Wall St gets boost from banking stocks January 12, 2011 US stocks ended solidly higher yesterday after European debt fears eased and sparked a broad advance, led by banks and commodity-related shares. Investors expect further flows into equities on speculation the economy will strengthen. About seven stocks rose for every three that fell on the New York Stock Exchange. Sectors typically helped by rising inflation, [...]
US recovers losses after early jitters January 10, 2011 US stocks regained most of their early losses in light volume and ended slightly lower yesterday as prospects for strong earnings helped counter fears Portugal would be forced into a bailout. Investors say the market’s upward trend remains intact, but the S&P’s third straight session of declines suggests momentum has stalled. Traders also cited the [...]
Morgan Stanley to spin off proprietory trading unit January 10, 2011 INVESTMENT bank Morgan Stanley will spin off its proprietary trading business into an independent firm in 2012, joining a host of Wall Street banks scrambling to comply with new rules that bar making market bets with their own capital. The unit, known internally as process driven trading, will be named PDT Advisers and will be [...]
Soft retail sales hit investor confidence January 6, 2011 US stocks slipped yesterday as soft retail sales and a sharp rise in the dollar left investors edgy a day before December’s US employment report. Given a rise of about eight per cent in the S&P 500 since the start of December, investors could be looking for an excuse to sell stocks if the jobs [...]
US rally peters out as oil prices weigh January 4, 2011 US stocks fell yesterday as declines in oil and metals prices dragged down energy and materials shares, while concern about lower supermarket profits hit consumer stocks. The S&P materials index slid 1.6 per cent while the energy index dipped 1.1 per cent as metals and oil prices dropped after recent gains. Shares of Supervalu fell [...]
BofA pays out $2.8bn to ease mortgage row January 3, 2011 BANK of America shares soared yesterday on news it had agreed to pay Fannie Mae and Freddie Mac $2.8bn (£1.8bn) to settle claims it sold the mortgage companies bad home loans. Bank of America shares rose 6.37 per cent to $14.19 on the New York Stock Exchange. The deal triggered hopes that other banks may [...]
THE MONTH AHEAD in association with GFT January 3, 2011 COMPANY NEWS ● International seed and fertiliser company Monsanto publishes its first-quarter earnings on Thursday. ● Spread betting company IG Group publishes its interim results on 18 January. ● AstraZeneca, BSkyB, Charles Stanley and Vedanta Resources all publish earnings announcements on 27 January. ● Aluminium producer Alcoa traditionally kicks off the US’s fourth-quarter earnings season, publishing [...]
The City is back but under new management December 21, 2010 BRITAIN’S financial landscape has been transformed since we last shone a light on the City’s most powerful figures two years ago. The City A.M./CityJet Power Hundred 2011 list ranks the most influential figures in UK finance as we head into the new year. It should be no surprise that it is very different from 2009. [...]
US government plans exit from AIG December 21, 2010 THE US Treasury department plans to sell a large part of its stake in nationalised insurance giant American International Group in two stock offerings next year, officials told Reuters. It would sell any remaining stock in AIG in 2012, the sources said. The government will own 92.1 per cent of AIG after a recapitalisation plan [...]
WHAT THE OTHER PAPERS SAY THIS MORNING December 16, 2010 FINANCIAL TIMES CLEGG WARNING TO BANKS ON BONUSES Nick Clegg has warned Britain’s banks that the government would not stand on the sidelines if they paid out lavish bonuses and failed to increase lending, increasing pressure on David Cameron to toughen his stance on the City. “They don’t operate in a social vacuum,” he told [...]