FTSE 100 gives up gains for the year August 15, 2015 Britain's top share index has given up its gain for this year, after a choppy week in equity markets. The blue-chip FTSE 100 index finished the week 0.27 per cent lower at 6,550.77. It closed at 6,556.10 at the end of 2014, although it had risen to a record 7,122.74 points in late April. Oil companies led [...]
Pre-tax profit lifts Thyssen to another level August 13, 2015 THYSSENKRUPP yesterday announced an improvement of pre-tax profit of 33 per cent for the first three quarters, at €1.26m (£900,000), as it reaffirmed its forecast for its full-year results. The third quarter saw the highest gain in earnings with a 33 per cent increase year-on-year of €539,000. Chief executive Dr Heinrich Hiesinger said: “The further [...]
Energy shares drop but Cisco helps market – New York Report August 13, 2015 US STOCKS finished flat yesterday as a drop in energy shares offset a rebound in retail sales and stronger-than-expected Cisco results. The Dow Jones industrial average rose 5.74 points, or 0.03 per cent, to 17,408.25, the S&P 500 lost 2.66 points, or 0.13 per cent, to 2,083.39 and the Nasdaq Composite dropped 10.83 points, or [...]
As China’s yuan devaluation shocks markets, should the world fear a global currency war? August 13, 2015 Gabriel Stein is director of asset management services at Oxford Economics, says Yes Not because China wants to start one, but because the decision is not China’s. Ostensibly, the changes implemented over the past three days aim to give market forces greater influence over the currency. That is good news. But by announcing, on three [...]
The Chinese love affair with life’s little luxuries August 13, 2015 The seemingly rampant early success of brands such as Louis Vuitton a decade ago was largely due to the novelty of designer goods in China. Angelica Cheung, Vogue China’s editor in chief, likened the first glut of luxury goods in China to food being given to the starving. The well-heeled are now extremely [...]
Dow yo-yos 300 points – New York Report August 12, 2015 US STOCKS rebounded in afternoon trading yesterday to end little changed as energy shares and Apple offset continued concerns about a slowdown in China. The Dow Jones industrial average fell 0.33 points to 17,402.51, the S&P 500 gained 1.98 points, or 0.1 per cent, to 2,086.05 and the Nasdaq Composite added 7.60 points, or 0.15 [...]
As wage growth slows to 2.4 per cent in June, is the UK economy now a cause for concern? August 12, 2015 Calum Bennie is a savings expert at Scottish Friendly, says Yes While this moderate wage growth seems like good news for a steady as she goes economy, in reality, it suggests that the underlying situation is more fragile than we thought. In addition, the recent devaluations of the Chinese yuan have, in two fell swoops, [...]
Chinese central bank allows renminbi to devalue further August 12, 2015 The People’s Bank of China (PBoC) has set the mid-point rate for the renminbi lower for a second consecutive day. The Chinese central bank, which fixes the currency every morning, set the midpoint rate for the renminbi at 6.3306 per dollar, 1.6 per cent weaker. That follows a move by the PBoC on Tuesday which [...]
Trade and status: China weakens yuan to gain advantage August 12, 2015 China plans to top the global hierarchy with its surprise move to devalue its currency China shocked the world yesterday when it devalued the yuan by nearly 2 per cent against the dollar. The surprise move brings its currency to a three-year low against the greenback and should help revive exports. The news [...]
China currency move pulls on mining stocks – London Report August 12, 2015 LUXURY goods firm Burberry was one of the hardest hit UK firms yesterday, after China devalued its currency, raising the costs of imports. The FTSE 100 closed down 1.1 per cent. Weakness in commodity stocks has contributed to recent declines in the index, which is now more than six per cent off April’s record high. [...]