Best of the Brokers for 18 October 2013 October 17, 2013 To appear in Best of the Brokers, email your research to notes@cityam.com TUI TRAVEL UBS has cut its rating from “buy” to “neutral” and trimmed its target from 410p to 400p following a strong run for the shares. The broker thinks now is a good time to take profits, given that the disruption in Egypt [...]
London Report: BSkyB drives up FTSE for a sixth consecutive day October 17, 2013 BRITAIN’S top share index ended higher yesterday, helped by a surge in media group BSkyB, although investors were underwhelmed by a temporary fix to the United States’ debt issues. The blue-chip FTSE 100 index closed up by 0.1 per cent, or 4.57 points, at 6,576.16 points to mark its sixth straight session of gains. BSkyB [...]
New York Report: S&P hits record high as US deal cheers investors October 17, 2013 THE S&P 500 closed at a record high yesterday as investor confidence grew following a last-minute deal to avoid a US default, but weaker-than-expected results from heavyweights IBM and Goldman Sachs pressured the Dow. The S&P 500’s intraday record of 1732.92 broke the all-time high set 19 September. Over 80 per cent of stocks traded [...]
Any other business – 18/10 October 17, 2013 While Mayor of London Boris Johnson is away on an official visit to China, the Greater London Authority (GLA) is still hard at work. Just yesterday, City Hall released a report into the economic contribution of “Older Londoners”, finding that despite popular misconceptions, the capital’s elderly residents contribute £53bn to the economy. However, the GLA’s [...]
Will they/Won’t they? US macro data may not be released for weeks as government reopens October 17, 2013 We've been more or less flying blind without US macroeconomic data during the shutdown – now market watchers are trying to work out when new data will be released. Analysts at Deutsche Bank have suggested that we're going to see all of those reports hit at once. Brett Ryan of Deutsche Bank said that "when [...]
Head regulator says that financial services are moving away from simplistic rewards structures October 17, 2013 Chief regulator Martin Wheatley told an audience that he has seen signs of improvement in the UK's financial services industry. The financial conduct authority (FCA) chief executive said early analysis suggested "three of the biggest UK banks have removed the direct link to sales in incentive arrangements for front line staff in retail branches, and [...]
US manufacturing sees dip in October from September’s surge October 17, 2013 Manufacturing performance in the US remains good but is slightly depressed this month, as the Philadelphia Fed manufacturing survey comes in at 19.8 for October, falling from September's 22.3 surge but exceeding expectations of 15.0. Growth was seen in new orders, shipments (20.4, down only slightly from 21.2) and employment (15.4, from 10.3), with indicators [...]
Snooker star Ronnie O’Sullivan warns of housing crash October 17, 2013 Fives times World Snooker Champion Ronnie O'Sullivan has pledged not to talk snooker on his Twitter account anymore, but will focus on "running and financial terrorism". Right no more talking snooker.. Only gonna talk running and financial terrorism — Ronnie O'Sullivan (@ronnieo147) October 17, 2013 Yesterday O'Sullivan tweeted a stream of critiscisms of government [...]
EU Youth Guarantee still in early stages as unemployment problems rumble on October 17, 2013 Today and tomorrow, the European Commission is holding a seminar to help member states with their Youth Guarantee Implementation Plans – part of the Commission's answer to youth unemployment problems in the EU. (Release) Back in April of this year, the Commission adopted the Youth Guarantee, designed to ensure every young person under 25 receives [...]
Government urges low pay commission to consider youth unemployment in minimum wage decision October 17, 2013 The government has urged the Low Pay Commission to consider the impact of the national minimum wage (NMW) on youth unemployment, in its interim evidence for the Low Pay Commission's 2014 report published earlier today. The report cites the broader macro-economic climate, as reason to carefully examine NMW effects on employment: Pre-recession trend growth is [...]