Turkish Lira massacred by corruption crisis December 27, 2013 The Turkish Lira is losing more strength this morning. First chance for London to sell Turkish lira after holiday politics. Chance taken. off shade less than 2% pic.twitter.com/xFuhOvusnI — Paweł Morski (@Pawelmorski) December 27, 2013 The currency has had a bit of a break recently, but a fresh political crisis is driving it to [...]
Vodafone and BSkyB lifted by deal rumours December 27, 2013 BSkyB is one of the FTSE 100's biggest risers this morning, up by over 1.6 per cent on reports of a possible deal with Vodafone to offer a quad play deal – internet, television, landline, and mobile provision. Vodafone is also trading higher, with shares up by around 0.4 per cent. Marc Kimsey, senior trader [...]
Japan’s Nishimura wants corporate taxes slashed December 27, 2013 Japan's vice economic minister, Yasutoshi Nishimura, has said that he wants corporate taxes to be reduced quickly, to less than 30 per cent. Nishimura wants bolder corporate tax cuts in special economic zones, for June's revised growth strategy to show tax cut direction. The politician cautioned that it may difficult to declare the end of [...]
What you need to know before the open – 27/12 December 27, 2013 European markets are expected to gain momentum from US markets this morning. The Dow Jones has now seen six record highs in six days, but the very thin trading volumes have failed to carry over into the Asian trading session. ETX Capital #morningcall: FTSE100 up 5 points, the DAX higher by 5 and the CAC40 [...]
US consumer sentiment is today’s second data miss December 23, 2013 The University of Michigan consumer sentiment index has hit 82.5 in December, from 75.1 last month. That's the final reading. Analysts had been hoping for a jump to 83.0. US data has now gone zero for two, as personal consumption expenditure numbers disappointed earlier.
The Federal Reserve’s favourite measure for the US economy just came in weak December 23, 2013 One key measure of US economic health just missed analyst expectations. Core personal consumption expenditure increased by 1.1 per cent in the year to November. Analysts had expected a rise of 1.2 per cent. John J. Hardy, head of FX Strategy at Saxo Bank, says "the inflation/disinflation debate has been the hottest theme going in [...]
Gold prices set to fall further in 2014 December 23, 2013 It's not been a fun year for gold bugs. While equities have experienced a bull year, the metal and gold stocks are suffering. Peter Garnry, head of equity strategy at Saxo Bank, says that's down to the improving global economy and rising real interest rates. The year has seen gold take one "body blow after [...]
Apple stock set to jump as US markets open December 23, 2013 Tech giant Apple is set to be greeted with approval by investors this afternoon. As US markets open at 2.30pm Apple shares could jump by four per cent on news that the company has agreed a tie-up with Chinese state-owned network China Mobile. The network has more than 750m subscribers – while the entire population [...]
2014’s buzzword is “macro-prudential” – Here’s why one analyst is already tired of it December 23, 2013 2013's word was "tapering", now 2014's will be "macro-prudential", says Societe Generale's Kit Juckes. He already dislikes the new term even more. Apparently, the credit crisis was caused by a lack of governance, not by absurdly accommodative monetary policy. And we're going to avoid a repeat by regulating financial markets while keeping rates low. I [...]
Here’s what economists and central bankers would make of Christmas December 23, 2013 Lombard Street Research's daily note has taken a turn for festive today. Below is their (excellent) guide to the macroeconomics of Christmas. The Schools Keynesians Place a lot of emphasis on the "macro stabilisation" properties of Christmas. Ideally, they would vary the number of Christmases each year according to the state of the economy. This [...]