The Americanisation of the SFO is not the way to stamp out UK fraud December 1, 2009 THIS year began with an announcement by the Serious Fraud Office (SFO) that it was investigating potential UK criminality arising out of the Bernard Madoff Ponzi scheme scandal. Richard Alderman, the SFO’s director, hailed the investigation as an example of the “new, faster approach to tackling fraud”. So as the year draws to a close, [...]
STERLING AT THREAT FROM A SELL OFF December 1, 2009 BORIS SCHLOSSBERGDIRECTOR OF CURRENCY RESEARCH, GFT LAST week, economic data throughout the G10 was generally positive and supported the risk rally that saw most of the high beta currencies reach yearly highs against the dollar. But just as US traders prepared to sit down to a Thanksgiving meal, the unexpected news from Dubai quickly unwound [...]
Shares rally as doubts over Middle East start to subside December 1, 2009 BRITAIN’S top shares ended 2.3 per cent higher yesterday and posted their biggest daily gain in 4-1/2 months, with banks and commodity shares rising as worries over Dubai’s debt problems faded. The FTSE 100 closed up 121.49 points at 5,312.17, its best one-day percentage gain since July 15. On Monday, the index fell 1.1 per [...]
Your attitude to risk key to 2010 trading December 1, 2009 IT WAS no surprise that the Dubai debt scare saw investors running back to safe-havens such as the US dollar, Japanese yen and the Swiss franc. Risk appetite is one of the biggest drivers of the foreign exchange markets. The story of recent months in forex markets has been one of increasing investor confidence, which [...]
THE TIPSTER December 1, 2009 LAST week’s market jitters over the Dubai World debt debacle certainly sent traders heading towards the perceived safe havens with cable dropping over 400 points in little more than 24 hours. However, as the fall-out of the situation is put into context and renegotiation gets underway, many traders seem happy to start winding up the [...]
Top analysts predict a poor 2010 for the UK November 30, 2009 AS THE end of the year approaches, strategists at the big investment banks start publishing their forecasts for 2010. Morgan Stanley analysts were the first off the mark, yesterday releasing a rather bleak set of predictions. Despite a brighter global outlook, the bank’s UK strategist Graham Secker thinks the domestic economy will experience a “Grim” [...]
NIKKEI INDEX STRUGGLING TO ADVANCE November 30, 2009 DAVID MORRISONCFD MARKET STRATEGIST, GFT WHILE US stock indices look relatively buoyant, there are a number of major global markets that are currently struggling to make further headway. In Europe, the French CAC 40, Spanish Ibex and German Dax are trading in tight ranges and failing to break above resistance at significant retracement levels. Meanwhile, [...]
THE TIPSTER November 30, 2009 PUB company Mitchells & Butlers posted a solid set of full-year results last week, which has been followed by potential mergers and acquisitions (M&A) activity as a group of major shareholders attempt to wrest control of the board. It is still early days, but with last week’s results underpinning the share price, it is clear [...]
THE LONDON REPORT November 30, 2009 BRITAIN’S leading share index shed 1.1 per cent yesterday, ending at session lows, dragged back by weakness in oil majors and banks on lingering anxiety over the impact of Dubai’s debt problems. By the close, the FTSE 100 was down 55.05 points at 5,190.68, its lowest closing level for three weeks. The blue chip index [...]
THE NEW YORK REPORT November 30, 2009 US STOCKS rose yesterday, helping the Dow post its fifth straight monthly gain, on hopes that possible fallout from Dubai’s debt woes will be contained. Shortly before the market closed, Dubai’s largest company said its planned restructuring of some units involved Bk in debt, easing some concerns about the size of Dubai’s financial problems. An [...]