Trainee problem threatens pyramid June 30, 2009 THIS year is turning out to be one of the worst to be a trainee lawyer. This September Clifford Chance will axe 21 of its 70 trainees on qualifying, giving the firm a retention rate of 70 per cent. Last year the firm kept on 95 per cent. American firm Jones Day will keep on [...]
LOOKING TO NEW PLACES FOR LAWYERS June 30, 2009 DAVID MORLEY SENIOR PARTNER, ALLEN & OVERY IN April, the initial findings of the government’s Panel on Fair Access to the Professions were announced. It said that the most socially exclusive professions are law, politics and the media. The situation is getting worse, and these professions more exclusive. Partly, this is down to informal networks [...]
Shrinking economy shakes market but Wolseley grows June 30, 2009 WEAKER than expected consumer confidence figures in the US drove some shares lower yesterday, with banks, miners and food retailers leading the fallers. The FTSE 100 shed one per cent, or 44.82 points, to close at 4,249.21. But the index is up 8.2 per cent on the quarter, the best such performance since the final [...]
Consumers remain shy on US economy June 30, 2009 US STOCKS fell yesterday as an unexpected drop in consumer confidence cooled recent optimism about an economic recovery, but Wall Street still closed out its best quarter in a decade. The drop in the Conference Board’s measure of consumer confidence in June suggested that the 18-month-long recession had yet to loosen its grip on the [...]
Why small caps can help you profit when big business can’t June 29, 2009 WITH so many blue-chip stocks’ share prices plunging to penny stock levels, it is small wonder that the FTSE 100 companies are no longer the relatively safe trading bets that they once were. And these sprawling multinational companies have found it difficult to become leaner operations in the face of declining global demand. It is [...]
Oils and banks lift the large caps but defensives slide June 29, 2009 THE FTSE 100 gained 1.3 per cent yesterday, boosted by strength in oil majors and banks, and reflecting early gains on Wall Street. The index closed 53.02 points higher at 4,294.03, recovering most of last week’s 1.5 per cent decline. “What is most impressive about today’s rally is the breadth of the buying. Most sectors [...]
Window dressing boosts US stocks June 29, 2009 US STOCKS rose yesterday as higher oil prices lifted shares of energy companies and fund managers snapped up this quarter’s winners to embellish their portfolios. Energy shares were a strong performer in the quarter, and a 3.4 per cent jump in the price of oil lifted them even further. Exxon Mobil was the Dow’s top [...]
PREDICTIONS OF A RECOVERY ARE FAR FROM CERTAIN June 29, 2009 DAVID MORRISONCFD MARKET STRATEGIST, GFT IN these pages yesterday, CNBC’s Steve Sedgwick warned about unemployment ahead of this Thursday’s Non-Farm Payroll number. He pointed out that many economists dismiss jobs data as an irrelevant, “lagging” indicator. But as he pointed out, when consumers account for 70 per cent of US GDP, then unemployment becomes a [...]
Investors hope for further optimism June 28, 2009 THERE has been a noticeable air of optimism about the markets lately, and investors will be looking for signs to validate their cheer. Premier Foods, kicking the week off today with its first half trading statement, should not disappoint. Analysts at Royal Bank of Scotland anticipate that Premier will reiterate good sales growth, costs under [...]
This week’s key numbers will signal if recovery is sustained June 28, 2009 IT’S A mixed call for the opening of the stock markets this morning, with GFT calling the FTSE 100 and French CAC 40 to open virtually unchanged at 4,243 and 3,137 respectively. The German DAX on the other hand is expected to start the week on a more positive note, up 20 points at 4,796. [...]