US manufacturing indicator booms in September to 30 month high September 19, 2013 US manufacturing data just smashed expectations. The Philadelphia Fed manufacturing survey is in at 22.3 for September, up from 9.3 prior. Analysts had forecast a rise of just 0.7 points to 10. Amna Asaf, economist, Capital Economics: The surge in September's US Philly Fed manufacturing index to a two-and-a-half-year high suggests that the recent improvement [...]
Bernanke’s legacy: The long-nosed Malayan tapir September 19, 2013 Ben Bernanke, governor of the Federal Reserve, will soon be leaving his role – amid investor and economist focus on how and when the Fed will taper. Tapering – or a reduction in the rate of expansion of the monetary base – was expected this month. Market watchers had been forecasting the announcement since June [...]
Left behind: Vodafone is the only stock down in the FTSE 100 after Fed rally September 19, 2013 London's leading index, the FTSE 100, opened up nearly 80 points higher this morning – and just one stock is in the red right now. An announcement from the US Federal Reserve that it will not be reducing the scale of it asset purchases – known as tapering – has sent stocks to record highs [...]
Before the open: Record highs as Fed doesn’t taper September 19, 2013 New records were reached on US markets last night following the Fed's decision to refrain from tapering QE. Consequently, European markets are expected to surge this morning with the Dax at record highs and FTSE opening calls of +70 and higher. Yesterday, the Bank of England upgraded the UK's growth forecast for the third quarter [...]
Ben bottles it as Fed rejects QE tapering September 18, 2013 Stock markets surge as the US Federal Reserve decides not to start rolling back its easy money scheme US treasury yields dive and gold prices rocket after the shock move to wait at least another month Janet Yellen is now the favourite to take over from Fed chairman Ben Bernanke once he leaves his post [...]
Sorry, investors, but Ben Bernanke has got it totally wrong September 18, 2013 FOR the junkies in the markets, the shock news that the Fed’s monetary methadone will continue to flow freely was greeted with jubilation last night. Never mind that QE will only continue at this rate for another few months, and that the delay to tapering was caused by worsening economic growth forecasts, combined with fiscal [...]
Pound soars on bullish minutes as Bank sticks September 18, 2013 STERLING’S summer surge continued yesterday after minutes of the Bank of England’s latest policy-setting meeting revealed a bullish outlook on the UK economy, with little prospect for further stimulus. The Bank’s nine-man monetary policy committee (MPC) voted unanimously to hold interest rates at 0.5 per cent for the 55th consecutive month in September, with its [...]
Fedex delivers on its pledge to lower its costs September 18, 2013 LOGISTICS giant FedEx posted a better-than-expected quarterly profit on cost cuts yesterday and said it would raise rates next year for express shipping, a business that has suffered as customers shift to slower but cheaper delivery options. The company, considered an economic bellwether because of the massive volume of goods it moves around the world, [...]
London Report: Aberdeen drags down FTSE as downgrade hits September 18, 2013 THE UK’S top share index was led lower by Aberdeen Asset Management yesterday but stayed in the tight trading range set over the previous week as many traders opted to wait for a steer on US monetary policy. The blue-chip FTSE 100 closed down 0.2 per cent, or 11.35 points, at 6,558.82 points – towards [...]
New York Report: Fed’s surprise drives Wall St to record highs September 18, 2013 US stocks rallied to record highs yesterday after the Federal Reserve, in a surprise to markets, decided against scaling back a stimulus programme that has helped fuel Wall Street’s rally of more than 20 per cent this year. Stocks were lower before the announcement, but after the Fed announced it would continue buying bonds at [...]