Emerging markets’ illness small but persistent October 10, 2010 FAR BE it for me to ruin your Monday but I am starting to get a bad feeling about emerging markets. Let me put that in context. On a medical scale I would call it more of a slight itch than a life-threatening condition, but it is definitely persistent. EMERGING MARKETS GROWTH SLOWS HSBC knows a thing [...]
INSIDE THE MISCHIEVOUS MIND OF A FIXED INCOME BONDS ANALYST October 10, 2010 EVER wondered about the fantasies of a bonds analyst? Well, no, we can’t say we did either, until Evolution Securities’ Gary Jenkins decided to bare all in his column for Credit Matters. Fresh from his promotion to head of fixed income, Jenkins’ megalomaniacal ambitions know no limit: he imagines himself in a new role as [...]
Money flows for the mining sector October 10, 2010 AS the market waits for the Fed to make up its mind on further quantitative easing, money looks sure to keep pouring out of the dollar and into commodities. This boom, averaging 20 to 30 per cent since July, has significantly boosted the mining sector, which was doing pretty well already thanks to growing emerging [...]
HSBC hit by US watchdogs October 7, 2010 THE Federal Reserve said yesterday that it issued an order against HSBC North American Holdings requiring the bank to improve company-wide risk management, including practices to prevent money laundering. It said that within 30 days, the bank’s board of directors must submit a plan for strengthening oversight of its compliance risk-management programme. The plan must [...]
Investors hold off ahead of Fed report October 7, 2010 WEAK commodities and a firmer dollar pressured US stocks yesterday as investors shunned big bets before a jobs report that could determine the next move from the Fed. The Dow Jones industrial average dipped 19.07 points, or 0.17 per cent, to 10,948.58. The Standard & Poor’s 500 Index eased 1.91 points, or 0.16 per cent, [...]
New claims for US jobless benefits hit a three-month low as economy picks up October 7, 2010 New US claims for jobless benefits hit a near three-month low last week, suggesting some let up in the labour market’s distress but likely not enough to keep the Federal Reserve from easing monetary policy further. Initial claims for state unemployment benefits dropped 11,000 to 445,000, the lowest since 10 July, the Labour Department said [...]
Westwood turns his back on the PGA Tour millions October 6, 2010 RYDER CUP hero Lee Westwood will continue to fly the European flag in 2011 after snubbing the chance to play on the American PGA Tour. The 37-year-old moved up to second in the world rankings after helping Europe retain the Ryder Cup at the weekend. And he could even depose Tiger Woods as the world’s [...]
Weak US employment figures give Fed room for fresh policy stimulus October 6, 2010 US private employers unexpectedly shed jobs in September, reinforcing the conviction that the US Federal Reserve as early as next month will embark on another round of monetary policy stimulus to support the economic recovery. ADP’s national employment report yesterday said US private employer payrolls fell by 39,000 jobs in September. The median forecast from [...]
Brace yourself, Gordon is in town October 6, 2010 Film MONEY NEVER SLEEPS Cert: 12A GORDON Gekko comes to London. If you enjoyed Oliver Stone’s original film, do you really need any other inducement to see Wall Street’s sequel, Money Never Sleeps? For a few brief scenes the financial world’s debonair Mephistopheles can be seen, trademark devil-may-care smirk and all, getting shaved in Trumper’s, [...]
Fundamentals fail to offer a clear picture October 5, 2010 EVERY day there seems to be further bad news from the Eurozone’s periphery. Only yesterday Moody’s rating agency warned it might downgrade Irish bonds. Yet the euro continues to rally against the dollar, reaching $1.3833 yesterday at 6.45pm. The market just does not seem to care what trouble the Eurozone stirs up. All eyes are [...]