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Chapter 1: What factors are affecting business dynamics in the UK?
The UK stands apart as a place to do business, not because of one advantage, but many working together. Over Ā£10 trillion in capital, four of the world's top universities, a 10-year industrial strategy in action, its stability with dynamism, global reach with local depth. It all adds up to greater growth. Find out more at business.gov.uk slash growth.
News when you want it with Bloomberg News Now. I'm Stephen Carroll.
And I'm Caroline Hepker.
Traders have continued to dump stocks across the software, financial services and asset management sectors after a new AI automation tool from Anthropic sparked a massive sell-off. The latest release has supercharged disruption fears that have been simmering across the software industry for months.
Jefferies equities trader Jeffrey Favuza described the $285 billion route as an apocalypse for software-as-a-service stocks. He added that trading is very much get-me-out style selling. Here's the view of Mandeep Singh, Bloomberg Intelligence's Senior Global Head of Technology Research.
Right now, what we are seeing is, you know, the power of these large-angle models in coming up with a new interface, a chatbot or some sort of a simple interface where you can throw in data, you can automate, you know, steps of your workflow. But generalizing that everything, you know, will be fully automated is a stretch.
Mandeep Singh speaking there as software stocks slid from India to Japan following similar declines among their US and European peers in trading on Tuesday.
Now, almost half a trillion dollars has been wiped off cryptocurrencies in less than a week as the sell-off accelerated. Bitcoin dropped as much as 7%, falling to just under $73,000 on Tuesday, its lowest level since early November.
Famed big short investor Michael Burry is now warning that the plunge could deepen into a self-reinforcing death spiral, in his words, inflicting lasting damage on companies that have spent the past year stockpiling the token.
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Chapter 2: How did a new AI tool contribute to the software stock sell-off?
We are delivering on our capital returns so I can only be happy to be honest.
UBS CEO Sergio Amorti there speaking. As the bank broadly maintained its previously signalled financial targets for 2028 in terms of the investor response, UBS shares in European trading opened down as much as 1.2%.
Shares in Santander dropped 4% at the European market open as the bank announced a ā¬5 billion share buyback and confirmed it had agreed to buy Webster Financial for ā¬12 billion. Spain's biggest lender reported better than expected fourth quarter net income coming in at ā¬3.76 billion. The results were brought forward after Santander announced it would pay a total consideration.
of $75 a share in cash and stock for Webster. That deal will give Santander a major presence in the US Northeast. It's one of the largest ever US transactions by a European lender.
Lastly, London's Metropolitan Police have started a criminal probe into politician Peter Mandelson over his ties to Jeffrey Epstein. Authorities are investigating the former minister over alleged misconduct in public office. The news follows Mandelson's resignation from the House of Lords after the Prime Minister Keir Starmer called his actions, quote, disgusting.
The leader of the opposition, Kemi Badenoch, questioned Mandelson's previous appointment as the UK's ambassador to the United States.
I think that the Prime Minister has to take full responsibility, but there are a lot of questions that his Chief of Staff needs to answer. Who knew what and when? Why did the vetting go wrong? Why did they skip over lots of better qualified people and allow our country to be embarrassed in this way?
Conservative Party leader Kemi Badenoch speaking there following the release of US Justice Department files, which appear to show Mandelson forwarding internal Downing Street emails to Epstein. The European Commission is also assessing whether the former Labour peer breached its code of conduct through contact with Epstein, given that Mandelson was the EU's trade commissioner from 2004 to 2008.
Those are your top stories on the markets this morning. The stock 600 down by a tenth of 1%. The FTSE 100 is four tenths higher. The Cat Caron to Paris up by half of 1%. But the individual stock movers most of interest. Novo Nordisk 18% lower this morning. Santander 4% lower. Other results we've also been watching. Credit Agricole shares are down by three and a half percent.
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