Chinese growth helps PSA Peugeot Citroen lift first half sales by 16.9pc July 7, 2010 FRENCH carmaker PSA Peugeot Citroen posted a 16.9 per cent rise in first-half sales yesterday, helped by new models such as the DS3, C3 Picasso and RCZ coupe and strong growth in China. Leaving aside sales of completely knocked-down (CKD) kits – shipped for assembly in other markets – sales rose 16.8 per cent to [...]
LISTED PRODUCT NEWS July 7, 2010 ETF SECS ROLLS OUT ETCS TO GERMANY ETF Securities has extended its euro-based exchange-traded currencies (ETCs) offering to the German stock exchange this week, giving further flexibility to European investors – they were first listed on the LSE in November 2009. They now include eight euro-based ETCs with long or short exposure to the US [...]
AgBank’s IPO to get $22bn July 6, 2010 AGRICULTURAL Bank of China priced its Hong Kong and Shanghai dual listing yesterday, a deal that would break all IPO records by raising more than $22bn when adding in over-allotment shares. The initial public offering (IPO), which is raising funds to replenish capital, still faces a tough aftermarket, with a debut planned for 15 July [...]
No longer safe or sound July 6, 2010 WITH disappointing datasets coming out of the US – from employment to house prices – and equity markets looking shaky, some analysts have started to question whether this could be the beginning of the end for the greenback as the world’s “safe haven”. While such scenarios are usually imagined to play out over five- or [...]
THE AUSSIE IS NOT JUST A RISK PLAY July 6, 2010 DIRECTOR OF CURRENCY RESEARCH, GFT WITH the economic calendar light on both sides of the Atlantic this week, the most interesting event risk is taking place down under where the Reserve Bank of Australia (RBA) just left its benchmark rates unchanged at 4.5 per cent. Although the RBA acknowledged that the global recovery is beginning [...]
MARKETS | Government Debt July 6, 2010 GEORGE TCHETVERTAKOV HEAD OF MARKET RESEARCH, ALPARI OVER the past three months, confidence in a global economic recovery has waned and volatility has risen spectacularly in May. And as we enter the second half of 2010, most asset classes are severely underperforming consensus estimates made at the beginning of the year. Libor (the London inter-bank [...]
LABOUR DATA IS A WORRY FOR THE US July 5, 2010 CFD MARKET STRATEGIST, GFT FOR many investors the long weekend in the US couldn’t have come at a better time. On top of Europe’s sovereign debt problems, and signs that Chinese growth is slowing, recent data from the US suggests that the much-hyped economic recovery may be reversing. We have seen housing data sour following [...]
BP in rush to sell off assets July 4, 2010 A RAFT of Chinese and Middle Eastern bidders are looking at taking up a stake in BP as the oil major attempts to find investors ahead of a possible hostile takeover by a rival oil company. It is understood that a number of sovereign wealth funds, including the Kuwait Investment Office and oil companies have [...]
Chinese firm in exclusive talks to acquire Tower 42 July 4, 2010 THE SALE of London’s first skyscraper came a step closer to completion yesterday after it emerged that Chinese Estates Group had entered exclusive discussions to buy Tower 42. The group, chaired by Hong Kong-based billionaire Joseph Lau, is said to have won a three-month auction with a bid near the asking price of £300m. Moorfield [...]
European shares slide after weak China data July 1, 2010 European shares tumbled in early trade – retreating for the seventh time in eight sessions, after tepid Chinese macro data raised concerns about the global recovery. The FTSEurofirst 300 index of top European shares was down 1.2 percent at 981.94 points, while Euro STOXX 50, the euro zone’s blue chip index, fell 1.5 percent at [...]