London Report: BG slump and concerns over Syria hit FTSE September 9, 2013 BRITAIN’S top share index fell from three-week highs yesterday, with a warning of lower output from energy major BG and simmering concerns about Syria outweighing strong Chinese data. BG dropped 5.1 per cent – its biggest one-day fall in nearly a year – after saying delays at projects in Egypt and Norway would reduce its [...]
New York Report: US stocks lifted as China posts upbeat data September 9, 2013 US STOCKS closed sharply higher yesterday, with the Nasdaq ending at its highest level since September 2000, as upbeat data from China boosted optimism about the health of the global economy. Sentiment was also lifted by merger activity and easing concerns about a potential Western-led strike on Syria. The S&P 500 closed higher for a [...]
Political risks rising in the Eurozone September 9, 2013 The rise of populist parties across the bloc and high unemployment may lead to more market volatility, writes Liam Ward-Proud RECOVERY in the Eurozone is certainly underway. The region ended its 18-month recession in the second quarter, posting growth of 0.3 per cent. European equities, despite a few blips, have also performed strongly, with the [...]
CNBC Comment: Banks face an IT Wonga challenge September 9, 2013 The market may not be factoring in the cost of new technologies THERE is a shadow looming over the world’s retail banks, which many believe the market is not factoring in. For much of the past few years, the focus has been on the fallout from the higher-stakes poker games played before the financial crisis. [...]
Daily FX: Analyst picks September 9, 2013 CURRENCY STRATEGISTCHRIS VECCHIO My pick: Long dollar-yenExpertise: Fundamental and technical analysisAverage time frame of trades: A few hours to a few weeks US non-farm payrolls disappointed on Friday but dollar-yen closed the week above ¥98.80, the condition necessary to enter a long position. I took ¥99.10 at the close on Friday; and the news that [...]
FCA to study cash savings as part of programme on competition across financial services markets September 9, 2013 Regulators have today announced plans to carry out a market study to assess whether competition is in the interests of consumers. The Financial Conduct Authority (FCA) will focus on cash savings accounts, and how frequently the 80% of adults in the UK with such accounts switch between providers. The FCA comments: The cash savings study [...]
US opens up: Dow touches 15,000 and NASDAQ 100 hits November 2000 high September 9, 2013 US markets are off to a good start, with the Dow Jones touching 15,000 and the NASDAQ 100 has hitting its November 2000 high. The latter, comprised of the 100 largest non-financial companies listed on the NASDAQ, is weighted on the market capitalisations of its constituents.
World’s top 300 pension funds see total assets up by 10 per cent in 2012 September 9, 2013 New research has shown that the largest 300 pension funds have seen their total assets grow by almost 10 per cent in 2012, compared to just two per cent growth in the year before. The study, conducted by Pensions & Investments and Towers Watson research found that those top 300 funds now represent over 47 [...]
Icahn is out: Compares Dell board to a dictatorship as he gives up the chase September 9, 2013 Activist investor Carl Icahn's letter is now out (as pre-announced on Twitter) and he's out too. After several failed attempts to take tech giant Dell, Icahn is giving up the chase. But he does say: I continue to believe that the price being paid by Michael Dell/Silver Lake to purchase our company greatly undervalues it, [...]
Activist investor Icahn uses Twitter to announce new letter to Dell shareholders September 9, 2013 Activist investor Carl Icahn still hasn't got bored of Twitter. After adding $14bn to Apple's value with a single Tweet he's back on old ground, talking Dell. We intend to release a letter to all Dell shareholders shortly. — Carl Icahn (@Carl_C_Icahn) September 9, 2013 That's Icahn's 17th Tweet, and follows multiple takeover rejections [...]