• Time to join war effort

    It may be time to join Eskom in its War Room efforts, says Matthew le Cordeur.

  • Foreign friends

    Immigrants bring a powerful injection of energy and talent to SA, says Mandi Smallhorne.

  • Top 10 user comments

    Eskom attracts lively commentary, but other issues also stimulated debate.

Loading...
See More

US stocks sink ahead of Man Utd debut

Aug 10 2012 17:01 Sapa-AFP

Related Articles

Glazers could make a killing from United

Manchester United sets IPO terms

China's trade slows

China's industrial output up 9.2%

Oil hovers above $93 as China inflation eases

China's inflation slows to 1.8% low

 
Washington - US stocks opened lower on Friday, hit in part by poor economic news from China and with all eyes on the initial public offering (IPO) of the British football club Manchester United, slated to start trading during the morning.

Five minutes into trade the blue-chip Dow Jones Industrial Average was down 66.52 points (0.51%) at 13 098.67.

The broader S&P 500-stock index lost 6.98 (0.50%) to 1395.82, while the tech-rich Nasdaq fell 11.38 points (0.38%) to 3007.26.

The downturn was an ominous omen for the debut of Britain's most successful football team on the New York Stock Exchange.

The pricing for the much-awaited initial public offering was cut to $14 on Thursday from the expected $16-20 range, underscoring doubts about the team's profit-generating potential, its management, and reflecting the worries over IPOs since the flop of Facebook's May debut.

In China, meanwhile, exports and imports slowed for the second consecutive month in July, official data showed, highlighting worsening conditions in the world's second-biggest economy.

*Follow Fin24 on Twitter, Facebook and Google+.

 
facebook  |  usa  |  china  |  manchester united  |  dow jones

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 
 

Karl Lagerfeld spotted with custom gold Apple Watch

Fashion designer Carl Lagerfeld has just proved that fashion and tech can indeed go together!

 
 

Luxury living

WATCH: Private luxury island for sale!
The most luxurious dog house!
Must see: The world’s most expensive timepiece
Exciting new luxury SUV arrives in SA!

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

What brand of smartphone has been stolen from you?

Previous results · Suggest a vote

Loading...