WALL ST THE WEEK AHEAD August 5, 2012 DESPITE a ho-hum earnings season and central banks’ disappointing hopes for aggressive economic stimulus last week, US stocks held firm. After four days of losses, the benchmark Standard & Poor’s 500 index rallied on Friday, finishing the week in the positive for a fourth straight time and reaching three-month highs. Sustaining momentum are valuations that [...]
Shares drop for fourth straight day on Wall St August 2, 2012 US stocks fell for a fourth day yesterday after European Central Bank President Mario Draghi disappointed investors hoping for immediate action to contain the Eurozone debt crisis. One of Wall Street’s top market makers, Knight Capital Group, was fighting for its survival after a trading glitch that roiled markets on Wednesday wiped out $440m the [...]
Team GB is doing brilliantly – but the British economy isn’t August 2, 2012 JUST as some had started to worry, Team GB delivered spectacularly yesterday, thanks in no small part to Bradley Wiggins, our new sideburned national hero. GB Plc isn’t performing as well, unfortunately. Manufacturing output is shrinking disastrously. The manufacturing purchasing managers index slumped from 48.4 to 45.4 in July – its lowest level since May [...]
Technical glitch forces NYSE to cancel trades August 1, 2012 THE New York Stock Exchange (NYSE) was forced to cancel trades in several shares yesterday after a technical glitch by market maker Knight Capital triggered dramatic stock price movements. The US exchange identified “irregular trading” in 140 shares in the opening 45 minutes of trade, but ultimately cancelled trades in just six shares. Most of [...]
Team GB is doing brilliantly – but the British economy isn’t August 1, 2012 JUST as some had started to worry, Team GB delivered spectacularly yesterday, thanks in no small part to Bradley Wiggins, our new sideburned national hero. GB Plc isn’t performing as well, unfortunately. Manufacturing output is shrinking disastrously. The manufacturing purchasing managers index slumped from 48.4 to 45.4 in July – its lowest level since May [...]
US stocks take a breath ahead of Fed meeting July 31, 2012 US stocks fell yesterday with traders’ sights set again on today’s Federal Reserve statement on the economy and a possible new round of stimulus. The Nasdaq, which underperformed on Monday, was the smallest decliner among the three major US stock indexes in yesterday’s session, thanks in part to Apple shares’ gain of 2.6 per cent [...]
MANCHESTER UNITED LAUNCHES US LISTING July 30, 2012 MANCHESTER United has brushed off market concerns by kicking off a $383m (£243.8m) initial public offering in the United States last night. Just a week after reports said the football club had put the brakes on its float due to lukewarm investor interest, Manchester United said in a filing it hopes to sell 16.67m Class [...]
Stocks suffer from euro fear on Wall Street July 23, 2012 US STOCKS fell for a second straight session yesterday, as Spain appeared closer to needing a national bailout and poor corporate results weighed on the market. Weak results from McDonald’s added to the cautious tone on Wall Street. Materials stocks were among the day’s weakest, hurt by across-the-board declines in commodities prices. Still, stocks ended [...]
Man Utd could list as early as next week July 19, 2012 MANCHESTER UNITED is expected to file for an initial public offering (IPO) in New York as early as next week for pricing in early August, after earlier attempts in Britain, Hong Kong and Singapore failed to reach expectations. The club had originally aimed to proceed with the listing in early September, but has moved its [...]
JP Morgan loses $4bn on trades July 13, 2012 JP Morgan Chase & Co, the biggest US bank, posted $4.4bn of losses from its “London Whale” trades, but also said some of its traders might have tried to conceal bad credit bets in the first quarter. The disclosure was the first indication the bank has made that the problems in its Chief Investment Office [...]