Stock market news today September 25

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Global stocks are doing something rarely seen over the
past 30 years

The stock market has
made an awful lot of history over the past couple years.

New all-time highs are achieved on a seemingly weekly basis. The
9-1/2-year bull market is now the longest on record. And share
buybacks — commonly viewed as the bull market’s backbone— have
occurred at an unprecedented pace.

But Morgan
Stanley would like to offer another
addition to this historic era, one that involves all equity
markets worldwide.

The firm
finds that the percentage of global stock markets that are
outperforming the benchmark 
MSCI
All Country World Index
 is close to the lowest in
30 years. In fact, the measure has only been lower on one
occasion over that period: in September 2008, right around the
global financial crisis.

Santander poaches UBS investment bank chief Andrea Orcel
as new CEO

Andrea Orcel, the head of investment banking at UBS has left the
bank to become the new CEO of Spanish lender Santander,
it was announced on Tuesday.

Orcel, a nine-year veteran of Switzerland’s largest bank, will
join Santander from early 2019, Santander said in a statement.

“Delighted that Andrea Orcel is joining us as Group CEO. As we
continue to transform Santander his experience is invaluable.
Welcome Andrea,” Ana Botin, Santander’s executive chairman said
in a tweet shortly after the news was announced.

Orcel, who had headed UBS’ investment bank from 2012 onwards,
spent almost two decades with Merrill Lynch prior to joining the
bank.

Merger mania sees $60 billion of deals in just 3
days

The final two weeks of September
have seen a flurry of activity in the dealmaking space, with four
major deals — and rumors of a fifth — announced in just a
handful of days.

Over the weekend, the bidding war for Sky finally reached its
conclusion when US broadcasting giant Comcast outbid Fox for the
British company in a deal that values it at more than $40
billion.

Even bigger than Sirius XM and Pandora’s tie-up was news
that UK-listed 
Randgold
Resources is to be bought by Barrick Gold
, creating an
$18 billion gold-mining giant, the biggest in the world,
producing in excess of 200 tonnes of gold a year.

The final deal of the week’s mergers and acquisitions
bonanza saw Michael
Kors announce Tuesday that it has agreed to buy the Italian
fashion house Versace in a deal with an enterprise value
of $2.1 billion.

Both Instagram’s cofounders are quitting after reported
‘tensions’ with Mark Zuckerberg

Instagram’s cofounders
are leaving the company.

On Monday night, Kevin Systrom, CEO of the Facebook-owned
photo-sharing app, announced that he and fellow cofounder Mike
Krieger were departing the social media firm. His statement came
after a
report from The New York Times that the duo had
quit, and
Bloomberg subsequently reported that the
move came “after growing tensions with [Facebook’s] Chief
Executive Officer Mark Zuckerberg over the direction of the
product.”

Krieger and Systrom together founded Instagram in 2010, and it
was acquired by Facebook for $1 billion in 2012.

In markets news