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Archive
🏠 Housing Market Correction?
London markets edged ahead to end a turbulent first quarter, house prices dropped at the fastest rate since the GFC, the UK economy grew modestly higher than estimated last year, competition issues threw a spanner in the works of EMIS’ acquisition and London-listed Dignity hobbles towards a sale.
⚔️ Cineworld Bidding War
Markets found their rhythm again after last week’s volatility, PE funds mull a move for Cineworld assets, the BoE vows to fight inflation despite banking trauma, Next eyes a deal for vintage brand Cath Kidston and fintech Bink is rescued. Markets UK markets shrugged off last week’s concerns over the state of the banking sector, with the FTSE 100 and FTSE 250 advancing +0.9% and +0.2% respectively. Banks led the charge after news from the US that First Citizens Bank had acquired SVB (below), with German-listed Deutsche Bank (+4.6%) recovering some of Friday’s bruising losses. On the downside – Mining stocks slipped after disappointing economic data from China showing industrial profits had softened (China is one of the biggest consumers of metals and minerals). Listed trading platform CMC slumped 21% after warning markets that profit would be lower than expected as they faced a “challenging environment”. Top Stories 🦅 Private Equity Circles Cineworld Assets Sky reported on Monday that CVC had joined the party bidding for parts of troubled cinema chain, Cineworld. It’s thought that CVC has no interest in Cineworld’s UK or US business, instead focussing on operations in Eastern Europe and Israel. This follows reports over the weekend that activist investor Elliot Management was also pondering a bid for the same assets. Cineworld confirmed on Friday they’d received bids for various parts of the business, but stressed that a breakup of the cinema chain was “unlikely” to result in proceeds for equity holders.