Banks take FTSE 100 to its fifth straight day of gains… June 30, 2011 BRITAIN’S top shares rose sharply yesterday after the Greek parliament passed a second austerity bill to secure emergency funds, with riskier assets such as oil stocks, banks and miners leading the charge higher. The FTSE 100 index closed up 89.76 points, or 1.5 per cent, at 5,945.71, its fifth consecutive day of gains, managing to [...]
…as Wall St keeps up its winning run June 30, 2011 US stocks ended a volatile quarter yesterday with their biggest four-day rally since September as positive economic data and a temporary resolution of Greece’s debt crisis indicated further gains in July. Midwest business activity showed surprising strength this month, lifted by a jump in new orders, the Institute for Supply Management-Chicago said. That helped calm [...]
Banks lead the way in Greece relief rally as FTSE gains 1.5pc June 29, 2011 Britain’s top share index gained sharply yesterday as Greek lawmakers backed an austerity plan to pave the way for bailout aid, with financials and commodity stocks leading the gainers. The FTSE 100 index closed up 89.07 points, or 1.5 per cent, at 5,855.95, building on Tuesday’s 0.8 per cent gain, having hit a fresh three-month [...]
THE NEW YORK REPORT June 29, 2011 Wall Street closed its best three-day run in the past three months yesterday after the Greek parliament approved austerity measures to avoid defaulting on its debt. Optimism about the plan’s approval has helped the stock market recoup some of its losses of the last two months. The CBOE Volatility Index, Wall Street’s “fear gauge,” fell [...]
Asia provides top prospects for emerging market gains June 29, 2011 HAVING successfully run Baring’s Global Emerging Markets fund for five years, James Syme (below left) and Paul Wimborne (below right) are moving over to JO Hambro Capital Management (JOHCM) to start the Global Emerging Market Opportunities fund. It is being launched today and will be run on the premise that “top-down developments, normally at the [...]
Swiss franc strength hits exports June 29, 2011 WHILE the European sovereign debt crisis rages on, Switzerland sits in the eye of the economic storm. Though the Swiss have been prudent where their European Union neighbours have been profligate, their economy is nevertheless suffering from the effects of the European turmoil. The longer the European crisis continues, the higher the Swiss franc will [...]
CAREERS NEWS | IN BRIEF June 29, 2011 SPENDING ON STAFF IS UP 17 PER CENT Employers spent 17 per cent more on entertainment for their staff during the height of the recession (2008-9), such as days out at Ascot and golf trips according to data obtained by UHY Hacker Young. The taxable value of non-business related entertainment provided to staff jumped from [...]
FTSE climbs as investors pile into financial stocks June 28, 2011 FINANCIAL stocks helped Britain’s top share index climb yesterday as hopes of a resolution to Greece’s debt problems spurred appetite for riskier assets. Banks were in demand, led by part state-owned Royal Bank of Scotland as investors bet the Greek parliament will this week vote through austerity measures needed to secure more aid from international [...]
A legal battle could yet sink the Greek bailout June 28, 2011 ALTHOUGH the Greeks will vote today on the adoption of austerity measures, that vote could mean nothing if a court case launched by a group of five German citizens derails Germany’s financial contribution to the bailout. The group, led by Peter Gauweiler, a member of parliament for the Christian Social Union (CSU) party, includes legal [...]
RELIEF AHEAD FOR THE EURO AFTER GREECE June 28, 2011 IN the currency market, all eyes are on Greece ahead of the key austerity vote later today. The general consensus is that George Papandreou will be able to push through the legislation, aided by defectors from the opposition New Democratic party. On Monday, ND deputy Elsa Papadimitriou indicated that she may vote for the austerity [...]