NEW YORK REPORT June 24, 2009 THE Dow fell for the fourth day and other indexes ended well off the day’s highs yesterday after the Federal Reserve reiterated concerns about the economic outlook at the end of its policy meeting. Technology shares sustained some strength, bolstered by stronger-than-expected quarterly results from software maker Oracle. The Fed, as expected, left the benchmark [...]
CAPTURING YIELD IN THE FX MARKET June 23, 2009 BORIS SCHLOSSBERGDIRECTOR OF CURRENCY RESEARCH, GFTWHICH investment thesis will be proven right – the recovery trade or the return of risk aversion? For the past few months, the recovery trade has dominated, with risk currencies gaining on the US dollar. Recently, however, that rally has stalled and the bears have re-emerged, arguing that the recovery [...]
NEW YORK REPORT June 23, 2009 THE S&P 500 rose yesterday as investors hunted for bargains a day after a steep sell-off, but another delay for Boeing’s 787 Dreamliner kept the Dow in the red. Shares that led the market down on Monday, when the market suffered its worst one-day loss in two months, were among the positive influences, including banks, [...]
All change for the law, post downturn June 23, 2009 LAW firms have been hit hard by the recession, and many have been radically slimmed down to survive plummeting demand. Increasingly, it looks that the industry will look dramatically different after this downturn. One area where there will be change will be in terms of leverage structures – the number of junior lawyers per partner. [...]
THE LONDON REPORT June 23, 2009 The FTSE 100 closed down 0.1 per cent yesterday, falling just 4.03 points to 4,230.02 in a choppy session, with thin volumes exacerbating movements, after losing 2.6 per cent on Monday. The index has gained more than 22 per cent since hitting a six-year low in March, but is still down 4.6 per cent on [...]
TURNING THE LAW GREEN, BIT BY BIT June 23, 2009 DESMOND HUDSONLAW SOCIETY CHIEF EXECUTIVEWE are all aware of the dangers of climate change, but the fact is that we spend much of our lives at work. If we are going to tackle the problem, businesses need to do their bit. So is it possible to save the polar bears from the comfort of your [...]
Even neutral news from the Fed will boost the greenback June 23, 2009 FEDERAL RESERVE Chairman Ben Bernanke and the rest of the Federal Open Market Committee (FOMC) have an unenviable job today as they discuss the next steps for US monetary policy against the backdrop of improving global conditions – the decision is due at 7.15pm this evening Since the committee last met on 28-29 April, the [...]
WITCHING WEEK MEANS VOLATILITY June 22, 2009 MARTIN SLANEYHEAD OF DERIVATIVES, GFT LAST Friday saw the quarterly event that is known in the markets as “quadruple witching”. It’s when we have the combined expiry of US index futures, index options, stock futures and stock options, all on the same day. The haunting moniker that is attached to this infamous occurrence suggests a [...]
THE LONDON REPORT June 22, 2009 THE FTSE 100 ended 2.6 per cent, or 111.88 points, lower at 4,234.05 yesterday as falling commodity prices pressured miners and oil majors. Bucking the trend, Anglo American was the biggest blue chip gainer, rising 4.6 per cent, after rival Xstrata said it wanted talks about a proposed merger of equals. Xstrata shed 6.7 per [...]
History tells us that indices have further upside to come June 22, 2009 FOLLOWING a three-month rally in global equities, stock market indices have eased off as investors face the prospect of a slow and protracted recovery and question whether a correction – of some magnitude, at least – is now overdue. Given the sharp rise in equity prices since March, many investors are now wondering what is [...]