US shares plunge as job creation falls to zero September 2, 2011 US stocks have slumped on renewed fears for the economy’s prospects after grim employment data showed zero job creation in the 400m-strong country in August. Official non-farm payroll data showed the US economy added no net new jobs in August, far below analyst expectations for an extra 70,000 jobs. The news sent the Dow down [...]
Goldman pays US homes fine September 1, 2011 GOLDMAN Sachs was hit by more US government action yesterday as it agreed to pay a fine and reform some of its mortgage management practices after wrongfully repossessing borrowers’ homes in 2009 and 2010. The Federal Reserve said Goldman, through its former subsidiary, US mortgage lender Litton, had agreed to pay the unspecified fine over [...]
Chief dove calls for more QE across G7 countries August 31, 2011 THE BANK of England’s chief dove, Adam Posen, yesterday urged authorities across the G7 to throw themselves into a last ditch programme of quantitative easing, designed to stimulate growth. “Additional monetary stimulus is the last line of defence for the advanced economies today, and G7 central banks should purchase more assets if we are to [...]
FTSE 100 ends August on a high despite economic fears August 31, 2011 BRITAIN’S top share index climbed 2.4 per cent yesterday as poor economic data in Britain and abroad fuelled expectations of further economic stimulus but it still recorded the worst monthly performance since February 2009. The benchmark FTSE 100 index closed up 125.87 points or 2.4 per cent at 5,394.53, on the final trading day in [...]
Wall St edges into positive territory August 31, 2011 US stocks closed out the worst month in more than a year on an up note yesterday, with sharp gains in the last several days still not enough to repair the damage from a US credit downgrade and fears of a slide back into recession. Sentiment turned dramatically in recent days on expectations the Federal [...]
Split among Fed officials August 30, 2011 DEEP divisions have appeared among senior Federal Reserve officials, the minutes to the Fed’s August meeting exposed last night. The minutes revealed “a few” members pushing for “a more substantial” loosening of policy — widely assumed to be a third period of quantitative easing known as QE3. Yet the hawkish side of the committee are digging [...]
Wall Street gains after day of jitters August 30, 2011 US stocks rose for a third straight day yesterday in a volatile session, after minutes from the latest Federal Reserve meeting boosted expectationsthe central bank will act again to stimulate the economy. Equities surged near the close of the market, though they quickly pared gains, after the release of the Fed’s 9 August minutes showed [...]
RISK TRADE HINGES ON US EMPLOYMENT August 30, 2011 DOUBLE dip or muddle through? That’s been the central question facing the currency markets. As economic data started to deteriorate across the world amidst growing investor unease with fiscal policies in US and Europe, the bears have been eager to forecast another global contraction. Yet, although the latest data has been anaemic, it nevertheless remains [...]
SO MUCH FOR A QUIET AUGUST August 29, 2011 TRADERS who stayed on the floor throughout August 2011 will remember it for many things, but tranquility will not be one of them. While European chief executives left the office for their customary four-week holiday, global equity markets kicked off a month of instability as US lawmakers dithered over a last-minute increase in the country’s [...]
FTSE to open over 100 points higher after holiday August 29, 2011 A FROTHY combination of surprisingly strong US consumer spending data, merger news between two Greek banks, and general relief that Hurricane Irene largely avoided New York City, will give UK stocks a substantial boost when the market re-opens today after the long Bank Holiday weekend. GFT quotes two-way prices on stock indices around the clock, [...]