Gold spikes due to Greek worries June 21, 2011 Gold rose for a third day yesterday, driven by a weaker dollar and uncertainty of the sovereign debt crisis in Greece. Bullion also got a lift from a return of investor risk appetite across-the-board, as the grains, commodity and equity markets all rose. The precious metal has hit a high against sterling this week, printing [...]
INVESTMENT BANK OF THE YEAR | The Shortlist day 3 June 21, 2011 This hasn’t been the easiest of times for investment banks but there are signs that deal activity, at least, is picking up to more normal levels. We have chosen JP Morgan because, as ever, it has shown itself to be strongly placed in most markets. Bank of America Merrill Lynch is something of a recovery [...]
TRADER OF THE YEAR June 21, 2011 They are far less visible than their counterparts in corporate finance or in the capital markets, but traders play a crucial role in many organisations. For this year’s selection we have chosen two traders for big banks, one hedge fund founder and one hedge fund trader. And then there’s a man from Glencore. Don’t miss [...]
CITY MOVES | WHO’S SWITCHING JOBS June 21, 2011 Linklaters The law firm has appointed Michael Cutting as global head of competition and Sir Christopher Bellamy (pictured) as chairman of the practice, both effective from 1 July. Cutting, who has been a partner at the firm since 2005, specialises in banking, energy and utilities competition law, and takes over from Gerwin Van Gerven, who [...]
BEST OF THE BROKERS June 21, 2011 COMMERZBANK Deutsche Bank reinitiates coverage of Germany’s second largest bank with a “buy” rating and a target price of €4.60, reflecting the group’s strong position in core German banking products. The broker sees the main profit driver in the next 18 months as the normalisation of loan losses and execution on cost saving potential, after [...]
FTSE gains after commodity rally and flurry of M&A bids June 21, 2011 BRITAIN’S leading shares pushed higher yesterday, led by rallying commodity stocks and banks as investors awaited a vote of confidence in the Greek Parliament. The vote, due after the London market close, is seen as a key step towards the passage of more spending cuts in exchange for foreign emergency loans. “What equity markets need [...]
US stocks recover on Greece hopes June 21, 2011 US stocks posted gains for the fourth day yesterday on growing hopes that Greece will avoid a debt default, adding momentum to the market’s recent rebound. The Nasdaq had its biggest percentage gain since October, while the S&P 500 marked its best day in two months in what investors believe could be continued short-term buying [...]
There isn’t an alternative to Greek default June 21, 2011 GREECE is in a dire state. While people protest in the streets, bond yields consistently point towards expectations of a default. Things are going to be bad, but if the key actors continue to deny the inevitable, the tragedy will play out even worse. As such, forex traders need to keep on their toes. SEEING [...]
AFTER GREECE, THE EURO WILL LOOK TO DATA June 21, 2011 CURRENCY markets were in a state of suspended animation, awaiting the Greek no confidence vote. But the verdict of the parliament in Athens wasn’t surprising. Prime Minister Papandreou was never likely to lose, despite the fact that he had a majority of just five in the parliament of 300. The stakes were simply too large. [...]
THE TIPSTER June 21, 2011 STERLING-yen continues to come under pressure as it hit a low yesterday not seen since the earthquake related slide in mid-March of ¥129.73. Heavy pressure on dollar-yen and a similarly weak cable helped to push it lower. It looks intent on testing the support areas around ¥129.15-¥128.70, so anyone tempted to buy this pair should [...]
