Where next for sterling after the flash crash? October 7, 2016 The flash crash rocked currency markets overnight and has spooked investors this morning. Despite some interesting theories as to its cause, the general consensus is it was a freak event triggered by some hasty algorithmic trading in a relatively dried-up markets. Nevertheless, that hasn't calmed nerves. Before the crash sterling was hovering between $1.25 and [...]
Sterling smashed in flash crash: Why did it happen? October 7, 2016 Sterling was hit by a freak sell-off overnight as the currency crashed by six per cent seconds after the Asian markets opened for trading. The pound fell from $1.26 to $1.18 almost instantly, before recovering slightly to stand at $1.24 against the dollar. It was the same story against the euro, where the pound sank to [...]
Brent crude and WTI: US oil breaks $50 per barrel mark for the first time since June October 6, 2016 US oil swung through the $50 per barrel mark today for the first time since June. West Texas Intermediate crude, the US benchmark, rose 1.12 per cent to $50.39 per barrel in early evening trading. Brent crude, the global benchmark, rose 1.31 per cent to $52.54 per barrel, also hitting a four week high. Read [...]
Before the bell: What you need to know before the US market open October 6, 2016 Deutsche Bank's rally is getting in to full swing, while Twitter shares are plunging in the pre-market. Here's what you need to know before the US market open at 2:30pm London time. US stock futures are tracking lower ahead of the open. The S&P is off by 0.21 per cent, while the Nasdaq is 0.17 per cent lower. [...]
Frosty reception for sterling as pound slips again October 6, 2016 Sterling is under immense pressure again today, as it slipped below the crucial $1.27 mark for the second day in a row, setting new post-referendum lows against both the euro and the dollar. In another brutal day for the pound, it lost 0.8 per cent against the US dollar to hit $1.2645 – a new 31-year low [...]
Goldman Sachs warns ‘oversupplied’ market will curtail crude price rise October 6, 2016 Crude prices are unlikely to pass $55 in the near term, Goldman Sachs’s head of commodities research Jeff Currie has said in an interview with Bloomberg television. A recent rally in prices will be curbed by low-cost players such as Russia, combined with an upcoming ‘wall of supply’ from large-scale projects commissioned in the past 5-10 years, [...]
Misys: London’s biggest IPO of the year is on October 6, 2016 Tech company Misys will return to the markets with an IPO in early November, the firm said today, in what is expected to be one of the biggest floats of the year in London. The software company will list on the London Stock Exchange main market after a four year hiatus. Now Vista Equity Partners, which took the company [...]
Few signs of hope for the Brexit-battered pound October 5, 2016 Sterling could fall further if the UK looks on course for a rocky divorce with the EU, currency analysts have warned. Forecasters currently expect the pound to move sideways against both the dollar and the euro between now and the end of the year, but after a dramatic few days of trading, speculation over the terms [...]
Before the bell: What you need to know before the US market open October 5, 2016 The pound has recovered some of its losses after mammoth sell-offs all week, while the gold price is steadier after its biggest one-day drop since 2013. Here's what you need to know before the US open at 2:30pm London time. US futures are pointing down in the pre-market. The S&P is off by 0.06 per cent, the [...]
About turn: Sterling regains losses against the dollar and euro October 5, 2016 The pound has regained losses against both the dollar and the euro after it was whacked again in early trading this morning. Sterling slipped below the crucial $1.27 benchmark to set another three-decade trough against the greenback as the markets opened in London – before rebounding to $1.2726, down just 0.02 per cent. It was slower to make gains against the [...]