FTSE tumbles on bank fears September 5, 2011 THE FTSE shed £49bn yesterday after slumping to a loss of nearly four per cent, with investors spooked by a barrage of bad news. RBS dragged the index down, falling 12 per cent on the news it is being sued by the US Federal Finance Housing Agency (FHFA) over allegations it misled buyers of mortgage portfolios [...]
French growth defies sluggish Euro activity September 5, 2011 ACTIVITY growth in the Eurozone service sector has fallen to a two-year low, according to figures released yesterday. At 51.5 in August, the area’s Purchasing Managers’ Index (PMI) is down 0.1 on July. A PMI of 50 means no change in activity. Performance is varying wildly across the continent, though, with Spain and Italy experiencing [...]
Barclays Capital notches up a new broking client September 5, 2011 BARCLAYS Capital yesterday won another brokership, continuing its strategy of expanding its UK equities business. BarCap will now be joint broker to Yule Catto, the speciality chemicals manufacturer, alongside Collins Stewart. The investment bank has been pushing its broking business in an attempt to forge relationships with big UK clients and has already won mandates [...]
Higher retail sales a boost for Eurozone September 5, 2011 SHOP SALES increased across the Eurozone in July despite a tough summer in debt-laden peripheral countries and concern from healthier nations who might be dragged down, according to figures out yesterday. Overall, retail sales increased by 0.2 per cent in July compared with June. Portugal and Romania led the way with 2.5 per cent and [...]
CITY MOVES | WHO’S SWITCHING JOBS September 5, 2011 Cushman & Wakefield The property consultant has appointed corporate real estate executive Simon Ward as a partner in its EMEA corporate occupier & investor services team in London. Ward has more than 30 years’ experience in European and international corporate real estate, holding senior roles including regional director of corporate real estate at Jones Lang [...]
FTSE at two-week low over poor data September 5, 2011 BRITAIN’S top share index was left nursing heavy losses yesterday after service sector data from China, the Eurozone and the UK intensified concerns the global economy is facing another recession. The FTSE 100 index ended down 189.45 points, or 3.6 per cent, at 5,102.58, its lowest close since 22 August, as global growth in services [...]
THE TIPSTER September 5, 2011 THE threat of Federal Housing Finance Agency (FHFA) lawsuits from the US is certainly hammering banks and with Barclays being very much on the Agency’s hit list, the stock has been tumbling in London over recent days. However, heavyweight investors have shown conviction in the bank in the past, so is there any reason to [...]
Banks slump as service sector data disappoints September 5, 2011 Stocks have retreated this morning after a poor overnight session in Asia and over intensifying concerns that economies worldwide face recession. London’s FTSE 100 has been hit by a barrage of fears over global growth since US employment data on Friday showed job creation slumped to zero in August. Service sector data from China has [...]
European Central Bank faces pressure to cut interest rates September 4, 2011 WORSENING economic data has shifted the European Central Bank’s (ECB) focus towards new interest rate cuts. The headline rate currently stands at 1.5 per cent following increases in April and July. Since then inflation expectations have slightly fallen and growth has ground to a halt. The German economy grew by just 0.1 per cent in [...]
Banks face $200bn US subprime suit September 4, 2011 LENDERS were dealt a heavy blow on Friday as a US federal agency filed 17 lawsuits against banks for allegedly mis-selling securities based on mortgages in the run-up to the financial crisis. Shares in Bank of America, the worst-hit, tumbled more than eight per cent on the news. The Federal Housing Finance Agency, which oversees [...]