FTSE retreats for first time this year after highest close since early 2011 January 7, 2013 BRITAIN’S blue chip index fell yesterday for the first time this year, baulking at technical resistance levels having reached its highest close for nearly two years in the previous session. The FTSE 100 shed 0.4 per cent in broad-based losses, with every sector falling apart from financials, which received a regulatory boost over the weekend. [...]
US stocks drop on anticipated poor earnings January 7, 2013 US stocks lost ground yesterday, as investors drew back from recent gains that lifted the S&P 500 to a five-year high, in anticipation of sluggish growth in corporate profits. Shares of financial companies dipped after a group of major US banks agreed to pay a total of $8.5bn (£5.3bn) to end a government inquiry into [...]
FTSE mettle is tested by slump in commodities January 7, 2013 AS THE markets settled into the first full week of trading of the year, the FTSE had its 2013 bull run checked, dropping 17 points yesterday. The commodity and miner-heavy benchmark index had been pushed to multi-year highs by the effects of a global risk-off sentiment, with the FTSE breaking the psychologically significant 6,000 level [...]
A Brixit is now a real possibility January 7, 2013 Chief Market Strategist, Cantor Index IN 2001, Tony Blair sought a second mandate from the electorate before 9/11, which would eventually lead to war in Iraq. Blair’s re-election seemed more or less a foregone conclusion. He was still fresh-faced, energetic and was brilliant at selling his aspirations for social reform, which sadly never really transpired. [...]
Monetary stimulus unlikely for now January 7, 2013 ROLL up roll up, it’s 2013 and the Bank of England is due to meet for the first time this year, with an announcement due on Thursday. It does so with the FTSE 100 back over 6,000 for the first time since July 2011, and 10 year gilt yields back above 2 per cent for [...]
Analyst picks for 8 January 2013 January 7, 2013 CURRENCY STRATEGIST CHRIS VECCHIO My pick: Short euro-Aussie and euro-dollar (pending) Expertise: Fundamental and technical analysis Average time frame of trades: A few hours to a few days At the end of December, I sold euro-Aussie at Au$1.2720 on the rationale that a resolution to the US fiscal cliff would push traders from lower yielding [...]
Worries over fiscal cliff give way to concerns about latest US earnings January 7, 2013 INVESTORS’ fiscal cliff worries are likely to give way to more fundamental concerns, like earnings, as fourth-quarter reports get under way this week. Financial results, starting tomorrow with aluminum company Alcoa, are expected to be only slightly better than the third-quarter’s lacklustre results. As a warning sign, analyst current estimates are down sharply from what [...]
January Bank rates are likely to stay steady January 7, 2013 THE European Central Bank (ECB) is likely to keep interest rates on hold when it meets for its first policy meeting this year, analysts predict. “We believe the continued improvement in the forward-looking survey data will have been sufficient to stay the hand of those on the council who last month were willing to wait [...]
Brave start-up entrepreneurs may be set for a positive 2013 January 7, 2013 LAST year’s employment market was characterised by insecurity, scarcity of supply, and job losses in once buoyant sectors. Previously good reasons for staying in a City job could now be gone. While an uncertain jobs market may not be incentive enough alone for you to take the equally difficult path into entrepreneurship, according to Stuart [...]
The money delusion: How I escaped the misery of my millions January 7, 2013 THE girl was absolutely gorgeous and I was thrilled to be chatting her up. It was about 2.30 in the morning and I sat with her in Jimmy’z in Monaco, a very expensive nightclub, drinking Cristal, a very expensive champagne. “What do you do?” she asked, music thumping in the background. I tried to adopt [...]
