Wall Street bounces back as the oil prices become stable
Wall Street saw a lot of upheavals but finally the S&P 500 reclaimed the 1900 key mark as the steadying oil prices brought new vitality to the energy companies. Fizzling of early technology stocks sale off also worked as a catalyst.
Anheuser-Busch InBev Issued $46 Billion Bond
Anheuser-Busch InBev issued bond of $46 billion, the second largest in the history. The brewing agent amassed $110 billion through investor orders for funding the acquisition of SABMiller, its rival.
The bond of seven-tranche was only a bit less than the $49 billion bond record of Verizon sale in 2013. With the demand swelling up, the market players had already anticipated that the deal would be closing beyond $40 billion. The global coordinators for the bond include Bank of America Merrill Lynch, Deutsche Bank and Barclays whereas Santander, Mitsubishi UFJ and Societe Generale are the joint book runners.
Market experts believe that the new deal can improve the tone of the market, as it was a bit shaky at the beginning of the year.
Slowdown in Apple’s iPhone sale cause of worry for TSMC
Taiwan Semiconductor Manufacturing Co. (TSMC) has expressed concern over the slowdown in the sale of Apple’s iPhone. With the speed of revenue generation, lowering unexpectedly, the iPhones chip manufacturer has forecasted that the first quarter revenue will slow down by 10.8% as compared to last year.
The Credit Suisse reports that the slowdown is due to weakness in demand for the high-end Smartphones. Apple is the highest buyer of the TSMC chips (20%), the largest contract chipmaker in the world.
European shares hit lowest in 13 months
Around 14 European equities hit the lowest in 13 months, with the automobile sector affected the worst. Shares of Renault reached all time low, an after effect of the inspections of its three sites in an emission investigation. The shares of the French carmaker declined by 10% the biggest index slump after its decline of 20% at the start of the day wiping its market value by billions of dollars.
The pan-European FTSEEurofirst 300 index slumped by 2.2% at 1,324.70 points hitting its lowest since December 2014 at 1309.70 points.