Investors resume their selloff of European stocks on Wednesday, taking their lead from late losses in yesterday’s U.S. trading session and a further slide among Chinese equities. In London Standard Chartered and HSBC tumble on their China exposure, and bourses operator London Stock Exchange declines. But betting companies Paddy Power and Betfair counter the negative mood by rising sharply as they announce a preliminary deal to merge to create a company worth almost $8 billion. The enlarged company would be 52% owned by Paddy Power investors, with Betfair owners holding the rest. Rivals Ladbrokes and William Hill fall on the plan.
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