US stocks buoyed by Fed’s optimism August 12, 2009 US stocks powered higher yesterday as the Federal Reserve said it saw signs of a more stable economy. Stocks had been on track to close at their highest level in 10 months, led by technology and financials, but shares lost steam in the last half hour of trading. The Federal Reserve said the economy was [...]
Big Brother in the Square Mile raises legal issues August 11, 2009 THERE is nothing so British as fear of Big Brother. And perhaps, not without reason – the UK has 20 per cent of the world’s CCTV cameras. But the latest fear is being spied on at work. City firms have begun to import state-of-the-art tactics to keep a close eye on employees, and it is [...]
A BONUS CAN BE A RIGHT August 11, 2009 SPEAKER’S CORNERROBERT JAMES WASHINGTONASSOCIATE, HOGAN & HARTSON PEOPLE who have lost their jobs as a result of the current recession might not like it, but as the reports of banking profits last week suggested, bonuses are back. Or in any case, they will be soon. This bonus season, though, PR might dictate that some firms [...]
Undervalued peso poised to benefit from US recovery August 11, 2009 GIVEN the poor state of Mexico’s economy, you might think that its currency, the peso, would be suffering. Hit hard by global recession and falling oil prices, the real economy is expected to shrink by 5.5 per cent in 2009 while the country’s industrial production is contracting month-on-month. And even the country’s growing tourist industry [...]
YEN RECOVERY BAD NEWS FOR JAPAN August 11, 2009 BORIS SCHLOSSBERGDIRECTOR OF CURRENCY RESEARCH, GFT NO country in the G20 has suffered more from the global recession than Japan. Although relatively low compared to the rest of the industrialised world, the country’s unemployment rate remains at 5.4 per cent, the highest rate of joblessness in more than five years and the second worst in [...]
International Power leading the way for defensive stocks August 11, 2009 THE LARGE cap index shed 1.1 per cent yesterday, knocked by weakness in heavyweight banks, miners, and oils, but defensive stocks were back in favour once again. The FTSE 100 was 50.86 points lower at 4,671.34 by the close of the session, weakening for a second day after hitting a 10-month closing high of 4,731.56 [...]
US shares slide on bank sector fears August 11, 2009 US stocks fell yesterday after a prominent banking analyst warned the sector’s fundamentals have yet to improve, and an unexpectedly large drop in wholesale inventories raised worries about an economic recovery. Financial stocks, which had gained about 25 per cent in the last month, tumbled after Rochdale Securities analyst Richard Bove painted a gloomy outlook [...]
Airlines still soaring despite bad news and cost-cutting August 10, 2009 ON THE face of it, 2009 was never going to be a good year for airlines. The cost of oil – the main source of fuel for aeroplanes – has been steadily rising since February and is now nearing $75 per barrel. The recession meant that people were more inclined to stay at home rather [...]
CITI HARD TO BEAT FOR A BRAVE PUNT August 10, 2009 MARTIN SLANEYHEAD OF DERIVATIVES, GFT ONE of the most popular CFD stocks right now is Citigroup, but perhaps what is surprising is the direction of trades – everyone is buying. But what is attracting people to a bank, which was fighting for its very survival earlier this year? It is certainly an impressive turnaround in [...]
Rally ends as weak miners nudge FTSE down slightly August 10, 2009 THE FTSE 100 edged down yesterday, with investors booking profits from hefty gains in miners and banks last week, while the market searched for direction as the earnings season tailed off. The index ended down 0.2 per cent, or 9.36 points at 4,722.20, not far from a 10-month closing high of 4,731.56 on Friday. A [...]
