FTSE driven lower by collapse of BAE’s mega-merger with EADS October 10, 2012 GLOBAL growth worries prodded Britain’s top share index lower yesterday as a failed merger with a French peer hurt shares in defence and aviation firm BAE Systems. London’s blue chip index closed down 33.54 points, or 0.6 per cent, at 5,776.71 as volumes on the index remained light as whole, just 88 per cent of [...]
Chevron profit warning drags Wall St lower October 10, 2012 US stocks fell yesterday, a day after the earnings season opened with Alcoa posting a quarterly net loss and Chevron saying profits would fall sharply in its most recent period. After hitting lows in the early afternoon, stocks briefly trimmed losses after the Federal Reserve said in its Beige Book report that the economy was [...]
Jobs of the Week October 10, 2012 FX TRADING SUPPORT ADMINISTRATOR, CALIFORNIA $200k pa An FX trading support administrator is needed to work with global clients in the retail and institutional FX trading and brokerage markets. You will be keen to progress into management. http://jobs.cityam.com/job/31465 SENIOR OPERATIONAL TAX MANAGER, LONDON £80k-£100k pa A leading bank seeks a tax manager to lead advisory projects. The [...]
Facts about Coral: October 10, 2012 Coral founder Joe Coral, born Joseph Kagarlitsky, set up his first pitches at Haringay and White City greyhound tracks in 1927. It is now part of Gala Coral group, one of Europe’s largest betting and gaming businesses. Coral is the third largest retail bookmaking business in the UK with a market share of approximately 20 [...]
IMF growth gloom and poor data in manufacturing send FTSE lower October 9, 2012 UK shares fell for a second session yesterday, dented by a wary view of Europe’s debt troubles and concerns that gloomy global economic data bodes ill for the upcoming corporate earnings season. Data showed manufacturing output shrank more than expected in August and exports fell steeply, pointing to deterioration both in the domestic and the [...]
Jitters on Wall Street ahead of earnings season October 9, 2012 US stocks fell yesterday, led by losses in technology after brokerage downgrades of Intel and other major companies as worries increased about third-quarter US earnings. Shares of Intel, the world’s largest semiconductor maker, lost 2.7 per cent after negative reports by at least two brokerages. Robert W Baird & Co cut its price target on [...]
The unravelling of China’s exceptionalism October 9, 2012 MARKETS across the world were given a boost yesterday when the Chinese central bank pumped tonnes of liquidity into the country’s banking system for the second time in a fortnight. The People’s Bank of China injected 265bn yuan (£26bn) into the money market via reverse purchase agreements, adding to the 2.418 trillion yuan offered since [...]
Why the Dow industrial and transportation divergence may be ominous October 9, 2012 Dow Theory is becoming hard to ignore. Created by Wall Street Journal founder Charles Dow, it suggests that divergences between the Dow Jones Transportation Average (DJTA) and the Dow Jones Industrials Average (DJIA) indicate future trends in the economy. Deep divergences between the two could mean that the DJTA would prevail, and the DJIA (as [...]
Fresh wave of volatility may strike the euro October 9, 2012 C ONCERNS about Europe’s economic slowdown have put a halt to the euro’s surge upwards. Since summer lows, the single currency has risen against the dollar, recently testing the $1.30 level. But it has failed to convincingly stay above this level. In its biannual world economic outlook, the International Monetary Fund (IMF) revised its forecast [...]
South Africa’s woes hit the rand to lows October 9, 2012 FEARS that miners’ strikes are having an impact on the broader South African economy have dragged the rand down to three-year lows against the US dollar. With industrial action threatening to creep into other sectors, the outlook is bleak for the economy and is reflected in its currency. The rand is seen as a gauge [...]