New York Report: Stocks fall for a fourth straight session in US September 24, 2013 THE DOW and S&P 500 ended lower yesterday, extending their recent slide to a fourth session as worries over a possible US government shutdown added to investor caution. Although uncertainty remains over the Federal Reserve’s intentions to scale back its stimulus since its decision last week to leave its current programme unchanged, some of the [...]
How the Fed data leak illustrates the problem of central bank power September 24, 2013 One chart has the US' Federal Reserve worried that it has a secrecy problem. Research from Nanex shows that trades were made on data at exactly the same time in both Chicago and New York at the time of the Fed's "no taper" decision last Wednesday. That should be impossible, even with the latest technology [...]
Fed’s Dudley says taper possible this year September 24, 2013 The Fed's William Dudley has said that tapering is possible this year, depending on the data. It's hard to see how the data could improve significantly enough in just a couple of months to change the Federal Reserve decision not to taper though. Dudley says that a decision to taper would require an improvement in [...]
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 [...]