Wall Street edges up in choppy day November 7, 2011 US stocks closed a volatile, lightly traded session slightly higher yesterday, with sentiment continuing to shift with the latest headline from Europe. Wall Street spent most of the session lower before rebounding after Juergen Stark, a member of the European Central Bank’s Executive Board, said the region’s debt crisis might be overcome in “one or [...]
Jefferies says EU exposure is only $38m November 3, 2011 JEFFERIES insisted it had no meaningful net exposure to European sovereign debt yesterday, as it sought to allay investor fears that had caused its shares to plunge and brought trading to a standstill. Shares in the US investment bank fell as much as 20 per cent yesterday to $10, their lowest since March 2009, prompting [...]
Polymetal in debut day on London exchange November 2, 2011 RUSSIA’S fourth biggest gold miner Polymetal was yesterday officially admitted to the London Stock Exchange after switching from a Moscow listing. The move follows a £491m share placing that values the company at £3.55bn. The placing was priced at £9.20 – the bottom of the range that was set between £9.10 and £10. Sources said [...]
Markets hit by MF Global bankruptcy October 31, 2011 MARKETS plunged in London and New York yesterday as MF Global, the $41bn brokerage, became the first big American casualty of the European sovereign debt crisis. MF Global Holdings filed for Chapter 11 bankruptcy protection in the US following the collapse of a last-minute deal to sell off assets. It became the eighth-largest bankruptcy in [...]
Best month in 37 years for the S&P October 27, 2011 US stocks surged three per cent yesterday as an agreement by European leaders to help contain the region’s two-year debt crisis lifted a cloud hovering over markets. Optimism that a deal would be struck to prevent widespread financial distress fueled the market’s rebound in October. The S&P 500 is up more than 13 per cent [...]
25 years after the Big Bang we ask: Was it a good idea? October 26, 2011 YES Eamonn Butler SOMETHING had to happen. London had once been the world’s major financial centre, but by the 1980s it had been overtaken by New York and that lead was growing. The City remained an old-fashioned world: to outsiders like me, more like a private gentlemen’s club than a place of business. Its leading [...]
Ex Goldman director hit with insider trading charges October 26, 2011 Rajat Gupta, one of America’s best-connected businessmen, has been arrested by US federal authorities over the insider trading probe that saw former hedge fund tycoon Raj Rajaratnam jailed for 11 years this month. Gupta, a former head of McKinsey and ex-director of Goldman Sachs, has been charged with the criminal offences of securities fraud and [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 20, 2011 FINANCIAL TIMES EU PUTS BANKS’ SHORTFALL AT JUST €90BN Europe’s grand plan to strengthen its banking system is set to fall well short of current market expectations identifying a capital shortfall of less than €100bn (£87bn) that must be made up over the next six to nine months, according to the latest official estimates. The EU’s [...]
Trader tops NYSE ranking October 17, 2011 A LITTLE-known brokerage in New York toppled Goldman Sachs and Morgan Stanley from the top of the New York Stock Exchange’s ranking of trading companies for the past two weeks, it has emerged. Latour Trading topped NYSE’s weekly list of the biggest programme traders, which use an automated system to execute large trades buying or [...]
Fear gauge up as US stocks plunge October 17, 2011 US stocks suffered their worst loss in two weeks yesterday after comments from Germany’s finance minister caused investors to fear Europe’s solution to its debt crisis may not come fast enough. The S&P index had risen for two straight weeks for the first time since July, riding a wave of euphoria built on optimism that [...]