Before the open: Markets remain muted by uncertainty from Fed and Germany September 24, 2013 Further Fed discussions on last week's news saw US markets close lower again yesterday for the third day. Overnight: #DOW lost 0.3% on Fed uncertainty and the political showdown on Fed budget nears. European markets also fell, Stoxx Europe -0.5% — belldirect (@belldirect) September 23, 2013 In the Eurozone, deliberations on a grand coalition continue [...]
Top US policymakers clash over Federal Reserve taper decision September 23, 2013 TWO SENIOR figures from the US Federal Reserve revealed sharp disagreement over recent monetary policy in separate speeches yesterday, drawing the approach into question. Richard Fisher, president of the Dallas Fed, said that the Fed’s decision not to taper QE had damaged its credibility. Fisher said that he urged the Federal Open Market Committee (FOMC), [...]
London Report: Banks lead FTSE down on doubt about Fed policy September 23, 2013 BRITAIN’S top share index fell yesterday, led down by banks on uncertainty over the timing for an expected scaling back of US Federal Reserve monetary stimulus. Aberdeen Asset Management, among the top risers earlier yesterday after saying it expected to meet profit forecasts, pared back its gains to trade up 0.3 per cent. Traders noted [...]
New York Report: US stocks slide for three days over stimulus September 23, 2013 US STOCKS declined for a third straight session yesterday as Federal Reserve officials suggested the Fed could still begin scaling back its stimulus later this year. A looming political deadline in Washington added to pressure on the market, where losses over the past three sessions have erased the S&P 500’s 1.2 per cent gain last [...]
Daily FX: Analyst picks September 23, 2013 QUANTITATIVE STRATEGIST DAVID RODRIGUEZ My pick: Long dollar-yen Expertise: System trading Average time frame of trades: 2 to 10 weeks The dollar fell sharply against the Japanese yen and broader counterparts on the Federal Open Market Committee’s (FOMC) “no taper” call. But the fact that dollar-yen quickly recovered is telling. The pair remains in a [...]
Golf Comment: Stenson deserves every penny of cup windfall September 23, 2013 WHAT an incredible turn of fortune Sweden’s Henrik Stenson completed on Sunday and who can begrudge him the FedEx Cup and its bumper winners’ cheque? He lost millions of dollars in disgraced financier Allen Stanford’s fraudulent investment scheme four years ago, but this win now sets him up for life in a game he loves. [...]
Unprecedented double next on Swede’s radar September 23, 2013 NEW world No4 Henrik Stenson has set himself the goal of adding the European Tour’s Race to Dubai title to his FedEx Cup triumph, but plans a month away from the sport first to recharge his batteries. The 37-year-old became the first European to ever win the FedEx Cup, and £6.25m prize that goes with [...]
Fed’s Lockhart says US is losing its economic mojo September 23, 2013 The Fed's Dennis Lockhart has said that he sees indicators of "some slowing" in US payroll growth and that there is now evidence to contend that America is losing its "economic mojo". Lockhart believes that monetary policy can help promote recovery. He said that he backed the Fed's asset purchase program, and that the Fed [...]
Fed’s Dudley suggests taper won’t come for a long time yet September 23, 2013 Fed dove William Dudley has said that unemployment probably won't reach the Fed's 6.5 per cent threshold for a "considerable time". Using the word taper twice in his speech, Dudley said that policy makers must continue to act "forcefully" against economic headwinds while the economy fails to shows signs of "any meaningful pickup" in momentum. [...]
US manufacturing expansion slows in September September 23, 2013 Latest US manufacturing data shows the sector expanding slower than expected in September. A preliminary estimate from Markit shows the sector purchasing managers' index fall from 53.1 to 52.8 in September. Analysts had been forecasting a rise to 54. The employment sub index fell from 53.1 to 51.4, with new orders dropping from 55.7 to [...]