INTERVENTION FROM THE SNB HAS LIMITS November 8, 2011 ONE currency pair staged a wild rollercoaster ride this week, rising 40 points in a matter of seconds only to fall 100 points a few minutes later as markets reacted to every headline to hit the screen. If you think I am referring to the euro-dollar, I am not. The cross in question is euro-Swiss [...]
FOREX ANALYST PICKS November 8, 2011 FOREX STRATEGIST JOHN KICKLIGHTER My pick: Short sterling-dollar; short dollar-yen below ¥78.00 Expertise: Fundamental analysis with risk management Average time frame of trades: 1 day to 1 week We witnessed an incredible swing in risk trends preventing both my sterling-yen and Aussie-dollar setups from triggering. The dollar-Canadian dollar managed to hit the Ca$0.9970 short, but [...]
Dollar dented but not depressed November 8, 2011 FAIR FX RISHI PATEL Activity in the US has clearly been overlooked, as the chaos in the Eurozone takes the limelight. 2011 has been one of the more difficult years for macro trading, with the US economy so far managing to avoid heading back into recession. Early in the month we saw the release of [...]
Will the Lloyds boss return to work? November 8, 2011 This week we’re asking members of our readers panel whether or not they think Antonio Horta-Osorio will return to work, having taken a temporary leave of absence due to stress. We also want to know how likely you think it is that Greece is ejected from or leaves the Eurozone. Apply to join the panel [...]
Lloyds dumps assets to cut funding gap November 8, 2011 LLOYDS continued to bear down on its funding gap in the third quarter of 2011, it revealed yesterday, despite posting a nine-month loss of £3.86bn. Interim chief executive Tim Tookey insisted that it was “business as usual” at the beleaguered lender despite star CEO António Horta-Osório’s shock disappearance on sick leave last week due to [...]
ANALYST VIEWS: HOW DO YOU RATE LLOYDS? November 8, 2011 FRANK BRADEN | S&P EQUITY RESEARCH Non-core assets have been reduced 22 per cent year to date, but further reductions of the £151bn balance will prove challenging in the current environment, in our view… With António Horta-Osório out on medical leave until Christmas and interim Tim Tookey leaving the company in February, management succession remains [...]
Credit Suisse gives US tax names November 8, 2011 Credit Suisse will hand over details of wealthy Americans with hidden Swiss accounts to the Swiss government, bringing US authorities one step closer to obtaining names of alleged tax cheats. The bank said yesterday it was complying with a request from the Swiss government for account information after US authorities requested Switzerland’s help in catching [...]
Job cuts loom at Intesa Sanpaolo November 8, 2011 Intesa Sanpaolo, Italy’s biggest retail bank, stuck to its plan to pay a dividend for 2011 yesterday as it announced deeper than expected job cuts that will further trim costs in the face of the sovereign debt crisis. Reporting a 29 per cent quarterly fall in net income due to a €593m writedown on Greek [...]
HSBC boss: Asia may face crunch November 8, 2011 A credit crunch stemming from European banks could also hit Asia, HSBC chief executive Stuart Gulliver warned yesterday. Speaking in Hong Kong, Gulliver told the Financial Times that policymakers must be aware of a potential slowdown in the availability of credit. “The strong increases in credit availability in Asia that has supported demand growth cannot [...]
Munich Re profits slump November 8, 2011 LARGE catastrophe losses and the collapse in the value of Greek sovereign debt slashed profits at Munich Re this year, it said yesterday. The world’s biggest reinsurance group made just €80m (£68.7m) net profit in the nine months to September, down from almost €2bn in the same period in 2010, despite its revenues from premiums [...]
