Slip in number of US mortgage applications November 13, 2013 The number of mortgage applications in the US fell last week by 2.8 per cent, according to the Mortgage Bankers Association (MBA). The MBA's seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 1.8 per cent in the week ending 13 November. Capital Economics has stressed that [...]
Dovish US Fed official says low inflation allows more easing November 12, 2013 AMERICA’S ultra-loose monetary policy will not stoke inflation, one of the Federal Reserve’s most dovish senior officials insisted yesterday. “Inflation remains weak, or very low by historical standards, by the goal of two per cent per year, so there is no reason to be afraid of monetary stimulus,” said Narayana Kocherlakota, president of the Minneapolis [...]
Third Point takes stake in FedEx November 12, 2013 ACTIVIST investor Dan Loeb, founder of hedge fund Third Point, gave a fillip to FedEx stock yesterday when he revealed that his investment firm owns shares in the delivery company. Loeb, whose hedge fund oversees $13bn (£8.2bn), said at a Dealbook conference that he met with FedEx chief executive Fred Smith recently. Shares in New [...]
New York Report: Dow and S&P drop over Fed uncertainty November 12, 2013 THE DOW and the S&P 500 declined yesterday after rising bond yields increased debate over how soon the Federal Reserve would start trimming its stimulus programme. Fed officials offered diverging views and added to the uncertainty about the outlook for the Fed’s easy-money policies. Among them, Dallas Fed president Richard Fisher told CNBC that the [...]
What the other papers say this morning – 12 November 2013 November 12, 2013 FINANCIAL TIMES Shadow banks reap Fed rate reward Loosely regulated non-bank lenders have emerged as among the biggest beneficiaries of the Federal Reserve’s ultra-low interest rates with three specialist categories increasing their assets by almost 60 per cent since the height of the financial crisis. Such lenders, widely considered part of the “shadow banking” system, [...]
London Report: BT and Shire lift FTSE as markets remain bullish November 11, 2013 BRITAIN’S FTSE 100 rose yesterday, boosted by signs of a strengthening global economy and major deals for pharma group Shire and telecoms group BT. Shire rose to an all-time high after beating competitors to buy ViroPharma, in a $4.2bn deal implying a 64 per cent premium to the stock price of the US rare diseases [...]
New York Report: US stocks stall as investors await Fed data November 11, 2013 U S STOCKS fluctuated between slight gains and losses yesterday after a five-week rally as investors waited for some direction from economic data or the Federal Reserve. The market’s pause comes in advance of remarks later this week by Fed chairman Ben Bernanke and vice chairwoman Janet Yellen, who is President Barack Obama’s nominee to [...]
DailyFX: Analyst picks November 11, 2013 CURRENCY STRATEGIST CHRIS VECCHIO My pick: Short euro-dollar and pending short Aussie-dollar Expertise: Fundamental and technical analysis Average time frame of trades: A few hours to a few weeks The European Central Bank (ECB) meeting, the third quarter US GDP figure, and the October US non-farm payrolls (NFP), all generated immense volatility in euro and [...]
New York Report: Market awaits Fed comments on US stimulus November 10, 2013 THE US stock market’s rally could be put to the test this week if comments from Federal Reserve officials including Janet Yellen add to views the central bank could be scaling back its stimulus plan sooner rather than later. While this week is light on economic news, bond yields have been rising, giving further credence [...]
Rose blooms in Turkey to turn up heat on Stenson ahead of Dubai November 10, 2013 ENGLAND’S Justin Rose moved a step closer to usurping Race To Dubai leader Henrik Stenson at next week’s season finale with a third-placed finish at the Turkish Open yesterday. Rose scored a final round 65 and had a share of the lead after a birdie at the 16th hole, but eventually finished four shots behind [...]