European mkts
close lower
European markets closed lower Friday, tracking global uncertainty as investors chart the course for monetary policy and continue to digest corporate earnings reports. The pan-European Stoxx 600 provisionally ended 0.8% lower, with travel and leisure stocks leading losses, down 3%. Health care stocks, meanwhile, added 0.7%. Investor sentiment has been tepid since mid-week after minutes from the Federal Reserve's July meeting showed policymakers would not consider pulling back on interest rate hikes until inflation came down substantially, despite a slight slowing in inflation that had offered some hope for a less aggressive tightening path. On the data front, European investors were digesting July's U.K. retail sales and German producer prices on Friday.
— CNBC
Tether's reserves
fall $16b in
second quarter
LONDON: Tether, the world's largest stablecoins by market value, said on Friday it had reserves worth $66.4 billion at the end of June, down from $82.4 billion at the end of March. The reserves statement on Tether's website came a day after it said it had switched to accountancy firm BDO Italia to certify its reserves and would aim to release monthly reports by the end of the year. Stablecoins are a type of cryptocurrency designed to keep constant value, such as a 1:1 US dollar peg. They are widely used in cryptocurrency trading to move funds between different cryptocurrencies or into regular cash. Financial regulators worldwide have warned that stablecoins could pose a risk to wider financial stability, with Britain among major economies looking to regulate the sector.
—Reuters
Cineworld shares
drop 63pc on
bankruptcy reports
LONDON: Shares of British cinema chain Cineworld Group plunged Friday on reports that it is preparing to file for bankruptcy after failing to entice viewers back to movie theatres following a pandemic lull. The stock was down around 63% in mid-afternoon trade in London, up just slightly from earlier Friday, when it hit a record low of 1.8 pence per share. It follows reports first cited in The Wall Street Journal that the company, which owns Regal Cinemas, had engaged a team of lawyers and consultants to advise on the bankruptcy process, according to people familiar with the matter. The company is expected to file a chapter 11 petition in the U.S. and is considering filing an insolvency proceeding in the UK, they said. Cineworld did not immediately respond to CNBC's request for comment.
— CNBC
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