Merkel: Euro crisis worst since WW11 November 14, 2011 German Chancellor says Eurozone situation is most serious since peace broke out in 1945 as yields on sovereign debt shoot up EUROPE faces its “toughest hour since World War Two”, German Chancellor Angela Merkel warned her ruling Christian Democratic Union (CDU) party yesterday. Her stark warning came as Italy slipped further into financial crisis and markets [...]
Eurozone industrial output falls two per cent November 14, 2011 Eurozone industrial production fell in September compared to August, the European Union’s statistics office has said, stoking fears of a rising chance of recession across the region. Eurostat said output at factories in the 17 euro nations was down two per cent for the month, after a stronger than expected 1.4 per cent expansion in [...]
Markets hoping for economic decisions November 13, 2011 WEDNESDAY’S sharp sell-off across major global stock indices showed just how skittish markets are currently. The slump in Italian bond prices did the damage as yields flew higher. The situation calmed down towards the end of the week as the political situation in Greece and Italy became clearer. Former ECB vice president Lucas Papademos was [...]
Newcastle stadium naming rights deal could backfire November 10, 2011 SPONSORSHIP experts have questioned Newcastle’s hopes of generating £10m a year from a stadium naming rights deal and criticised the club’s handling of the rebranding of St James’ Park. The Magpies have renamed their historic home the Sports Direct Arena as an interim measure, with a view to attracting a commercial sponsor willing to pay [...]
Goldman lost on 21 days in three months November 9, 2011 GOLDMAN Sachs lost money trading in 21 days out of the third quarter of this year, it revealed yesterday in regulatory fillings. That compares to losses on just two days in the same quarter last year on its proprietary trading desk, which recorded net negative revenues of $2.48bn (£1.56bn) for the third quarter of this [...]
Dollar dented but not depressed November 8, 2011 FAIR FX RISHI PATEL Activity in the US has clearly been overlooked, as the chaos in the Eurozone takes the limelight. 2011 has been one of the more difficult years for macro trading, with the US economy so far managing to avoid heading back into recession. Early in the month we saw the release of [...]
Monetary policy is not all about pulling levers November 7, 2011 I’M A big fan of the Bank of England museum. I find the way it attempts to educate children about how monetary policy is conducted to be charming. There is an exhibit with a tube of clear plastic containing a ball. The tube is “balanced” when the ball is level with a marker for 2 [...]
Greek affairs so labyrinthine even Theseus would struggle November 6, 2011 INVESTORS and traders alike spent most of last week dazed and confused. Equity, bond, commodity and FX markets swung around wildly as they responded to headline news out of Greece and G20. There was no time available for detailed analysis, and even Theseus would have struggled to navigate the labyrinth that is Greek politics. While [...]
OSBORNE UNVEILS ARTS TAX BREAK November 3, 2011 TO TATE Britain for the launch of Legacy10, the scheme cooked up by culture minister Jeremy Hunt and RLM Finsbury chairman Roland Rudd to encourage the nation to leave 10 per cent of their wealth to charities and cultural causes when they die. Backers of the scheme, which takes advantage of a Budget change from [...]
Fed sticks to the Twist November 2, 2011 THE FEDERAL Reserve will hold down interest rates and continue with its project dubbed “Operation Twist”, it announced last night. Growth “strengthened somewhat in the third quarter,” it said, yet warned of “significant downside risks to the economic outlook, including strains in global financial markets.” Three hawks who had previously dissented against Operation Twist – [...]