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 [...]
Forex traders are focusing their attention on the pound June 30, 2009 TOP of the agenda for many forex traders at the moment are two things – the future of the pound in the face of expansionary quantitative easing and a ballooning UK budget deficit. Indeed, these issues were among the most keenly discussed at the forex breakfast co-hosted by City A.M. and Alpari UK last Friday, [...]
THERE ARE REASONS TO TREAT THE POUND’S RISE WITH CAUTION June 30, 2009 BORIS SCHLOSSBERGDIRECTOR OF CURRENCY RESEARCH, GFT THE pound has been on an uninterrupted rise, following the fortunes of the global equity markets and it hit a fresh high of 1.6743 against the dollar. on Tuesday. But now that cable has gained 22 per cent off its lows, can the rally continue? There are several good [...]
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. [...]