China has confirmed that it has detained two Canadian men in what appears to be retaliation for the arrest of Huawei’s chief financial officer.

The US Senate has passed a resolution stating Crown Prince Mohammed bin Salman is responsible for the killing of journalist Jamal Khashoggi.

Theresa May’s hopes of getting EU leaders to help her push her Brexit deal through parliament have been dealt a severe blow as she prepares to return home and face her party.

The UK’s big four auditors will next week face an unprecedented move to limit their market share and allow smaller rivals to gatecrash their self-confessed oligopoly as regulators shake up a sector rattled by a string of corporate collapses.

Mike Ashley has been rebuffed by Debenhams after he offered a £40m loan to bail out the struggling department store amid speculation it had “zero chance of survival”.


Brexit uncertainty has pushed a key measure of the housing market to a six-year low, according to surveyors.

Shares in Superdry have plunged by more than a third after it issued its second profit warning in less than two months – blaming mild weather for a potential £22m hit to its bottom line.


Dow Jones names Goldman Sachs as its worst performer of 2018

Dow Jones names Goldman Sachs as its worst performer of 2018

Goldman Sachs group stock fell below book value for the first time in more than two years, ranking as the worst-performing stock in the Dow Jones Industrial Average

The dual dubious distinctions have come as Goldman shares have continued their recent decline, falling 3.5%, or $6.86, to $191.36 amid a selloff for financial stocks. Book value stood at $197.33 a share at the end of the September quarter.

The last time Goldman traded below book was in October 2016, before Donald Trump’s election win.

Goldman shares now are down 24.9% in 2018, the worst showing among the 30 members of the Dow industrials, Bloomberg data show. IBM’s loss is the second-sharpest, at 23.6%. General Electric would be the Dow’s worst performer given its 56% decline to $7.65, but it was dropped from the index in June.

The bank didn’t immediately respond to a request for comment.

Goldman shares have lost 15% in the past month, because of broad weakness in financial stocks but also due to investors’ concerns over the firm’s role in 1MBD scandal. Goldman also tends to underperform its peers in rocky markets because of its outsize trading business because of less transparency about its underlying earnings.

The only other major bank trading below book is Citigroup, a bank with returns on equity substantially lower than Goldman’s, at 9.6% in the latest quarter, compared with 13.1% for Goldman. Citi’s stock was off 3.2% Tuesday to $62.53, well below its book value of $72.88 a share as of the end of September.

Citi has traded below book more often than its peers in recent years because of its low returns and because it has greater exposure to volatile international markets.

Morgan Stanley on the other hand, was off 3% Tuesday at $43.10, trading at just a small premium to its book value of $40.67.

At $191.36, Goldman’s stock is just above the bank’s tangible book value of $186.62 a share. Tangible book is considered a hard measure of shareholder equity because it excludes goodwill and other intangibles. It is often viewed as a conservative proxy for liquidation value.

Goldman also has a rock-bottom price/earnings ratio, trading for less than eight times projected 2018 earnings of about $25 a share, the lowest P/E ratio among major financial stocks.

All of these factors combined make up for disquieting signs of how investors see the outlook of Goldman under its new CEO David Solomon.

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