FedEx raises its full-year profit forecast as economy rebounds July 26, 2010 FEDEX raised its full-year outlook yesterday due to a surge in the number of packages flowing through its air and ground networks, boosting its shares and the broader market. For the first quarter ending on 31 August FedEx raised its earnings per share forecast to a range of $1.05 (68p) to $1.25, up from a [...]
STRENGTH IN EQUITIES IS SURPRISING July 26, 2010 AFTER a shaky start, last week saw the second quarter US earnings season come alive and galvanise equity markets. The strong rally that began on Thursday was thanks to better-than-expected bottom line, top line and forward guidance from bellwether stocks such as Caterpillar, UPS, Microsoft and 3M. But it also highlighted a contradiction that is [...]
Home sales and an upbeat FedEx buoy US equities July 26, 2010 A N upbeat outlook from FedEx, coupled with encouraging home sales, lifted US stocks yesterday, keeping t he S&P 500 above 1,100 for a second day and suggesting the rally could last. FedEx raised its outlook, boosting its stock by 5.6 per cent. The news from the package delivery and business services company validates the [...]
Jobs market worries Fed July 22, 2010 FEDERAL Reserve chairman Ben Bernanke told the US Congress yesterday he was willing to ease monetary policy even further if the economic recovery wobbles. Bernanke said the Fed “needs to be taking steps to reassure the American people and the markets that our fiscal situation is going to be well controlled” during his twice-yearly report [...]
Fed chairman sparks sell-off July 21, 2010 US EQUITIES tanked and government bonds rallied yesterday after Federal Reserve chairman Ben Bernanke said the country’s economy faced “unusually uncertain” prospects. All sectors of the S&P 500 shares index fell as Bernanke delivered a cloudy outlook a week after his staff slashed growth forecasts. The 56-year-old told the Senate Banking Committee: “Even as the [...]
Madoff trustee files fresh suit July 21, 2010 ATHE trustee overseeing the liquidation of Bernard Madoff’s financial advisory firm has sued 43 new defendants affiliated with a hedge fund firm that fed money to the now-imprisoned swindler. The trustee is seeking more than $3.6bn (£2.4bn) of damages in the lawsuit. Walter Noel, a co-founder of Fairfield Greenwich Group, was among those added to [...]
Wall St falls after dour Bernanke view July 21, 2010 FEDERAL Reserve Chairman Ben Bernanke’s dour assessment of America’s recovery hit US stocks yesterday, as the Fed chief’s comment on “unusually uncertain” economic prospects discouraged investors. Stocks sank after Bernanke acknowledged the labour market’s continued weakness while offering few specific options to stimulate lending and investment. “The market sold off because unfortunately there is no [...]
US shares buoyed by Goldman stock rise July 20, 2010 US stocks rose for a second consecutive day yesterday, led by gains in shares of Goldman Sachs and strength in beaten-down homebuilders and raw materials companies. Goldman Sachs Group rose 2.2 per cent as buyers materialised after an early selloff on news the investment bank’s quarterly earnings tumbled 82 per cent, steeper than forecast. “Most [...]
SCALE BACK EXPOSURE ON THE BOUNCE July 19, 2010 CFD MARKET STRATEGIST, GFT This is a big week for the markets with traders forced to consider the potential effects of a number of major events. Looking at the US, we get deeper into the second quarter earnings season with over 500 companies to report – up from less than 100 last week. The interpretation [...]
Buckle up for more of the FTSE rollercoaster July 18, 2010 MAYBE you don’t have to be schizophrenic, but it helps. In the last month the FTSE 100 has oscillated madly from optimism, to despair, back to optimism – before finishing Friday once again enveloped in gloom. In that time we’ve had nine consecutive days of gains that took us to 5,300, then a period of [...]