Wall Street makes gains in spite of low trading volumes November 2, 2011 US stocks rebounded from two days of sharp losses yesterday after the Federal Reserve said it is prepared to do more for the economy if conditions warrant, helping to stanch the panicky reaction to Europe’s debt crisis. Trading volume was light, however, possibly signaling that worries about Greece hold greater sway than the Fed at [...]
Fed holds policy steady as US outlook brightens November 2, 2011 The US Federal Reserve has left monetary policy unchanged as it offered a slightly brighter view of the prospects for the economy, although it appeared to keep the door open for more easing by saying there were still risks to growth. The statement by the Federal Open Market Committee gave no indication that it was [...]
Markets hit by MF Global bankruptcy October 31, 2011 MARKETS plunged in London and New York yesterday as MF Global, the $41bn brokerage, became the first big American casualty of the European sovereign debt crisis. MF Global Holdings filed for Chapter 11 bankruptcy protection in the US following the collapse of a last-minute deal to sell off assets. It became the eighth-largest bankruptcy in [...]
Batten down the hatches: Main St. braves the storm October 30, 2011 THREE months after the debt ceiling wranglings on Capitol Hill that drove S&P to downgrade America’s AAA rating, there have been some chinks of light shining through the grey clouds that until now have enveloped the US economy. Figures released last week by the US Commerce Department indicated that the US economy had grown by [...]
THE WEEK AHEAD October 30, 2011 COMPANY NEWS ● Barclays announces today. It traces its origins back to 1690, when John Freame and Thomas Gould traded as goldsmith bankers in Lombard Street. Eagle eyes await results. ● Imperial Tobacco announces tomorrow. Its brands include Davidoff, West, Gauloises Blondes, Montecristo and Drum. It was created in 1901 through the amalgamation of thirteen [...]
US rally broken by cancelled euro summit October 25, 2011 US stocks fell yesterday on doubts European leaders can agree on a plan to end the Eurozone debt crisis, while major corporations disappointed investors with their outlooks. Though EU and Eurozone leaders still planned to hold a summit today, markets were spooked by news that a meeting by Eurozone finance ministers was cancelled. The news [...]
BET AGAINST YEN STRENGTH AT YOUR PERIL October 25, 2011 WHILE euro-dollar has taken all the spotlight recently, the yen quietly made a fresh post-war high against the dollar with dollar-yen dropping into the ¥75.00s last week. The move has elicited further cries of frustration from Japanese officials and some head scratching from speculators. The downward move in dollar-yen is especially surprising given the relatively [...]
FedEx expects record shipments October 24, 2011 E-commerce will drive record holiday shipments this year for FedEx Corp, the world’s second-biggest package delivery company said yesterday. FedEx expects to deliver more than 260m packages globally between Thanksgiving on 24 November and Christmas, up 12 per cent from a year earlier. FedEx said it will add about 20,000 seasonal workers to help handle [...]
Chicago Fed index up in September October 24, 2011 THE FEDERAL Reserve Bank of Chicago said yesterday that the National Activity Index, which gauges the health of the US economy, rebounded from last month, yet continues to show the economy growing at a below average pace. The headline index compiled by the bank rose to -0.22 in September after being revised down to -0.59 [...]
Miners lead FTSE up after China boost October 24, 2011 Markets have risen this morning triggered by hopes that a deal to resolve the Eurozone debt crisis can be put together while manufacturing data showed China’s growth is picking up. Although a weekend summit of Eurozone leaders was inconclusive with bickering clouding the talks. The skeleton of a deal was agreed with a summit to [...]