The five nightmare scenarios fund managers are most afraid of May 13, 2014 Global investors are ramping up their cash holdings and reducing exposure to risk, according to May's BoAML fund manager survey. They're increasingly worried about geopolitical instability, as well as the strength of the global economic recovery. Average cash levels have reached five per cent of portfolios, the highest level since June 2012, and a 4.8 [...]
Here’s why Pfizer’s boss carries a gold coin everywhere May 13, 2014 The appearance of Pfizer chief executive Ian Read at today's hearings on its proposed takeover of Astrazeneca, took a strange turn of events when conservative MP Brian Binley asked Read about a gold coin he carries everywhere he goes. The coin which attracted Binley's questioning reads on the one side "own it", while the other [...]
Why investors are fixated on just one number this afternoon May 13, 2014 It's a pretty sparse calendar for traders today, and one data point stands out head and shoulders above the rest. US retail sales numbers will be released at 1.30pm, and they'll help to decode a pretty messy picture. Their strength will give an indication of the strength of the US economy, now that it's clear [...]
In Pictures: Stars hit the orange carpet at Veuve Clicquot Award May 13, 2014 Claridge's scrapped the red carpet for an orange one last night, as stars piled in for the Veuve Clicquot Businesswoman Award. There was certainly no shortage of the bubbly stuff as both Thomas Cook's Harriet Green and Jenny Dawson of Rubies in the Rubble picked up gongs and while past winners and runners-up mingled. There [...]
Pfizer boss promises to “honour commitments” as MPs question takeover bid May 13, 2014 Senior officials from US drug company Pfizer have been given a grilling by MPs over the proposed to takeover of Astrazeneca. Committee chair Adrian Bailey opened the questioning by asking Pfizer chief executive Ian Read how he felt about his company being called a preying mantis. Read replied that he was proud of the company's [...]
Unions voice opposition over Pfizer deal at committee hearing May 13, 2014 MPs on the Business, Innovation and Skills committee have heard a host of objections from trade union representatives to the proposed takeover of Astrazeneca by US drugs giant Pfizer. Tony Burke of the Unite union, which represents roughly a third of Astrazeneca staff, said his members feared the prospect of job losses. Both the representatives [...]
This key indicator of German confidence just plummeted May 13, 2014 The Zew survey is one of the few economic releases traders have to go on today, and it's been incredibly disappointing. The German economic sentiment component of the survey has dropped like a stone, falling from 43.2 to 33.1 in May. Analysts had been expecting a much smaller fall, to just 41.0. It's a really [...]
The FTSE just hit its highest level since January 2000. Here’s what you need to know May 13, 2014 Traders are shrugging off concerns about tensions over Ukraine, and instead riding the momentum from yesterday's record-setting US session. London's leading index, the FTSE 100, is currently trading at its highest level since January 2000. More broadly European shares have risen to a six-year high after that US rally. Yesterday saw the Dow Jones and [...]
Heathrow and Gatwick ramp up expansion plans May 13, 2014 In the latest round in the battle between Heathrow and Gatwick to win permission to build the UK’s next runway, both airports have unveiled revised plans today. Heathrow’s said it’ll offer £550m to compensate for the building of a third runway, with 750 homeowners offered 25 per cent above the market value for their [...]
What you need to know before the open May 13, 2014 A positive open for European markets this morning, following the impressive rallies seen yesterday. The FTSE hit a 14-year high yesterday, with European stocks hitting six-year highs. M&A activity buoyed sentiment, as speculation over monetary stimulus from the European Central Bank grew on dovish comments from Ewald Nowotny, Austria’s central banker. Corporate news Pfizer has [...]