Here’s what’s been happening on Wall Street overnight

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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 $US60 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 rumours 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 $US40 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 $US18 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 $US2.1 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 $US1 billion in 2012.

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