Before the open – 04/09 September 4, 2013 London's leading index, the FTSE 100, is expected to open flat this morning. #FTSE called flat to slightly up ahead of open, stocks to watch include Ryanair, Ashtead Group & Hargreaves Landsown. — Sales Traders CMC UK (@SalesTradersCMC) September 4, 2013 European services data is expected to show that sector order books have returned to [...]
Ryanair issues profit warning as weakness in Autumn season appears September 4, 2013 Budget airline Ryanair has issued a profit warning, announcing that it expects full year results to show profit at the lower end of the expected range of €570m to €600m (£482m to £508m). Full year traffic is also expected to come in lower at 81 million from 81.5 million previous. CEO Michael O'Leary said that [...]
Regulator announces redress for rate swap mis-selling now totals £500,000 September 4, 2013 Regulator the Financial Conduct Authority (FCA) has announced that payments for mis-selling by banks have begun. The FCA found that banks selling products designed to protect small companies, but as rates fell, they had to pay bills running into the tens of thousands and faced larged exit penalties. By the end of August, 10 offers [...]
Barclays will start £5.8bn rights issue on 13 September September 4, 2013 Bank Barclays has announced that its £5.8bn rights issue is expected to take place of 13 September (release). It is anticipated that the record time for Ordinary Shareholders' entitlement to participate in the Rights Issue shall be the close of business (London time) on 13 September 2013. As a result (and as outlined in the [...]
Microsoft’s Nokia deal dents hedgies September 3, 2013 US COMPUTING giant Microsoft’s surprise deal to buy Nokia’s mobile devices arm for €5.33bn (£4.5bn) yesterday delivered a nasty shock to the hedge funds who had been short selling the Finnish firm’s stock. Nokia’s share price rose 40 per cent after the announcement yesterday, a jump caused by the high number of short sellers, typically [...]
Sunscreen goes up to block rays from Walkie Scorchie skyscraper September 3, 2013 THE DEVELOPERS behind the Walkie Talkie skyscraper last night began erecting an enormous screen in an attempt to block the building’s ultra-bright reflections – but not before City A.M. harnessed the power of the beam to fry an egg. Exactly 347 years after the Great Fire of London ravaged the City, we took advantage of a hotspot [...]
Growth forecast hiked for UK as recovery emerges September 3, 2013 THE BRITISH economy is expected to expand almost twice as quickly this year as previously thought, according to new forecasts from a major international agency. According to the Organisation for Economic Co-operation and Development (OECD), the UK’s GDP is likely to grow by 1.5 per cent this year, up from the 0.8 per cent it [...]
US firms report strong summer as taper looms September 3, 2013 BUOYANT figures from the US manufacturing and construction sectors released yesterday have added to the case for a reduction in the Fed’s QE programme soon. Both Markit and ISM’s purchasing managers’ indexes (PMI) for manufacturing in August showed the sector in growth. Markit’s headline figure was 53.1, slightly lower than in July, while ISM’s was [...]
Builders signal August boost for construction September 3, 2013 THE CONSTRUCTION sector grew at its fastest rate since September 2007 this August, surging after a feeble start to the year, according to a survey of professionals. The purchasing managers’ index (PMI) for construction, collated by Markit and the Chartered Institute of Purchasing and Supply, output is rising at the fastest rate since before the [...]
Obama wins backing over Syria attacks September 3, 2013 PRESIDENT Obama last night won the support of key Republicans as he looks to build support for tactical strikes on Syria over the alleged used of chemical weapons by President al-Assad. Eric Cantor, who leads the Republican party in the House of Representatives, gave his backing to the President, while John Boehner, the speaker of the [...]