Easy money October 6, 2011 • Bank stuns markets with £75bn more QE • ECB to boost liquidity with €40bn bond buy-up • Osborne poised to give credit to private firms SIR Mervyn King, the Bank of England governor, stunned markets by turning Britain’s electronic printing presses back on yesterday, as he announced a second round of quantitative easing (QE) worth [...]
Another low for the FTSE as banks and miners take a hit October 4, 2011 BRITAIN’S top share index hit a 15-month closing low yesterday, with banks and commodity stocks leading a broad-based sell-off, as growing doubts over Greece’s ability to stave off a debt default triggered fears of financial turmoil. The UK benchmark ended down 131.06 points, or 2.6 per cent, at 4,944.44, its lowest close since 5 July [...]
Wall St bounces despite volatility October 4, 2011 THE Standard & Poor’s 500 brushed up against a bear market yesterday, but investors rushed in to buy technology and other beaten-down sectors and the index posted its largest gain in more than a week. The broad US market index has fallen nearly 18 per cent in the past four months, hurt by sluggish economic [...]
Bernanke fails to rule out QE3 October 4, 2011 IN A testimony to the US Congress yesterday, Federal Reserve chairman, Ben Bernanke largely rehashed language used in recent speeches, such as his address at the Jackson Hole symposium in August and his speech to the Economic Club of Minnesota on 8 September. However, forex market reactions leaned more on what the Fed chairman didn’t [...]
S&P falls to bear market over Greek fears October 4, 2011 US stocks have fallen steeply, sending the benchmark Standard & Poor’s 500 index sliding into bear market territory, as investors digested the eurozone decision to delay Greece’s the next tranche of aid. Fears over deepening problems in Europe’s financial system have contributed to equity losses and increased volatility in the past several months, leaving the [...]
Bernanke pledges help for weak recovery October 4, 2011 The Federal Reserve is prepared to take further steps to help an economic recovery that is “close to faltering”, Fed Chairman Ben Bernanke has said. Citing anaemic employment, depressed confidence and financial risks from Europe, Bernanke urged lawmakers not to cut spending too quickly in the short term even as they grapple with trimming the [...]
ANALYST VIEWS: WHAT CENTRAL BANK DECISIONS DO YOU EXPECT? October 2, 2011 LUIGI SPERANZA | BNP PARIBAS “Despite Eurozone inflation rising sharply from 2.5 per cent to 3 per cent we remain of the opinion that the ECB will act boldly in the meeting this week. We expect a 25 basis point rate cut, the announcement of a 12-month LTRO and possibly a new covered bond purchase [...]
I’m a priest who works in finance. Here is my take September 29, 2011 WHILE being interviewed during the Liberal Democrat Conference, the great pious voice of our collective conscious, also known as Vince Cable, solemnly stated that the reduction of the uncompetitive taxes on the “rich” would have to wait. His reasoning was that a reduction in tax on the lowest paid would result in greater overall spending. [...]
Disgraced Tevez picks a fight he’s got no chance of winning September 28, 2011 IN ALL MY years of being involved in football I’ve never seen anything that comes close to matching the stunt Carlos Tevez pulled on Tuesday night in Munich. Disgrace is the word that springs to mind and, although he has clearly been poorly advised during various stages of his career, I have no sympathy for him [...]
Finland gives its backing to EFSF extension September 28, 2011 THE FINNISH parliament yesterday backed extending the powers of the Eurozone bailout fund as members of the ruling coalition sought to keep the country on a pro-Europe course. Lawmakers comfortably supported the new powers for the European Financial Stability Facility (EFSF), with 103 in favour, 66 against and 30 absent from yesterday’s vote. The Finnish [...]