Thousands of steelworkers to protest in Brussels for EU action against Chinese dumping February 15, 2016 More than 5,000 European steel workers are expected to gather together to protest in Brussels today, to coincide with a conference on the future of EU steel. The industry is urging EU leaders to stop Chinese 'dumping' of cheap steel, which it argues is giving the Asian superpower an unfair advantage and is putting thousands [...]
Gold price dips as European and Asian equities recover February 15, 2016 Don't buy gold. The price of the precious metal fell this morning, as investors flocked back to equities following a rally in Asia. Gold futures fell 2.4 per cent to $1,209 this morning. Last week it peaked at $1,255, – having risen above $1,200 for the first time since June 2015 as global equities plummeted. Meanwhile, this morning FTSE 100-listed [...]
Chinese markets including Shanghai Composite and Shenzhen Composite trade slightly lower after New Year break as Japan’s Nikkei jumps over seven per cent and ASX 200, Hang Seng and Kospi rise February 15, 2016 There were no post-New Year fireworks from China as its markets opened for the first time since the break with the disappointment of poor trade data. Trading for the first time since 5 February, the Shanghai Composite traded 0.63 per cent lower at 2,746 points, while the Shenzhen Composite traded 0.05 per cent lower at 9,668 points. [...]
As China’s markets react to their first day back since the Lunar New Year, the country’s central bank can learn from the fire monkey February 15, 2016 By the time you read this, you’ll know how China’s markets have reacted to their first day back since the Chinese New Year (and you can get all the latest developments on cityam.com). Having taken last week off, Chinese traders will excuse themselves from any blame for the jaw-dropping volatility seen throughout the rest of [...]
China’s central bank governor plays down fears over currency regime February 14, 2016 The governor of China’s central bank has downplayed fears over the country's dwindling level of foreign exchange reserves, saying there is no reason for them to fall to dangerously low levels. Zhou Xiaochuan, governor of the People’s Bank of China, blamed “speculative forces” for attacking the value of the yuan. China's stock market will open tomorrow after closing [...]
Will the gold rally last? Market turmoil, dropping mining production and geopolitical worries will keep the price of gold up February 12, 2016 It’s been a tough start to the year. Equity markets are down between 10 and 20 per cent, yields have shrunk and the US dollar has tumbled. Worries of a global recession, its impact on the banking sector and the implications for monetary policy stalk the market. But gold has performed well, up over 15 [...]
FTSE 100 index closes lower as banks including HSBC, Lloyds, RBS and Barclays fall and miners’ woes continue February 11, 2016 The FTSE 100 index closed sharply lower on Thursday as the selloff in banking and mining shares continued. The UK's blue-chip index fell 2.39 per cent to 5,536 points, led lower by the financial sector with both banks and insurers set to struggle with low interest rates. "Banks have been hit hard and further steep weakness can not [...]
Ed Woodward hints Manchester United will have money to spend this summer and confirms club is in market for “top players verging on world class” February 11, 2016 Manchester United still expect to become the first English club to break the £500m revenue barrier this season, despite their struggles in the Premier League and uncertainty over the future of manager Louis van Gaal. Executive vice chairman Ed Woodward delivered the upbeat forecast to investors on Thursday after announcing second-quarter results which included a [...]
Profit at Tata Motors slides but beats forecast, share price plummets anyway February 11, 2016 Indian car maker and owner of Jaguar Land Rover, Tata Motors, has reported a profit slump of of two per cent in the third quarter, hitting 35.1bn rupees (£357m), as China’s economic slowdown drags on sales. Tata Motor’s share price is down to its lowest level since August 2013, closing down 5.5 per cent with [...]
Manchester United second quarter results: What’s behind the share price slump? A loss of faith in the Glazer model or Louis van Gaal’s team? February 11, 2016 Manchester United were recently tipped by Deloitte to reclaim their position as the world's richest football club, yet investors do not appear to be reciprocating the faith in football's premier commercial juggernaut. Over $800m (£345m) has been wiped off the club's market value and its share price has slumped by 22.5 per cent since first [...]