US markets closed higher after a volatile session on Thursday saw stocks drop in early trading before posting their biggest intraday swing since October 4, 2011. The Dow Jones Industrial Average rose 260.37 points, or 1.1%, to end at 23,138.82, after dropping as much as 611 points at its session low. The S&P 500 also erased a sharp decline to rise 21.13 points, or 0.9%, finishing at 2,488.83 whilst the Nasdaq Composite erased a loss of more than 3% to close at 6,579.49, a gain of 25.14 points, or 0.4%.
European markets meanwhile ended lower with the Stoxx Europe 600 falling 1.7% to end at 329.58. The German DAX slumped 2.4% to 10,381.51 as shares of industrial giant Siemens sank 2.4% while the UK’s FTSE 100 ended 1.5% lower at 6,584.68 Losses for France’s CAC 40 were less intense as it closed down 0.6% to 4,598.61.
Vinci buys Gatwick Airport
Vinci SA agreed to acquire control of Gatwick Airport for 2.9 billion pounds as the French construction company jumped on the chance to add a major London hub to its aviation portfolio. Vinci manages about 35 airports, in countries including Chile and Cambodia. The company also operates toll roads and a construction business. It will retain Gatwick’s management team and sees the main opportunity for improving profitability as increasing duty-free spending rather than operational changes.
The purchase of the 50.01 percent stake in the world’s second-busiest single runway airport from a group of investors including sovereign wealth funds from Abu Dhabi and Australia will be financed with pound-denominated debt, Vinci said Thursday. Existing shareholder Global Infrastructure Partners will manage the remaining holding. Vinci shares rose 0.2 percent to 70.64 euros in the French capital Thursday. They have fallen 17 percent this year for a market value of 42 billion euros.
Nissan – China production cut
Nissan Motor Co will produce 30,000 fewer vehicles in the coming months in China than what it had planned – said a person familiar with the matter who declined to be identified as the plans are not public – as global automakers grapple with falling demand in the world’s biggest car market. The automaker produced nearly 400,000 units in the country during the three-month period ended February this year. The period covers the first two months of the year, when sales usually slow in the run-up to the Lunar New Year holidays.
China is Nissan’s second-largest market, accounting for roughly one-quarter of its annual global vehicle sales. It sold 1.5 million vehicles in China last year, and earlier this year said it planned to boost sales to 2.6 million units by 2022. However after Ford Motor Co and Hyundai Motor Co, Nissan becomes the latest automaker to cut production in the country, where slowing economic growth and a crippling trade war with the United States have pummelled vehicle sales in the past few months.
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