Monti vows to cut as Eurozone jobs vanish November 30, 2011 ITALIAN Prime Minister and finance minister Mario Monti vowed to meet fiscal targets by setting out a fresh round of austerity measures even as data showed that Eurozone unemployment has hit a euro-era high. Monti, who was attending his first meeting as finance minister, also denied that Italy is seeking a rescue from the IMF, [...]
Trying to pour liquidity into a frozen market November 30, 2011 YESTERDAY’S coordinated central bank move flipped the FX markets onto their head, with increased dollar liquidity triggering a sell-off of the greenback, with the euro and the Aussie and Kiwi dollars coming out on top. The announcement came hot on the heals of the news that the People’s Bank of China, the country’s central bank, [...]
China cuts capital requirements November 30, 2011 China’s central bank has cut the reserve requirement ratio for its commercial lenders for the first time in nearly three years to ease credit strains and shore up an economy running at its weakest pace since 2009. The move comes amid increasing concern among policymakers worldwide that the global economy is on a slippery slope [...]
Top London property set for Chinese takeaway in new Cordea Savills fund November 28, 2011 IN RECENT years it has been seen as the preserve of affluent Britons, Arab sheiks and Russian oligarchs. Now, however, more top London property could be snapped up by Far Eastern investors, including perhaps the Chinese Communist Party. Cordea Savills, the fund management arm of consultancy Savills, has launched a £150m fund that will buy [...]
THE TIPSTER November 28, 2011 EUROPEAN bond yields are rising at an astronomical pace, with Italian bonds tipping over the 7 per cent yield mark yesterday. With yields consistently moving higher, and their inverse relationship with price, many expect further short-term downward movement on European bonds. Capital CFDs quotes the December German bund at €133.92-€133.95. It’s all about pubs this [...]
Traders keeping a close eye on FTSE after drop to 5,100 November 27, 2011 GLOBAL equities continued to tumble last week with many indices crashing through technical support areas. At the start of the week, the FTSE gapped below its 50-day moving average around 5,350 and went on to trade below 5,100 briefly on Friday. This level is not only psychologically significant, but also important in technical terms. It [...]
Anti-capitalist slogans have real costs: Don’t put down a goose that lays golden eggs November 27, 2011 A COTTAGER and his wife had a hen that laid a golden egg every day. They supposed that the hen must contain a great lump of gold in its inside, and in order to get the gold they killed it.” The protesters in the City understand Aesop’s fable as a warning against the greed of [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 24, 2011 FINANCIAL TIMES TERRA FIRMA SEEKS €1BN SOVEREIGN FUND POOL Guy Hands’ Terra Firma Capital Partners is looking to raise up to €1bn (£860m) from a sovereign wealth fund to retain its ability to do deals after the investment period of its buy-out fund runs out next year. The private equity group has been approached by [...]
Australian mining tax clears hurdle November 23, 2011 A NEW Australian tax on miners that will cost the industry A$7.7bn (£4.82bn) over the next two years has passed its biggest hurdle so far. After 18 months of acrimonious debate that brought down former leader Kevin Rudd, politicians agreed to back Australian Prime Minister Julia Gillard’s 30 per cent profit tax in return for minor [...]
US slump worsens November 23, 2011 US stocks suffered a sixth straight day of losses yesterday as frustration over the Eurozone’s debt crisis, coupled with weak Chinese factory data, further dented investor sentiment. A weak German bond sale sparked fears the debt crisis was even beginning to threaten Berlin, with the leaders of France and Germany still at odds over a [...]