Equity Indices reliant on Central Bank Action August 13, 2012 LIKE a petulant schoolchild, it’s about this time in the summer holidays when the equity markets run out of steam and sit around lethargically complaining of boredom. Yesterday was a slow trading day, with all exchanges seeing their lowest volumes of 2012 so far. “With most of the FTSE 100 biggies having reported already, any [...]
American regulator denies claim that it has an anti-British stance August 8, 2012 THE US regulatory body at the centre of allegations against Standard Chartered yesterday came out fighting against criticism that it had acted without consulting its fellow watchdogs, and denied that the case was proof of an anti-UK bias. One of the New York’s state financial services department’s senior officials told City A.M. yesterday that the [...]
Most countries are responsible for the crisis – not just the UK August 7, 2012 REMEMBER sub-prime lending? Fannie Mae and Freddie Mac’s absurd backing of mortgages for those who couldn’t afford to pay the money back? The US government’s decision to promote sub-prime lending? The Federal Reserve’s crazy decision to inflate endless bubbles via excessively loose monetary policy during the good times, and its destructive commitment to step in [...]
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 [...]