Advances from BG Group and Shell help lift the FTSE 100 October 28, 2010 BRITAIN’S top share index pushed higher yesterday, helped by a rally in heavyweight commodity issues, notably oil major Royal Dutch Shell, whose third-quarter results beat market expectations. The FTSE 100 ended up 31.87 points, or 0.6 per cent, at 5,677.89, recovering after it reached its lowest closing level since 5 October on Wednesday. Energy issues [...]
Wall Street falls as elections approach October 28, 2010 US stocks edged lower yesterday as investors took to the sidelines ahead of expected upheaval from next week’s elections and likely additional stimulus by the Federal Reserve. Next week’s events could signal shifts in both monetary policy and legislative direction, leading investors to be cautious and largely disregard yesterday’s corporate earnings and economic reports. A [...]
US jobless total falls to three-month low October 28, 2010 THE US jobless total fell to a three-month low official figures revealed yesterday. Initial unemployment claims fell by 21,000 to 434,000 in the week ended 23 October the US Labour Department said in its weekly report yesterday. The previous week’s figures were revised up from 452,000 to 455,000. The claim figure is the lowest since [...]
QE2 strong option says BOJ chief October 28, 2010 THE Bank of Japan (B0J) said yesterday boosting its five trillion yen (£38bn) asset buying plan was a “strong option” if the economy deteriorated. The BOJ’s governor Masaaki Shirakawa made the admission as he said he was bringing forward its next policy review to 4-5 November right after the US Federal Reserve meets, which markets [...]
FTSE hit by fears UK recovery will stall without fresh stimulus October 27, 2010 BRITAIN’S top shares posted their biggest one-day losses in over two months yesterday, hit by market concerns that further quantitative easing measures in the US might be less aggressive than expected. The FTSE 100 was down 61.28 points, or 1.1 per cent, at 5,646.02, its lowest closing level since 5 October, adding to the 0.8 [...]
Wall Street falls as investors lose faith October 27, 2010 US stocks fell yesterday as investors dialed back expectations of how aggressively the Fed would act to stimulate the economy. With the uncertain outcomes of the US elections and a Fed meeting next week, traders positioned themselves for more volatile markets. The CBOE Volatility index rose 2.4 per cent and was up for the third [...]
PIMCO’S GROSS ISSUES WARNING OVER A BRAZEN PONZI SCHEME: QE October 27, 2010 PIMCO’S resident bond expert Bill Gross yesterday, in his usual verbose fashion, issued a stark warning over the upcoming second round of quantitative easing (QE) in the US – dubbing it no less than a “Ponzi scheme” on the part of the Federal Reserve. “Check [sic] writing in the trillions is not a bondholder’s friend; [...]
THE TIPSTER October 27, 2010 THE Bank of Japan (BoJ) is expected to make its interest rate decision tomorrow and investors will be looking for signs of further intervention to weaken the yen. Recently the dollar-yen looks like it has reached an area of support around the 15-year low of ¥80.00. Considering that the market is speculating that there will [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 26, 2010 FINANCIAL TIMES CHINA AND US CLOSER ON TRADE TARGETS China and the US have the basis for an agreement at the summit of the Group of 20 leading nations next month on setting targets to cut trade imbalances, according to an adviser to the Chinese central bank. Li Daokui, a member of the central bank’s [...]
THE TIPSTER October 26, 2010 THE Australian dollar-US dollar is still tentatively trading below parity. As one of the few advanced economies to avoid a recession, the Australian economy should benefit from high demand for raw materials, especially from China. Bulls expect the Aussie to break through to parity soon, so it may be a trade for the optimistic. Capital [...]