Irish banks soar but analysts are sceptical November 29, 2010 SHARES in Ireland’s stricken banks soared yesterday as the market reacted positively to its bailout plans. Bank of Ireland gained 16.6 per cent and Allied Irish Banks gained 3.8 per cent amid hopes the rescue package can keep the banking system afloat. However, analysts are sceptical that the initial injection will be enough and say [...]
FTSE tumbles on weaker commodity prices and nerves over Ireland’s rescue November 29, 2010 BRITAIN’S top share index ended sharply lower yesterday, seeing two months of gains wiped out, as heavyweight commodity issues dropped back with weaker metal prices and financial firms dropped on worries over the Eurozone. The FTSE 100 index dropped 117.75 points, or 2.1 per cent, to close at 5,550.95, the day’s low, having reversed from [...]
Greece gets loan extension as Italian yields surge higher November 29, 2010 GREECE will have until 2021 to repay its €110bn (£92.7bn) EU/IMF bailout loan, the country’s finance minister said yesterday. In return, Greece will have to pay a higher fixed interest rate of about 5.8 per cent from 5.5 per cent, George Papaconstantinou said. “The repayment, which was now until 2015, will go to 2021 … we [...]
Eurozone fears dampen markets on Wall Street November 29, 2010 US stocks edged down in a low-volume session yesterday on worries Europe’s credit crisis will spread, despite a weekend agreement to bail out Ireland. But stocks finished well off their lows of the day as the dollar retraced some of its earlier gains and energy and financial stocks rallied later. The Dow Jones industrial average [...]
Munich Re is exposed to €2.4bn of Irish bonds November 29, 2010 Munich Re is exposed to €2.4bn (£2bn) of Irish government bonds – around 1.2 per cent of its total non-linked assets (see chart above). However, exposure to the Irish crisis is not as bad as some feared, according to data from Nomura. Munich Re’s exposure is double the next most exposed insurer, ZFS, which has [...]
Savvy traders can also benefit from dividends November 29, 2010 IN A world of high inflation, low growth and stock markets trading sideways, the investor is perpetually in search of ever-elusive income. Dividend income is understandably more appealing to the buy-and-hold investor community but the speculative trader should not ignore it either. Dividends can still play a part in the contracts for difference (CFD) trader’s [...]
IMF admits it should have done better November 29, 2010 THE International Monetary Fund (IMF) has admitted it should have done better in predicting the banking and property crisis in Ireland that precipitated its €85bn (£72bn) rescue package. Deputy director of the IMF’s European department Ajai Chopra said in an interview with the Financial Times: “There is no question that we – and other observers [...]
Oil reaches two week high on back of bailout November 29, 2010 OIL rose to a two-week high yesterday on the back of the Irish financial rescue. However, persisting worries about the health of other Eurozone members trimmed some of the gains later. Worries that a spreading crisis within the Eurozone would keep a lid on growth and hence energy demand have helped pressure commodities prices over [...]
US JOBS DATA COULD STILL DISAPPOINT November 29, 2010 CFD MARKET STRATEGIST, GFT LAST week was a stomach-churning rollercoaster for investors and traders alike. Attention shifted away from the US and the backlash which greeted the Fed’s announcement of QE2. Instead, the focus was on tensions between North and South Korea, along with the European sovereign debt and banking crisis. These issues have the [...]
City business still booming November 29, 2010 BIG four accountancy firm PricewaterhouseCoopers has maintained its lead as the firm with the highest number of FTSE clients in the third quarter ended 4 November, according to the latest research from business data firm Hemscott. The Hemscott Corporate Advisers Rankings Guide, which is published quarterly, also revealed yesterday that public relations agency Brunswick had [...]
