London Report: Summers’ exit from Fed race boosts the FTSE September 16, 2013 BRITAIN’S top share index hit a six-week high yesterday as Lawrence Summers quit the race to head the US Federal Reserve, boosting prospects of a more measured scale-back in economic stimulus measures. The blue-chip FTSE 100 index ended up by 0.6 per cent, or 39.06 points, at 6,622.86 points, marking its highest close since ending [...]
New York Report: Obama curbs market gains with debt talk September 16, 2013 US stocks advanced yesterday after former Treasury secretary Lawrence Summers withdrew as a candidate for Federal Reserve chairman, lifting some market uncertainty about what was heading towards a contentious confirmation process. Early enthusiasm faded, however, after President Barack Obama stood firm in warning Republicans in Congress he will not negotiate over an extension of the [...]
Unworkable Syrian chemicals plan saves Obama but exposes unrealistic US policy September 16, 2013 IT IS painfully evident that the agreement reached over Syria’s chemical weapons by Washington and Moscow in Geneva is so much less than meets the eye. The accord imposes unbelievably quick deadlines for Bashar al-Assad’s regime to meet. By the end of this week, Syria is to submit a full list of its chemical facilities. [...]
Nick Clegg’s ambition to lift the poor from tax is a lesson for Tories over low pay September 16, 2013 WHAT makes a popular policy that can capture the public imagination? Policy, like politics, is best when it provides a noble purpose. A fight against injustice. A sense of direction. Ideas brutally simple to understand. Take Margaret Thatcher’s “Right to Buy”. A noble purpose? Allowing council tenants to own their homes. A fight against injustice? [...]
We should replace Fed monetary superheroes with rules-based policy September 16, 2013 LARRY Summers is out of the race to succeed Ben Bernanke as Fed chair. After months of debate, with politicians and media picking over Summers’s personality and background, the spotlight has returned to Janet Yellen, deputy Fed chairwoman. Is she now a certainty? Or is another monetary superhero about to emerge? All of this recalls [...]
Letters to the editor – 17/09 – House price bubble, Best of Twitter September 16, 2013 House price bubble [Re: Artificially limiting rises in house prices will do more harm than good, yesterday] Philip Booth is the voice of reason, rightly pointing out that we have one of the most restrictive land-use planning policies in Europe. I am surprised that the Royal Institute of Chartered Surveyors has called for these limiting [...]
Summers exit trumps fears of taper September 16, 2013 But uncertainty surrounding the nomination of the new Fed chair will mean volatility for stocks in the future LARRY Summers, former US Treasury secretary, is out of the race to replace Ben Bernanke as Fed chair. In reaction to the news, the MSCI All-Country World Index rose yesterday by 1.1 per cent to its highest [...]
CNBC Comment: Guidance disbelief may force Bank action September 16, 2013 IT’S ANOTHER big week for UK economy watchers, as questions remain about the quality and sustainability of the current rebound. After a miserable 2012, more optimistic economic forecasts should be warmly received. But there’s still doubt about whether a recovery that’s been helped by housing and a consumer upturn can lead to strong investment-led growth. [...]
Daily FX: Analyst picks September 16, 2013 CURRENCY STRATEGIST CHRIS VECCHIO My pick: Long Kiwi-dollar, long Kiwi-yen, looking to exit long dollar-yen Expertise: Fundamental and technical analysis Average time frame of trades: A few hours to a few weeks Dollar-yen has chopped sideways and opened the week lower on news that Larry Summers would not become the next Fed chairman. Weakness related [...]
Who said Volvos were boring? September 16, 2013 Volvo’s new V60 Plug-In Hybrid is proof that sensible and cool are not mutually exclusive THERE was a time when the Volvo estate was thought of as the most sensible car imaginable, a large, boxy family vehicle parked outside a semi-detached house on a suburban cul-de-sac awaiting its sole function; ferrying children about as safely [...]
