London Report: Glaxo troubles in China weigh on the FTSE 100 July 22, 2013 BRITAIN’S blue-chip share index ended slightly lower yesterday, weighed by GlaxoSmithKline’s problems in China, but remained close to a retest of seven-week highs. Glaxo, the FTSE 100’s biggest pharmaceutical company by market capitalisation, fell 1.2 per cent and accounted for more than half the broader index’s decline after it said some staff in China appeared [...]
New York Report: S&P notches a third record close in a row July 22, 2013 THE S&P 500 notched a third consecutive record closing high yesterday and other major indexes rose, though disappointing McDonald’s earnings kept the Dow from making significant gains. Banks and health shares were the day’s best performers, with financials advancing for the 10th time in the past 12 sessions. Bank of America led the group, while [...]
CNBC Comment: 2014 could see more pain for Eurozone July 22, 2013 IT HAS been impossible to tune out the din from the Fed on tapering, with the exit from QE dominating sentiment. But don’t be fooled into thinking the Eurozone crisis has disappeared. Europe has been on a slow boil, and could burn investors again this year or even worse in 2014 – when the first [...]
Analyst picks July 22, 2013 DailyFX CURRENCY STRATEGIST CHRIS VECCHIO My pick: Long Aussie dollar-yen Expertise: Fundamental and technical analysis Average time frame of trades: A few hours to a few weeks I maintain my bullish call on Aussie dollar-yen, despite no landslide victory in the Japanese election. But now that fiscal authorities don’t have carte blanche, the impetus to [...]
Any Other Business – 23/07 July 22, 2013 Can you grind faster than the rest of the Square Mile? The Capitalist is, of course, talking about the physically demanding process of reeling in the sheets when hoisting the sail on a yacht. Aberdeen Asset Management, sponsor of Cowes week, is challenging pairs of City workers to take part in a grinding contest at [...]
Duchess of Cambridge gives birth to a boy July 22, 2013 The Duchess of Cambridge gave birth to a boy at 4.24pm, it was announced this evening. The baby weighed eight pounds six ounces. A formal notice of the birth was taken from St Mary’s Hospital to Buckingham Palace, where it was set on an easel for public view. The announcement states “Her Royal Highness and [...]
Institute of Directors criticises government for failing to expand EU single market July 22, 2013 The Institute of Directors (IoD) has commented on today’s government audit on the balance of competences between the UK and the EU, covering areas including taxation, foreign policy and health. Simon Walker, director general of the IoD, said: The Government has a golden opportunity to urge extending the Single Market to services. The biggest failing [...]
Goldman cuts US growth forecast AGAIN – it’s now less than half what it was two weeks ago July 22, 2013 Goldman Sachs has cut its second quarter US GDP estimate again after home sales fell in June for the first time this year. The bank now forecasts 0.7 per cent growth in the second quarter, revised down from 0.8 per cent. This is the fourth revision to US output estimates in less than two weeks, [...]
Telefonica confirms it is in talks over major German telecoms merger July 22, 2013 Telefonica Deutschland has confirmed it is in talks with Dutch telecoms company KPN to purchase German mobile operator E-Plus, although transactions are still being negotiated, according to a reporter for the Financial Times. BN 07/22 16:17 *TELEFÓNICA DEUTSCHLAND CONFIRMS TALKS POSSIBLE PURCHASE E-PLUS — Anousha (@anoushasakoui) July 22, 2013 Telefonica had already said it was [...]
Why silver will underperform next to gold over the next two years July 22, 2013 Despite the recent price spike of both gold and silver, silver will continue to underperform gold given its greater susceptibility to industrial volatility and reduced household demand, according to a note from Capital Economics. This goes against what a number of other analysts have been arguing. The price of silver was up over five per [...]