FTSE 100 stalls as traders nerves fail on banking sector May 28, 2009 RENEWED jitters over the health of the financial sector hit banks and offset gains by heavyweight oils yesterday, sending the FTSE 100 0.7 per cent, or 28.69 points, lower at 4,387.54. Banks were the worst performing large caps, with Barclays, HSBC, Standard Chartered, Lloyds Banking Group and Royal Bank of Scotland down 0.8 per cent [...]
Falling bond yields cheer Wall Street May 28, 2009 US stocks climbed more than 1 per cent yesterday as higher oil prices drove up energy shares and falling yields in the bond market eased concerns that higher borrowing costs would hinder economic recovery. Energy company shares, including Exxon Mobil, rose as US crude oil settled above $65 a barrel for its highest close since [...]
Rising yields on US debt dents stocks May 27, 2009 US stocks dropped yesterday as rising yields on US government debt fuelled concern that businesses and consumers could face higher borrowing costs, which could hamper an economic recovery. The decline was broad-based, with manufacturer 3M and International Business Machines among stocks leading a 2 per cent fall on the blue-chip Dow. The S&P and Nasdaq [...]
Banks and retailers rally to steer the FTSE 100 ahead May 27, 2009 GAINS in banks and retailers outweighed weakness in energy stocks and drugmakers yesterday to leave the FTSE 100 up by 0.1 per cent, or 4.51 points, at 4,416.23. Trade was thin with just 67 per cent of the average of the last 90 days of trading transacted with the absence of concrete data on the [...]
DOLLAR BULLS WAKE UP TO US REALITY May 26, 2009 AT the start of the year, I wrote that the biggest nightmare facing dollar longs would be the prospect of a failed US Treasury auction creating massive capital outflows from dollar-denominated assets. For a while those worries appeared misplaced as the greenback rallied on the safe haven bid. Now the full force of those fears [...]
Apple jumps as Dow Jones rallies May 26, 2009 US stocks climbed more than 2 per cent yesterday as data showing the biggest monthly jump in consumer confidence in six years lifted hopes of an economic rebound, and a brokerage upgrade of Apple drove sharp gains on the Nasdaq. Apple’s shares closed nearly 7 per cent higher after Morgan Stanley said the iPhone will [...]
US consumer confidence boosts late London trading May 26, 2009 BETTER than expected consumer confidence data out of the US gave the FTSE 100 a much-needed boost yesterday afternoon, after Asia’s sell-off – driven by concerns of heightening geopolictical tension on the Korean peninsula – infected the London markets in early trading. “Following the release of the US consumer confidence data there was an immediate [...]
Keep an eye on geopolitics: it matters to the forex markets May 26, 2009 OPPORTUNISTIC currency traders have always been quick to price in oil price spikes, non-standard monetary policies and signs of green shoots, sending currencies up and down depending on the level of risk aversion in the markets. Risk appetite, or the lack of it, has been a major driver of currency movements since the start of [...]
THE TIPSTER May 25, 2009 RETAIL sales might have been under pressure during the downturn but last week’s bigger-than-expected rise and a flurry of good corporate results have boosted the outlook. Picks of the sector are Mothercare, Britvic and online retailer ASOS. Mothercare came out with some great results on Wednesday and although the shares look relatively expensive at a [...]
Gilt prices on course to fall as UK public debt threatens credit rating May 25, 2009 MARKETS were rattled last Thursday when ratings agency Standard & Poor’s announced that it had downgraded its outlook on Britain’s AAA credit rating to “negative” from “stable” for the first time since October 1993. Lower credit ratings result in higher borrowing costs because the borrower is considered more likely to default on its debt. If [...]