LEGAL NEWS May 19, 2009 FOUR-DAY WEEK AT ADDLESHAWFee-earners at Addleshaw Goddard have been asked to work a four-day week on 85 per cent pay. If the proposal is approved by the firm’s lawyers, then the scheme could come on-line for a year, starting on 1 July. The firm is also looking for fee-earners who are willing to take additional [...]
No sign of vertigo as banks take the FTSE 100 higher May 19, 2009 THE FTSE 100 continued its upward momentum yesterday, propelled up by financials and miners, although gains were limited by figures that showed new US housing starts fell to record lows. The index closed 0.8 per cent, or 35.80 points, higher at 4,482.25, with investors showing no sign of vertigo from the recent hefty rises. “Despite [...]
US shares rocked in housing data shock May 19, 2009 THE Dow and S&P 500 slipped yesterday as financial shares sank and on disappointing housing data, but the Nasdaq rose as investors snapped up technology shares ahead of results from Hewlett Packard. After a choppy session, financial shares fell as the US Senate passed a bill to curb sudden credit card interest rate increases and [...]
Oversupply will dictate crude’s price far more than sentiment May 18, 2009 LAST week, oil prices touched the $60-a-barrel mark, almost double the low of $32 that they were in February. A reason to be cheerful? The International Energy Agency (IEA) clearly thought so last Tuesday, when its executive director Nobuo Tanaka indicated that the IEA was unlikely to reduce its demand forecast for 2009. But that opinion [...]
OUTLOOK IS GRIM FOR THE NEW SICK MAN OF EUROPE May 18, 2009 FOR those traders stubbornly sticking with short FTSE positions from the sub-4,000 mark, last week’s profit-taking will have been a welcome relief. After the past few months of almost uninterrupted rallies in shares and green shoots spurring an 800-plus point bounce in the FTSE, those resolute bears must have been close to folding. That’s fine [...]
EUROPEAN REPORT May 18, 2009 EUROPEAN equities closed higher yesterday as financial stocks climbed on hopes a recession in top global economies was abating, while energy shares tracked higher crude oil prices. The FTSEurofirst 300 index of top European shares closed 2.4 per cent higher at 859.88 points after falling as low as 827.32. The index, which slumped 45 per [...]
Banks lead the FTSE higher and bulls reboot interest in sofware companies May 18, 2009 THE FTSE 100 sprung to life yesterday, driven by banks which were led higher by confirmation of Lloyds Banking Group’s rights issue and the announcement that Sir Victor Blank would step down as its chairman. The index erased almost half of last week’s losses, closing 2.3 per cent, or 98.34 points, higher at 4,446.45 points. [...]
SPOTLIGHT ON SMALL CAPS May 18, 2009 SMALL cap stocks continued their slow rally yesterday, with the FTSE small cap index adding 0.39 per cent to 2,241 points and the Aim 100 rising 0.17 per cent to 2219. Counter-terrorism and intruder prevention specialist Eruma added over a quarter of its value to 1.75p after announcing it had signed a contract for over [...]
Lowe’s results improve Wall Street’s retail mood May 18, 2009 US STOCKS rallied yesterday as better-than-expected results from the number two US home improvement retailer, Lowe’s, helped spark broad-based buying on hopes the recession is easing and consumer spending is stabilising. Investors’ optimism extended to sectors closely aligned with economic growth, including homebuilders, banks, energy companies and retailers. Positive broker comments on Bank of America, [...]
Beware green shoots: the bears will still beat the bulls May 17, 2009 THE fragility of the “green shoots” recovery theory that has seen the FTSE 100 rise almost 30 per cent since its 9 March low, came to a shuddering halt last week as it lost 2.6 per cent, breaking its five-week winning streak. The blue chip index is now stuck in the middle of a tug [...]
