European markets headed lower after fresh concerns over Italian banks. Banking stocks also moved south in early trading as new concerns emerged in the Italian banking system. Popolare di Vicenza and Veneto Banca, which were rescued last year, are to propose a deal with disgruntled shareholders that could cost the banks more than 600 million euros. In today’s European markets, most indices were last seen trading flat to lower, with Germany’s DAX trading flat at 11565.55, France’s CAC 40 dipping 0.1 percent at 4885.30 and the Euro Stoxx retreating 0.1 percent to last trade at 3306.00 as of 9:25 GMT. It should be noted that spreading Brexit fears over the British government’s inability to come up with a sustainable exit plan have sent the British pound tumbling to new lows and the FTSE to new highs, as British stocks are now cheaper. The pound was last seen trading at 1.14 EUR while the FTSE added 0.2 percent for the day to last trade at 7253.75 as of 9:30 GMT.
After successfully closing on a deal to sell its Dendreon cancer business for $820M, Valeant continues to shed non-core assets and crucial patents in an effort to repay rising debts. The drug maker has just sold an additional three skincare brands, specifically, CeraVe, AcneFree and Ambi to cosmetics conglomerate L’Oreal for no less than $1.3B. According to the French cosmetics maker, these new acquisitions will nearly double the company’s revenue for the Active Cosmetics Division in the U.S.
President-elect Donald Trump has had a successful meeting with Alibaba’s Jack Ma on Monday. The new president and the entrepreneur discussed creating 1M new American jobs in the next five years. Some analysts have called the assertion rather exaggerated but the company’s goal is not to directly employee a million of new employees but to rather create new market opportunities and collaborators who will in turn employee a new work force. Alibaba will essentially create new U.S. jobs by enabling over a million of American small businesses and farmers to sell American goods to China and Asian consumers using the Alibaba platform.