Wall Street rises on economic data September 16, 2009 US stocks rose for a third day yesterday, hitting fresh 2009 highs in a broad-based rally following economic data that suggested a stronger-than-anticipated global recovery. Energy and manufacturing companies were among the strongest, benefiting from data indicating improved industrial demand and a falling dollar, which makes American exports more competitive in world markets. Shares of [...]
British policymakers sending sterling lower September 15, 2009 IT WAS all go on the City’s currency trading floors yesterday morning. What sparked the furious trading was Bank of England governor Mervyn King hinting to the Parliamentary Treasury Select Committee that the Bank would implement a cut in the interest rate that banks receive on their deposits with the Bank of England. Immediately, the [...]
CARRY TRADE NOW FUNDED BY DOLLARS September 15, 2009 BORIS SCHLOSSBERGDIRECTOR OF CURRENCY RESEARCH, GFT One of the more curious developments over the past month has been the appreciation of the Japanese yen along with high-beta risk currencies such as the euro, the pound and the Australian dollar. Since the start of this decade, the dynamic that dominated currency trading saw the yen decline [...]
Zloty is looking less dodgy as stimulus policy boosts Poland September 15, 2009 ON THE face of it, things are looking a bit dodgy for the Polish zloty at the moment. Last week, the currency sunk against the euro. The euro has strengthened against the currency, rising to 4.16 zloty today from 4.0864 on 7 September. On top of this, there was a failed government bond auction last [...]
Slaughters and friends feel the heat September 15, 2009 CITY solicitors are hooked on league tables, and the latest one feeding their addiction is a new ranking that details which law firms are bagging FTSE 100 instructions. Movement at the top has got tongues wagging, as the historically dominant Slaughter and May has seen its position challenged for the first time in years, triggering [...]
HOW HURDLES CAN SAVE THE BONUS September 15, 2009 DAVID MARDLEHEAD OF EUROPEAN VENTURE CAPITAL, TAYLOR WESSING THE City’s “bonus culture” has come in for criticism since the onset of the credit crunch. Traditional models of share-based remuneration, while encouraging long-term growth, have lost much of their appeal in an era of shrinking corporate valuations. But skilled people still need to be paid well. [...]
THE LONDON REPORT September 15, 2009 The FTSE 100 rose for a third straight session yesterday to close up by 0.5 per cent, boosted by bullish economic data from the US, as oils, miners and banks underpinned the rally. The index ended 23.28 points higher at 5,042.13, after trading as low as 4,996.52 earlier in the session. Energy stocks were higher, [...]
NEW YORK REPORT September 15, 2009 STOCKS rose yesterday to 2009 highs after stronger manufacturing and retail sales data boosted commodity prices and shares of materials companies.Yesterday’s gains lifted the S&P 500 above 1,050 for the first time since early October. The improvement in retail sales in August reassured investors about a rebound in US economic demand. A rise in the [...]
Better outlook for banks one year after Lehman September 14, 2009 WHEN Lehman Brothers collapsed a year ago, it seemed that the world would never be the same. Global markets wobbled and once giant investment banks were crippled as sub-prime mortgages and credit default swaps unravelled and we braced ourselves for a worldwide recession. Wall Street had shrunk to less than a third of its pre-Lehman [...]
SILVER SHINE MATCHES GOLD’S GLEAM September 14, 2009 DAVID MORRISONCFD MARKET STRATEGIST, GFTPLENTY has been written about gold’s recent advance and its break above the $1,000 mark. And if you are bullish on the yellow metal you may also want to look at silver. Until the late 1800s, the gold-silver price ratio was fairly constant at around 15 to 1 due to their [...]
