BoE policymaker Miles opens door to a future QE extension September 30, 2009 BANK of England policymaker David Miles yesterday sent a signal to the market that the central bank would not be averse to extending quantitative easing (QE) in the future, as he reiterated claims that the policy is beginning to achieve its aims. Speaking at an economics conference in Northern Ireland, Miles said the reversible nature [...]
DO YOU SHARE BA’S EVIDENT ENTHUSIASM FOR A TIE-UP WITH IBERIA? September 30, 2009 DOUGLAS MCNEILL ASTAIRE SECURITIES“It’s very hard to read the smoke signals which are coming from these talks, which seem to be changing colour every five minutes. Discussions have been going on for over a year, now, but it’s not necessarily a bad thing. If they are still talking, there must be a deal to be [...]
Eurozone prices dip in September September 30, 2009 Eurozone consumer prices fell more than expected in September, reinforcing expectations the European Central Bank will not raise interest rates in spite of a nascent recovery. Prices fell 0.3 per cent year-on-year last month, having dipped 0.2 per cent in August and 0.7 per cent in July. Economists said there remained a risk of a [...]
Chicago PMI registers shock fall September 30, 2009 The closely-watched Chicago Purchasing-Management Index (PMI) fell to 46.1 from 50.00 in August, catching markets by surprise. A reading below 50 on the index, issued by the Institute for Supply Management-Chicago, suggests the region’s manufacturing sector is contracting. Analysts had been expected a September reading of 52.0.
US wealthiest lose $300bn September 30, 2009 The super-rich are getting poorer with the 400 wealthiest Americans losing $300bn of net worth in the past year, hurt by sagging capital and real estate markets, according to the annual Forbes ranking. Warren Buffett was the biggest loser, with the famed investor shedding $10bn in net worth as shares in his Berkshire Hathaway firm [...]
M&S thanks its Wise Buys for a revival September 30, 2009 MARKS & Spencer, the high street bellwether, yesterday unveiled better-than-expected results which the City took as encouraging signs the worst may be over after 18 tough months for the retailer. M&S said group sales had lifted by 2.7 per cent in the 13 weeks to 26 September, and while like-for-like sales dipped 0.5 per cent, [...]
UK faces big credit shortage September 30, 2009 UK households and companies face a more severe credit shortage this year and next than their American and European counterparts, hampering economic recovery, the International Monetary Fund (IMF) said yesterday. Interest rates charged by banks will have to rise or another means of rationing credit be found unless the Bank of England continues to boost [...]
Another senior Moody’s executive hits out at the firm’s credit ratings strategy September 30, 2009 THE former head of compliance overseeing Moody’s credit ratings business was routinely ignored when he warned that the firm was not properly monitoring municipal bond ratings, according to a source close to the executive. Scott McCleskey, who is due to testify at a US House of Representatives Oversight and Government Reform Committee hearing, said high [...]
Boost to US hopes of an early exit from recession September 30, 2009 The US economy contracted in the second quarter more slowly than initially thought, but negative news on jobs and on manufacturing activity in the country’s Midwest region in September pointed to a patchy recovery from recession. GDP fell at a 0.7 per cent annual rate instead of the one per cent decline reported last month, [...]
Australia’s Macquarie to purchase Fox-Pitt Kelton September 30, 2009 AUSTRALIA’S biggest investment bank Macquarie will buy US firm Fox-Pitt Kelton for $130m (£81m) in a push to expand its presence in North America and Europe. As part of the deal, part of the cash consideration will be deferred over four years following financial closure, Macquarie said in a statement. The investment bank will also [...]