London report: FTSE nudges down despite China boost for mining sector July 23, 2013 THE FTSE finished off seven-week highs yesterday, with China’s reassurance on growth lifting miners but failing to provide enough momentum for the broad index to overcome technical resistance. Basic materials, the third-biggest sector in the FTSE 100 and the market’s clear laggard this year, outperformed after the Chinese premier made a commitment to maintain growth [...]
EU-China trade spat intensifies as anti-dumping tariffs on Chinese ironing boards extended July 23, 2013 The European Union has extended anti-dumping duties on ironing boards imported from China by five years, but lifted them for these products coming from Ukraine. China used to control around 40 to 45 per cent of the EU ironing board market – but this fell to 15 to 20 per cent when the duties were [...]
Before the open – 23/07 July 23, 2013 Asian markets have performed well overnight as hints of Chinese easing have given traders confidence in equities. Now we're expecting that exuberance to translate into some mild gains for the FTSE and other European markets. Good morning – looking ahead to the open here are the forecasts for indices: FTSE100 +15 at 6638; DAX +20 [...]
London Report: Glaxo troubles in China weigh on the FTSE 100 July 22, 2013 BRITAIN’S blue-chip share index ended slightly lower yesterday, weighed by GlaxoSmithKline’s problems in China, but remained close to a retest of seven-week highs. Glaxo, the FTSE 100’s biggest pharmaceutical company by market capitalisation, fell 1.2 per cent and accounted for more than half the broader index’s decline after it said some staff in China appeared [...]
What the other papers say this morning – 22 July 2013 July 21, 2013 FINANCIAL TIMES Deutsche Bank set to shrink Deutsche Bank plans to shrink its vast balance sheet by as much as a fifth in order to comply with incoming stricter rules for financial soundness. In a big strategic step by Germany’s largest lender by assets, Deutsche is expected to tell investors that it aims to achieve [...]
London Report: Data suggests UK economy is in good health July 21, 2013 THE UK economy is showing improving health, according to statistics out this week that are expected to reveal growth throughout the second quarter. The economy is forecast to have grown 0.6 per cent in the second quarter, accelerating from 0.3 per cent in the first three months of the year. The Office for National Statistics [...]
Emerging financial centres to watch for a future career July 19, 2013 AS THE world’s leading financial centre, London is one of the best places in the world to work in finance. The Global Financial Centres Index (GFCI) 2013 gives London a rating of 807 – far ahead of rivals New York (787) and Hong Kong (761).But more cities are making their mark, and Richie Holliday of Morgan [...]
Before the open – 18/07 July 18, 2013 Chinese shares fell last night amid ongoing concerns that the government will extend property curbs and reduce the finance available to developers continued to weigh on Chinese markets. However, sentiment was boosted somewhat by US Federal Reserve chairman Ben Bernanke’s comments yesterday indicated he will remain dovish on monetary policy and that asset purchases “are [...]
Before the open – 17/07 July 17, 2013 Chinese shares fell last night for the first time in three days as real estate developers like China Vanke and Poly Real Estate Group plummeted over concerns the government will extend property curbs. News that foreign direct investment in China rose by 20 per cent in June – exceeding analyst expectations of a 0.7 per [...]
Fizz goes out of Coke income on rain and weak economy July 16, 2013 COCA-COLA reported weaker-than-expected sales volumes yesterday, blaming ongoing economic malaise and unusually poor weather for the downturn. Coca-Cola said overall volume rose one per cent, which was below its expectations, and cited slow economies in Europe, Asia and Latin America. It also said historically wet and cold weather across various regions curbed sales of soft [...]