Wall St rises, S&P makes strong gains September 20, 2010 The S&P 500 closed at a four-month high yesterday as a long-awaited break above a technical range and a flurry of positive corporate news increased investor optimism. The break came a day before a Federal Reserve meeting in which the central bank is expected to renew a promise to keep its portfolio from shrinking but [...]
A libertarian innovator burning to see his company grow even further September 20, 2010 Fresh off the plane from Denmark, Kim Fournais talks rapidly, his passion unmistakable. He is in celebratory mood. “Saxo Bank is 18 years old today – we are old enough for a driving licence!” Evidently, to Fournais the company he helped found is still young. “I love it. I love what we’re trying to do. [...]
UK banks might look cheap, but pick carefully September 20, 2010 UK BANKING stocks rallied last week after the announcement of the Basel III banking reforms. But although the sector has avoided further bank-bashing, much of the detail has yet to emerge and a jumpy market should make for fruitful autumn trading. New capital ratio requirements made most of the Basel III headlines, with Tier 1 [...]
THE TIPSTER September 20, 2010 BP’S NEWS that the Macondo well in the Gulf of Mexico has finally been completely capped came as welcome news. The stock has responded well, rising over 1 per cent in early trade yesterday. This could be an opportunity for the oil giant to draw a line under the catastrophe and hopefully regain some of [...]
Positive open is forecast after jumpy trading September 19, 2010 A mildly positive start is the call for stocks this morning, but after Friday’s jumpy trading session sentiment is mixed. GFT is quoting the FTSE 100 index to open up 8 points from Friday’s close, at a level of 5,516. The German DAX 40 is expected to open up 9 points at 6,218, and the [...]
China is sowing the seeds of a bull market in wheat and corn September 19, 2010 SHARP rises in food prices over the summer raised the ugly spectre of riots and civil unrest across the developing world and rampant inflation in Western countries. In August a Russian ban on wheat exports caused the price to spike, prompting some countries like Egypt to aim for self-sufficiency. The surge was short-lived but the [...]
Set your trades on firm foundations September 19, 2010 HOUSE asking prices fell again today, dropping by 1.1 per cent – that is £2,474 – over two points in the house price spread better’s mind. But those tempted by the news on page one should not rush into a trade before taking a moment to contemplate the make up of the index. Today’s figures [...]
THE TIPSTER September 19, 2010 THIS column tipped WTI Crude as a sell last Tuesday in the $77-$78 range and this proved profitable as crude slid from a high of $77.93 to a low of $74.12 by Thursday. The outlook is still bearish and the 100-day simple moving average around $76 is a good level at which to start shorting [...]
SPREAD BET GURU September 19, 2010 MARKET STRATEGIST josh@cityindex.com Q. Dear Josh, do broker recommendations fundamentally move stock prices? A. In the short term, certainly. It’s quite common for a mainstream broker or investment bank like Morgan Stanley or Citigroup to revise their forecasts on certain share prices and see a knee-jerk reaction in the markets. Last week we witnessed a [...]
FTSE weighed down by banks and UK economic data, despite energy surge September 16, 2010 BRITAIN’S top shares closed lower yesterday, weighed by banks which slipped after recent strength, while retailers fell on downbeat UK economic data, countering gains in energy stocks. The FTSE 100 closed down 15.42 points or 0.3 per cent, at 5,540.14, having fallen 0.2 per cent in the previous session. That was its first daily decline [...]