OVERBOUGHT EURO HAS CAP TO ITS UPSIDE July 28, 2009 BORIS SCHLOSSBERGDIRECTOR OF CURRENCY RESEARCH, GFT ON Friday, the US Commodity Futures Trading Commission (CFTC) released their weekly commitment of traders (COT) report for currency futures. Since the spot currency market is decentralised, there are no reports about positioning data. Therefore, the COT report is the only publicly available piece of data that provides information [...]
Falls in mining and energy halt FTSE’s winning streak July 28, 2009 THE FTSE 100’s two-week winning streak finally came to an end yesterday, with the benchmark index closing 1.3 per cent down on the day. The blue chip index had looked set to put in another consecutive day’s gain in earlier trading, but profit taking in mining and energy stocks dragged it lower. The FTSE 100 [...]
Slowly but surely, signs that the law is opening up July 28, 2009 IQUALIFIED – against all odds – to become a lawyer,” recalled Constance Briscoe, barrister, part-time judge and author of the bestselling misery memoir Ugly. She was talking on Radio 4’s PM programme last week following the report by an all-party panel chaired by former cabinet minister Alan Milburn on social mobility and the professions. “I’ve [...]
UK stocks keep on rallying buoyed by energy climbers July 27, 2009 BUOYANT energy stocks and miners helped Britain’s top share index rise for a record-equalling 11th straight session, though gains were limited by falls on Wall Street after corporate earnings disappointed. The FTSE 100 was up 9.52 points, or 0.2 per cent at 4,586.13, hitting its highest closing level since 5 January. The index has risen [...]
Strong home sales cheer US investors July 27, 2009 US stocks rose slightly yesterday in a late rally as investors rotated into financial shares, which had lagged in the recent two-week run-up. Upbeat data on new home sales underpinned financial stocks, the session’s strongest sector, and prompted investors to snap up the shares of several regional banks, which had been among the worst hit [...]
Canny traders should look to buy crude oil on the correction July 27, 2009 CRUDE’S inexorable rise over the past few weeks in line with rallying equity markets pushed September Brent through the $70 a barrel mark in intraday trading yesterday, touching a session high of $71.28. Signs of an improving world economy and resilient Chinese GDP growth as well as relatively upbeat second quarter earnings in the US [...]
CHINA LOOKS OVER-COOKED RIGHT NOW July 27, 2009 DAVID MORRISONSENIOR DERIVATIVES TRADER, GFT YESTERDAY saw the result of the first Chinese initial public offering (IPO) in over a year since Chinese regulators suspended IPOs in September 2008 after worries that too many companies were anxious to tap investors for funds. And what a success the debut was. On the first day of trading [...]
Results season begins as BT and National Express report July 26, 2009 THE company reporting season gets into full swing this week, with a slew of companies issuing numbers including BP, Shell and BT to name just three FTSE 100 giants. National Express, the rail and coach operator that recently became a takeover target after losing its franchise for the East Coast main line, reports on Thursday [...]
THE TIPSTER RESISTANCE HAS FINALLY BEEN BROKEN July 26, 2009 WITH the Dow Jones Industrial Average breaking solidly through the 9,000 mark, it should come as no surprise that the FTSE 100 has also been making steady gains over the past week. Fuelled by the optimism from US earnings figures, the FTSE 100 breached significant resistance levels last week. All eyes will be on the [...]
US stock rise seen as over-extended July 26, 2009 ASTONISHINGLY, the Dow Jones Industrial Average (DJIA) has remained above the 9,000 mark after breaching the psychological level on Thursday evening for the first time for what felt like ages. Back in early March when the Dow plummeted to 6,440.08, only the ultra-bullish investors thought 9,000 would be on the cards this year. But after [...]