Greece on brink after decisive Czech bounce June 12, 2012 GREECE 1 CZECH REPUBLIC 2 TWO goals inside the first six minutes kept the Czech Republic’s European Championship hopes alive and pushed Greece to the brink of elimination from Group A last night in Wroclaw. Early strikes from Petr Jiracek and Vaclav Pilar minimised Czech fears they could suffer the ignominy of being the first [...]
MARKETS SET TO RETURN THEIR FOCUS ON THE FED June 11, 2012 MOST global stock indices rallied strongly in the first two months of this year. Investors bought equities in response to the European Central Bank’s (ECB) two Long-Term Refinancing Operations (LTRO), which provided around €1 trillion in liquidity to Europe’s banking system. But the indices have struggled since March, with the sell-off accelerating from early May. [...]
Analyst picks for 11 June 2012 June 11, 2012 CURRENCY STRATEGIST JOEL KRUGER My pick: Long euro-dollar at €1.246, stop on close below €1.240 Expertise: Technical analysis Average time frame of trades: 1 day to 1 week This past week was rather constructive for the euro, in light of intense selling in previous weeks. A break of a sequence of four consecutive weekly lower [...]
No hints of QE3 from Fed boss but euro fears linger June 7, 2012 INVESTORS looking for a boost from the Federal Reserve were left disappointed yesterday as chief Ben Bernanke refused to signal a move towards more stimulus – unless the US is knocked by events in Europe. Bernanke instead turned the focus towards America’s elected politicians, appealing to Democrats and Republicans to avoid another showdown over the [...]
US corporate cash growth slows June 7, 2012 US companies are sitting on around $1.74 trillion in cash – but this is $500bn smaller than previously thought, according to the Federal Reserve’s flow of funds report published last night. While firms are holding 16 per cent more than they were in June 2009, the Fed has slashed its estimates in an apparent slowing [...]
Solid services growth as Bank holds on rates June 7, 2012 HOPES for a renewed economic recovery were bolstered yesterday as influential survey data pointed to robust growth in the service sector last month – the largest part of the British economy. The figures came as the Bank of England surprised economists by resisting pressure to print more money, keeping interest rates and its quantitative easing [...]
Federal Reserve backs global regulators on Basel III proposal June 7, 2012 AMERICA’S Federal Reserve last night released a proposal to back the Basel III agreement on higher capital standards for banks, even though it largely rejects pleas by the US banking industry to soften parts of the new standards. The Fed board voted 7-0 yesterday to put the proposal out for public comment. The Federal Deposit Insurance [...]
FTSE jumps as Chinese rate cut and UK services stats hearten traders June 7, 2012 BRITAIN’S top shares hit a three-week high yesterday as China’s surprise move to cut interest rates and firm UK services sector data boosted investors’ appetite for risk, although charts signalled strong resistance on the way up. German Chancellor Angela Merkel’s comments that her country stood ready to use the existing instruments already created in the [...]
Investors find no sign of QE3 from Bernanke June 7, 2012 THE S&P 500 ended barely changed yesterday as optimism about China’s interest-rate cut was offset by Federal Reserve chairman Ben Bernanke’s comments that dimmed hopes for more US stimulus. Both the Dow industrials and the Nasdaq ended off session highs, with the Dow rising modestly for the day and the Nasdaq slipping. Stocks lost ground [...]
Over to you, Merkel June 6, 2012 Europe’s political leaders must act now to restore confidence and stop their ravaged economies from collapsing any further, European Central Bank (ECB) boss Mario Draghi insisted yesterday as he again refused to cut interest rates. Draghi stressed the Eurozone’s problems could not be solved by monetary policy, and that politicians must stop hesitating and take [...]