BEST OF THE BROKERS September 6, 2011 ANTOFAGASTA Canaccord Genuity rates the miner a “buy” with a 1,580p target price as it believes civil unrest in Chile will lead to a promised cut in corporation tax there being scrapped. That would hurt Antofagasta’s earnings per share forecasts, and the broker has cut its estimates by three per cent for 2012 and further [...]
A rally in commodities gives a rare fillip to the FTSE 100 September 6, 2011 A RALLY by hard-pressed commodity issues hauled Britain’s top share index higher yesterday as investors fished choppy waters for bargains after sharp falls in the past two sessions. At the close, the FTSE 100 index was up 54.26 points, or 1.1 per cent, at 5,156.84, having hit a peak of 5,190.2 in the morning and [...]
Wall Street falls on Europe fears September 6, 2011 WALL Street fell for a third day yesterday on fears Europe still has failed to tackle its debt crisis, prompting worries the market is headed to new lows for the year. Investors channeled cash into less risky assets as doubts resurfaced over the political will of Italy and Greece to push through tough budget measures [...]
Swiss move signals end of the phoney war September 6, 2011 YESTERDAY morning, the Swiss National Bank (SNB) took the bold move to put in place currency controls in the form of a minimum exchange rate between the euro and the Swiss franc at SFr1.20. The SNB said that it will protect the franc “with the utmost determination.” The SNB has also indicated that it is [...]
EURO FACES NEW TROUBLE OVER BAILOUT September 6, 2011 WE NEED a fiscal union,” declared Joaquin Almunia, the EU Competition Commissioner, and he couldn’t have been more right. Euro-dollar has declined more than 300 points since last week, as renewed concerns about the fiscal viability of the union have once again put pressure on the single currency. The latest troubles stemmed from Finland and [...]
THE TIPSTER September 6, 2011 THE Royal Bank of Australia left rates unchanged as expected this month, but Australian dollar-dollar traders are keen to sell any rallies in Aussie dollar as it heads towards $1.060-$1.0650. This is the site of the 50 and 100-day moving averages and support/resistance going back several months. Strong support may not come in again until [...]
FOREX ANALYST PICKS September 6, 2011 FOREX STRATEGIST JOHN KICKLIGHTER My pick: Long Aussie-Kiwi, long dollar-yen Expertise: Fundamental analysis with risk management Average time frame of trades: 1 day to 1 week The market finally took notice of the Eurozone’s financial troubles and the result was a sharp euro-dollar drop that easily hit reasonable targets. This pair could certainly do more; [...]
German voters won’t bankroll peripheral profligacy forever September 6, 2011 WHILE Greece and Italy continue to take a hammering in the bond markets, traders are today shifting their gaze to Germany, as its constitutional court decides on whether the bailouts are legal. Under article 103 of the Maastricht Treaty, “neither the Community or any other member state is liable for or can assume the commitments [...]
Not the end of the line for capitalism September 6, 2011 SAU, £20 Alex Singleton YOU might be forgiven for thinking that another book on the financial crisis was unnecessary. After all, Gordon Brown has already written a comprehensive tome. You know, the one in which he forgets about all the mistakes he made with regulation, congratulates himself for saving the world, and bangs on about [...]
The global capital market still changes lives September 6, 2011 THE pharaohs built their pyramids, gigantic tombs to propel themselves into a divine afterlife, colossal and as pointless as they were pointed. The Romans were more practical, and concentrated on useful things like aqueducts and roads, but which still served to remind the common people as they were using them of the greatness and superior [...]
