CITY EYE July 6, 2009 THE sun continued to bathe the City yesterday morning, despite those scurrilous doom-sayers predicting that the bad weather would have returned by this week. Sadly, the heavens did open towards the end of the day.
Booze query over PVM Oil rogue trader July 5, 2009 PVM OIL’S Steve Perkins, the rogue trader who lost the company £6m last week, may have been under the influence of drugs or alcohol when he went on a dealing rampage. It is understood that the Financial Services Authority (FSA) is investigating whether Perkins was inebriated when he used his home computer to make trades [...]
Not too early to talk of green shoots of recovery July 5, 2009 The expression “green shoots” is one you either find comfort in or loathe at the moment. It was coined in 1991 by the former Chancellor of the Exchequer, Norman Lamont, when most of the world was going through an economic recession. Lamont thought he could spot the very first signs of a recovery, but was [...]
Veteran City broker lured to join Oriel July 5, 2009 CORPORATE broking veteran Peter Meinertzhagen has been lured out of semi-retirement to join Oriel Securities, the broker run by his ex-colleague Simon Bragg, as an adviser. Meinertzhagen is best known in the City for advising some of Britain’s biggest companies during his 17-year tenure at the helm of Hoare Govett, now ABN Amro Hoare Govett [...]
CITY MOVES WHO’S SWITCHING JOBS July 5, 2009 Canada Life International The wealth management firm has appointed Mark Armstrong as its new head of operations. Armstrong joins from Axa in the Isle of Man, where he was director of technical and proposition support. He has over 20 years of experience in offshore financial services, having also previously worked as finance director at Allied [...]
No sustained rally for FTSE 100 this half July 5, 2009 WHATEVER the second half of 2009 holds for equity markets, it can only be better than the last six months of last year. But market analysts are not expecting the FTSE 100 to rally strongly through the third and fourth quarters, despite the blue-chip index’s strong rally since the depths of 3,500 back in March. [...]
WHERE DO YOU THINK THE FTSE 100 WILL END 2009? July 5, 2009 JOSHUA RAYMOND CITY INDEX4,600. The third quarter could help lift the markets if data all comes in line and momentum in terms of growth of companies’ profitability. I see economic recovery in mid-2010 and equity markets tend to react about six to eight months in advance. MANOJ LADWA ETX CAPITAL4,000. We’ll shoot to the downside [...]
Banking sector trading update will show pick of the crop July 5, 2009 WITH news that bankers at Goldman Sachs and Morgan Stanley are on track for bumper full-year bonuses, celebrated with the obligatory champagne and expensive dinners, you’d be forgiven for thinking that the financial crisis had never happened. But while they might be in line for those bonuses, investors and traders will be scrutinising banks’ earnings [...]
INFLATION FEARS STILL ON THE CARDS July 5, 2009 JANE FOLEYRESEARCH DIRECTOR, FOREX.COMLAST week brought confirmation that prices actually fell in the Eurozone in June. The consumer prices index (CPI) fell 0.1 per cent year-on-year, in sharp contrast to the European Central Bank’s (ECB) mandate which directs it to keep inflation at, or a little below, 2.0 per cent year-on-year. The complete absence of [...]
THE TIPSTER ECONOMIC DRIVERS EYED THIS WEEK July 5, 2009 NEXT week all traders will be watching the Bank of England’s monetary policy decision, announced at midday on Thursday. While the Monetary Policy Committee (MPC) is expected to keep interest rates on hold, there are concerns that further quantitative easing may be suggested. Given that its Eurozone counterpart – the European Central Bank (ECB) – [...]
