Growth in US credit wanes August 7, 2012 US consumer credit posted its weakest growth in eight months in June as Americans reduced credit card debt, a potentially negative sign for an economy that has struggled to create jobs. Consumer credit grew by $6.46bn (£4.13bn) in June, the Federal Reserve said yesterday, in a reading that was far below economists’ forecasts. The Fed [...]
Market drought offers little respite to traders August 6, 2012 YOU can almost see tumbleweed rolling down Threadneedle Street, as trading volumes drop over the summer months every year. But this year is different. We are not just seeing a drop in the short-term, but also in longer-term volumes. And these falls pose a risk for traders who don’t properly manage their risk exposures. “Traders [...]
Analyst picks for 6 August 2012 August 6, 2012 CURRENCY STRATEGIST CHRIS VECCHIO My pick: Short Aussie-dollar, Aussie-Kiwi, long dollar-yen Expertise: Fundamental and technical analysis Average time frame of trades: A few hours to a few days A new short Aussie dollar-dollar position was established at $1.0565, after European Central Bank disappointment. The results of last week’s Fed meeting and the July non-farm payrolls [...]
Deutsche Post tops estimates August 2, 2012 Deutsche Post yesterday reported quarterly underlying earnings that exceeded estimates as adjusted earnings before interest and tax reached €581m (£459m). Deutsche Post said it now expects to post 2012 earnings of €2.5-2.6bn. Its results contrast with more downbeat reports from its US rivals, UPS and FedEx.
Shares drop for fourth straight day on Wall St August 2, 2012 US stocks fell for a fourth day yesterday after European Central Bank President Mario Draghi disappointed investors hoping for immediate action to contain the Eurozone debt crisis. One of Wall Street’s top market makers, Knight Capital Group, was fighting for its survival after a trading glitch that roiled markets on Wednesday wiped out $440m the [...]
RAPID RESPONSES August 2, 2012 Many hues of Boris [Re: After calls for Boris Johnson to stand for the Tory leadership, could it happen before 2015?, yesterday] The Olympics has provided Boris with an opportunity to allow his exuberant personality to be let rip. There are even more stages to be centre of than normal, which suits the mayor’s longer-term [...]
Fed keeps rates on hold but hints it will act soon August 1, 2012 THE FEDERAL Reserve last night decided to hold fire on fresh action to stimulate growth, despite admitting the economy was slowing. In a noticeably more pessimistic portrait of the US economy than last month, the central bank said that economic activity “decelerated” in July and reiterated its former stance that it would hold interest rates [...]
US stocks slip on Fed inaction August 1, 2012 US stocks slipped yesterday on disappointment that the Federal Reserve offered no new measures to stimulate the economy and after a computer glitch at a brokerage triggered a spike in volatility shortly after the open. The market will now turn its focus to today’s highly anticipated European Central Bank amid expectations that the ECB could [...]
How Olympic organisers can get shot of the West End ghost town August 1, 2012 WE’VE scared them off. Somewhere between Boris Johnson’s ominous ode to overcrowding, and TfL’s weird posters of diligent Londoners in their underwear, planning routes to work, the city’s attempts to keep moving during the Games have frightened droves of tourists into barely venturing out of the confines of the Olympic Park. If organisers don’t act [...]
Positive US data gives Fed more food for thought July 31, 2012 SEVERAL positive reports on the health of the US economy provided a rosy backdrop to the start of the Federal Reserve’s latest policy meeting yesterday. The Fed will announce tonight whether its Federal Open Market Committee (FOMC) is to deliver even greater stimulus measures to try to kick start the US recovery. Worrying economic data [...]