Hong Kong gains ground on the City September 20, 2010 THE government was warned yesterday not to risk London’s position as the world’s largest financial centre as a report showed the City and New York losing ground to Hong Kong. Hong Kong has now joined New York and London as one of the “Big Three” financial centres for the first time, according to the latest [...]
Wall St edges up despite poor data September 15, 2010 STOCKS advanced yesterday on Wall?Street but remained hemmed in a recent trading range as disappointing economic data hindered the S&P 500 from breaking through a stubborn technical level. Markets were pressured early by a report showing a measure of New York state business conditions slipped to the lowest level in more than a year, while [...]
Promising US retail data fuels optimism September 14, 2010 STOCKS were little changed yesterday after promising data from the retail sector fed recent optimism that the economic recovery, while slow, is proceeding. Retailers were a bright spot after data showed US retail sales rose in August for their largest gain in five months. Best Buy’s higher-than-expected quarterly profit and raised outlook validated the government [...]
Wall Street closes up on light trading September 8, 2010 US stocks rose yesterday as investors latched onto positive news out of Europe in the latest in a string of low-volume sessions suggesting little confidence in market direction. Bank stocks recovered from Tuesday’s losses, with JPMorgan up 2.2 per cent and the BKW bank index up 1.7 per cent. A successful Portuguese debt offering as [...]
SEC mulls tightening up process for stock orders September 7, 2010 US regulators are probing certain practices around “quote stuffing,” where large numbers of rapid-fire stock orders are placed and cancelled almost immediately, Securities and Exchange Commission (SEC) chairman Mary Schapiro said yesterday. “The SEC and other regulators are looking carefully at certain practices in this area to assess whether they violate existing rules against fraudulent [...]
Avis raises its bid in Dollar Thrifty battle September 2, 2010 CAR RENTAL company Avis Budget Group raised its bid for Dollar Thrifty Automotive Group three per cent to $1.35bn (£877m), as it looks to wrest the company from rival Hertz Global Holdings. Avis raised the cash portion of its bid by $1.50 to $40.75 a share on yesterday. The stock portion of the deal remains [...]
Wall St up as fears of double-dip recede September 2, 2010 US stocks rose on low volume yesterday as data showed improvement in housing and the job market a day ahead of the critical monthly payrolls figures. Investors built on Wednesday’s sharp advance as indicators provided the latest reason for optimism the economy could avoid another downturn. But the nascent rally could be derailed if today’s [...]
Wall St surges as confidence picks up September 1, 2010 WALL Street posted its best day in eight weeks yesterday as investor mood brightened after better-than-expected factory data from the United States and China. Investors jumped on stocks across the market, with more than six shares rising for every one that fell on the New York Stock Exchange, while on the Nasdaq, nearly five stocks [...]
Wall St stages comeback as bargain hunters move in August 25, 2010 US stocks staged a comeback yesterday, breaking a four-day losing streak by major indexes, as key technical support triggered bargain hunting that offset weak economic data. The S&P 500 index sagged as much as one per cent after data showed new single-family home sales slumped to a record slow pace in July. But positive momentum [...]
TOP FOREX STAR TAKES TIME OUT FROM RBS August 24, 2010 A BLOW for the Royal Bank of Scotland – and, by extension, to the rest of us – as one of the most celebrated foreign exchange traders in the City hops out of the bank’s revolving door. Mark Barnes stepped up to the role of global head of forex trading at RBS last year, and [...]