No more bunga bunga, but bonds are still high November 14, 2011 THE European political machine flexed its muscles last week, first in Greece and then, more significantly, in Italy. A nudge from its European benefactors was enough for Greece to topple its prime minister George Papandreou after months of pressure and confidence votes. The Greek parliament moved to appoint a man who ticked all the European [...]
BERLUSCONI, OIL AND A LOAD OF EUROS November 14, 2011 LAST Wednesday, global stock indices took a dive as Italian bond yields soared. Having waved off George Papandreou as Greek Prime Minister, bondholders turned their attention to Italy. Investors began to panic as the yield on Italy’s 10-year BTPs flew above 7 per cent – a level which saw Greece, Ireland and Portugal require emergency [...]
Ask the experts: what’s to come November 14, 2011 ALPARI JAMES HUGHES Now gold has finished its relentless march higher, traders have almost started to take stock of the wreckage of all other asset classes. It was inevitable after the huge surge in prices that, once the end came, the profit takers would be out in force moving prices significantly lower again. However, while [...]
THE TIPSTER November 14, 2011 THE London Stock Exchange has been finding things tough recently battling against protesters sitting outside its head office and the prospect of a Europe-wide financial transaction tax. On top of this, several failed mergers and takeovers of the exchange have left it in a tricky position when compared to the competition. On Wednesday it releases [...]
Five weird and wonderful things to get trading November 14, 2011 1 The Vix index The Vix, also known as the fear index, allows traders to bet on the expected volatility of the stock market in the next 30 days. Mike van Dulken, the head of research at Accendo Markets, says: “It’s great if you’re long stocks or commodities. It’s a great hedge.” 2 Lumber Trading [...]
Loosen those belts: no diets allowed at City beef-house November 14, 2011 HOW much can one genuflect to the gods of steak? In London these days, the answer is a lot. And when an outlet of Hawksmoor opens up, it’s practically illegal not to sink to one’s knees in praise. And then sink one’s teeth in. You’ve probably already been to Hawksmoor in Spitalfields or Seven Dials. [...]
QUAFFER’S CORNER November 14, 2011 HEAD SOMMELIER AND MANAGER OF LUTYENS RESTAURANT BEING from the New World, I’m accustomed to thinking of grape growing as a specialised activity but, in fact, in parts of Europe it is the norm to grow grapes as part of a pattern of mixed agriculture, combining it with fruit or nut trees, perhaps a cow [...]
FOOD AND BOOZE | AROUND TOWN November 14, 2011 • With cutesy no-reservation restaurants opening by the bucketful in Soho, there’s now a dedicated cocktail lounge for those who want to cut straight to the chase after dinner or a show. Set over two floors, the style is boho chic: velvet sofas and button-back armchairs plus French windows and a long and a long [...]
Italy’s UniCredit to cut 5,000 jobs November 14, 2011 Italian bank UniCredit is to axe 5,000 staff while preparing a 7.5bn euro (£6.4bn) rights issue in an attempt to dig it out of trouble. The bank reported a 10.6bn euro loss in the three months to September, triggered by debt writedowns in the Eurozone. UniCredit holds 38bn euros of Italian government bonds and its [...]
Buffett builds $10bn stake in IBM November 14, 2011 Berkshire Hathaway has accumulated a 5.5 per cent stake in IBM, Warren Buffett said on Monday, his biggest bet on the technology field that he has historically shunned. Buffett, in a CNBC interview, said he bought about 64 million shares of IBM, which cost around $10.7bn (£6.7bn). Berkshire started buying the shares in March with [...]
