Drugmaker deals buoy FTSE despite dragging miner shares May 3, 2011 DRUGMAKERS helped Britain’s top share index rise modestly yesterday, buoyed by deal activity in the United States, as traders mooted the possibility that a recent equity rally may falter. Miners hampered the FTSE 100’s progress though, hurt by easing metals prices on renewed fears about demand, with Rio Tinto off 1.6 per cent on talk [...]
US stocks slide as investors cash in May 3, 2011 US stocks fell yesterday as investors questioned the sustainability of the rally in light of fresh worries about earnings growth in the coming quarters. Investors targeted recent top performers, particularly energy shares, which were also hit by a fall in oil prices. The S&P energy index dropped 2.4 per cent, while oil futures lost more [...]
In the long run the Aussie is a wager against entrepreneurs May 3, 2011 ON 2 May, the Australian dollar climbed to a high of $1.1011, not reached since its 1983 float. Despite a small retreat, this upward trend is largely expected to resume on the back of continued demand for commodities and a hawkish Reserve Bank of Australia (RBA). Yet over the long-term, trouble in China and technological [...]
DOLLAR’S FATE IN THE HANDS OF MR TRICHET May 3, 2011 AT THE start of this week’s trade in the currency market, the much beleaguered dollar received an unexpected lift when President Obama announced that a top notch team of Navy Seals was able to find and kill Osama bin Laden. However by the North American open, most of the patriotic sentiment had faded and the [...]
THE TIPSTER May 3, 2011 THURSDAY’S Bank of England meeting is likely to see the Monetary Policy Committee leave interest rates unchanged, especially in light of yesterday’s April Manufacturing PMI data, which came in below expectations. This has reinforced concerns about the growth potential for the second quarter. This will in turn limit the upside in any sterling strength, especially [...]
Protests, earthquakes, wars and bailouts. But no love for the dollar May 3, 2011 THROUGHOUT 2011, we have had sustained periods of uncertainty in the money markets. In the past, uncertainty and turmoil have given rise to rallies for the greenback as a result of investor flight into the safety and liquidity of this safe haven currency. Continued turmoil in the Middle East, concerns over the ongoing European sovereign [...]
A Conservative win is good for Canada’s dollar May 3, 2011 THE Canadian dollar climbed yesterday as Canada’s Conservative party won an outright majority in the general election. Since 2006, Prime Minister Stephen Harper has led two minority Conservative governments, but yesterday’s victory brings him a majority mandate. Michael Gregory, senior economist for the Bank of Montreal, is buoyant about the result: “This is certainly a [...]
FOREX ANALYST PICKS May 3, 2011 FOREX STRATEGIST JOHN KICKLIGHTER My pick: Long euro-sterling, short euro-Canadian dollar Expertise: Fundamental and Technical Analysis with Risk Management Average time frame of trades: 1 day to 1 week My long dollar-yen position from ¥82.50 tripped its stop with a close below ¥80 with the dollar’s pervasive sell off. In the meantime, with the forthcoming [...]
US stocks slip after bin Laden bounce gives way to fears May 2, 2011 US stocks slipped yesterday, as an early bounce on Osama bin Laden’s death gave way to questions around the longevity of the market’s recent rally. The impact of bin Laden’s death by US forces on financial markets prompted a quick flurry of buying, which was viewed as an emotional response. The Dow swung 92 points [...]
European stocks at two-month high May 2, 2011 EUROPEAN shares made slight gains in thin holiday trade yesterday, as merger deals and news of Osama bin Laden’s death helped push the market to a two-month closing high. Shares in Demag Cranes rose 24 per cent after US construction machinery maker Terex Corp unveiled a $1.3bn hostile bid for its German rival. Meanwhile Danish [...]
