quarter, the pizza restaurant chain has announced plans of pulling out of the international markets.
Hong Kong’s Mass Protests Hit InterContinental Hotels Group Profitability
In light of Hong Kong’s mass protests, revenue per available room (key measure for profitability) for InterContinental Hotels Group took a major blow last week. Rathbone Brothers has also declared recently that while funds under management have hiked in the third quarter, the operating margins may be narrower in the future owing to the upcoming investment plans.
Brexit derived uncertainty continued to keep the strain on business confidence in the UK and Ireland causing a significant drop in net fee growth of the recruitment firm, Hays. The deal for Hong Kong’s CK Asset Holdings taking over Greene King for £2.7bn was also approved by the European Commission in the past week.
As per the report on Wednesday, Roche has declared remarkable sales growth (year-to-date).