Reflections on the Philip Green saga August 16, 2010 MY first contact with Sir Philip Green came around two decades ago when he was running a small public company called Amber Day. I had written a two paragraph story for the Independent newspaper which provoked the retailing tycoon to scream down the phone at me the following day. “I cut out your article out [...]
SUMMER FALL MAY SET TONE FOR AUTUMN August 16, 2010 CFD MARKET STRATEGIST, GFT When I set off on holiday two weeks ago, equities were soaring. The S&P was threatening to burst through the top end of a significant band of resistance between 1,124 and 1,130. This is an area defined by the 50 per cent retracement of the fall from the October 2007 high [...]
Medium-term UK gilts outlook remains rosy August 15, 2010 IN WHAT was one of the most important Fed meetings of recent times last week, the US central bank moved to support lower borrowing costs by reinvesting funds from maturing mortgage-backed securities in longer term government bonds. While this had been touted as a potential option for the Fed, most thought it would save some [...]
Jitters ahead of Bank’s Inflation Report as miners, banks and energy shares lose August 10, 2010 BRITAIN’S top shares were lower yesterday as investors nervously awaited the outcome of the Bank of England’s quarterly Inflation Report due today and commodity shares were hit by demand concerns following weak Chinese data. At the close, the FTSE 100 index was down 34.11 points, or 0.6 per cent, at 5,376.41, having ended at its [...]
Fed announcement helps curtail Wall Street losses August 10, 2010 US stocks fell yesterday but closed off their lows after the Federal Reserve said it would take new steps to counter a weak recovery. The Dow, which was down about 100 points before the Fed’s announcement, briefly turned positive, though buying interest waned on the Fed’s more pessimistic assessment of the economy. The Dow Jones [...]
STRONG YEN IS FUELLED BY AMERICA August 10, 2010 DIRECTOR OF CURRENCY RESEARCH, GFT IN AMERICAN baseball when a pitcher hurls the ball within inches of a batter’s face, the move is known as a “brushback pitch” and is meant to convey fear and respect. As the week started in the currency market, Japanese Finance Minister Yoshihiko Noda practiced his own version of a [...]
The buck is poised to claw back losses August 10, 2010 YESTERDAY was like a trip down memory lane with traders across the City gripped by the conclusion of the Federal Reserve’s latest policy meeting. The big news was that the Fed will not engage in more quantitative easing (QE) and instead reinvest the proceeds of securities it already holds on its gigantic $2.3 trillion balance [...]
THE TIPSTER August 10, 2010 WITH the pound starting to lose steam on the back of slightly weaker economic data, the recent strength in sterling crosses may well be coming to an end. While the pound looks under threat, look to buy euros around £0.8300 for a move towards £0.8410. Also, look to sell sterling-yen around ¥136.80. CMC Markets’ spread [...]
Fed in rescue bid on fears over growth August 10, 2010 THE US Federal Reserve confirmed fears of a marked slowdown in the world’s biggest economy yesterday as it made its first step towards extending its emergency monetary policy regime in a significant policy shift. The central bank said it would reinvest proceeds from its investments in mortgage-backed securities to buy longer-term government debt in a [...]
Banks boost FTSE past the 5,400 mark after quiet day August 9, 2010 FINANCIAL stocks boosted the UK’s leading share index yesterday, rallying from falls in the previous session following weak US jobs data and supported by energy markers which gained in tandem with crude. The FTSE 100 was up 78.13 points, or 1.5 per cent, at 5,410.52, having closed 0.6 per cent lower on Friday, albeit in [...]