ECB keeps interest rate at 0.5 per cent October 2, 2013 The European Central Bank has announced its decision to hold the interest rate for the Eurozone at 0.5 per cent. All other rates remain unchanged. Capital Economics' Ben May comments on the ECB's decision: The ongoing improvement in the outlook for the euro-zone economy had ruled out an ECB interest rate cut today. Meanwhile, the [...]
Markets look towards private labour market estimates as government shutdown hampers releases October 2, 2013 With the US government still in shutdown (well, more of a slimdown, around 80 per cent of federal employees are still at work), we're probably not going to see nonfarm payroll (NFP) estimates this Friday. Markets are so hungry for jobs data because Federal Reserve decision making over when to begin scaling back asset purchases [...]
Both parties dig in heels and refuse compromise over US shutdown deal October 1, 2013 THERE was no deal in sight to end the shutdown of the federal government yesterday, with neither party budging from their uncompromising position on a debt ceiling deal. The White House and Senate Democrats, who make up the majority in the chamber, are still voicing opposition to anything but a clean continuing resolution. Such a [...]
Champions League: Arsenal lucky to have Ozil, says Wenger October 1, 2013 ARSENAL 2 vs NAPOLI 0 ARSENAL manager Arsene Wenger admitted they were lucky to clinch the deadline-day signing of Mesut Ozil, after the Germany playmaker scored one and set up another in a dazzling victory over Napoli last night. Ozil’s opener, his first since joining from Real Madrid, was swiftly followed by striker Olivier Giroud’s [...]
European markets remain calm in wake of US gridlock October 1, 2013 As the US approaches the pivotal date of October 17 when the debt ceiling needs to be passed, pressure is mounting on politicians to reach an agreement. Ishaq Siddiqi, market strategist at ETX capital writes: At the moment, financial markets are attempting to work out what sort of agreement this could be? We know a [...]
US jobs data may be released early as shutdown leaves Fed blind October 1, 2013 Market watchers have long warned that a shutdown of the US government – the first in 17 years – could mean that key unemployment figures are not released. Those are so critical because the Federal Reserve will base its decision to begin tapering – a reduction in the rate of expansion of the monetary base [...]
Memo ordering US government shutdown October 1, 2013 The US government has begun its first partial shutdown in 17 years. The Federal government failed to pass any federal spending bills for this fiscal year, which begins today. Ongoing wrangling between the Republican-led House and Democratic-led Senate has pushed approval ratings for Obama and Congress to new lows – 44 per cent and 10 [...]
CNBC Comment: US debt limit debate is the real decider September 30, 2013 SINCE the Fed surprised us by deciding not to start tapering its stimulus programme, we’re back to listening to what Fed members happen to say on the sidelines of events and finding momentum elsewhere. The two big themes to focus on next are the European Central Bank’s (ECB) rate setting meeting tomorrow, and the impact [...]
Daily FX: Analyst picks September 30, 2013 CURRENCY STRATEGIST CHRIS VECCHIO My pick: Looking short dollar-yen, long Kiwi-dollar Expertise: Fundamental and technical analysis Average time frame of trades: A few hours to a few weeks I remain long on Kiwi-dollar from $0.8165, though I will cut the trade indiscriminately should US and Italian political issues boil over. The pair suffered mightily in [...]
Albemarle and Bond shares slump on profit warning and £35m rights issue September 30, 2013 For pawnbroker Albemarle and Bond, things have gone from bad to worse after its share value crashed this morning, following their announcement of an emergency rights issue of £35m and profit warning. City A.M.'s Michael Bow reported this morning: TROUBLED pawnbroker Albemarle & Bond is in the market for an emergency bailout after its business [...]