FTSE sinks to lowest level in a month as Fed’s statement makes investors nervous June 24, 2010 BRITAIN’S FTSE 100 share index fell yesterday as fears over the sustainability of a global recovery hit commodity-linked stocks and banks as risk appetite waned. The FTSE 100 closed down 78.29 points, or 1.5 per cent at 5,100.23 points, its lowest closing level in almost a month after shedding 1.3 per cent on Wednesday. A [...]
US base rate held at zero June 23, 2010 THE US Federal Reserve said it would hold interest rates at a record low for “an extended period” yesterday, saying it aims to aid an economic climate that has become “less supportive”. The Federal Open Market Committee voted nine to one to keep the rates at zero to 0.25 per cent after its two-day meeting, [...]
Fed spooks stocks with grim outlook June 23, 2010 US stocks mostly fell in a volatile session yesterday after the Federal Reserve downgraded its assessment of the economic recovery as it vowed to keep cheap money flowing. The market bounced between positive and negative territory as investors wrestled over the implications of the Fed’s statement in the afternoon on the economy and interest rates. [...]
‘Lucky’ Fed survives huge SW19 shock June 21, 2010 DEFENDING champion Roger Federer admitted he “got lucky” after surviving what would have surely been one of the biggest shocks in Wimbledon history on a historic opening day at SW19, which finished at almost 11pm. The six-time winner was two sets to love down on little-known Columbian Alejandro Falla, who then served for the match [...]
Fed to keep power post reform June 16, 2010 AFTER heavy criticism of its handling of the financial crisis, the US Federal Reserve yesterday appeared likely to escape the most aggressive congressional scrutiny of its interest rate deliberations. Lawmakers finalising a sweeping overhaul of financial regulations have indicated they may back away from a measure that would subject the US central bank’s monetary policy [...]
Feds charge former US mortgage boss with multi-billion fraud case June 16, 2010 THE former head of the now bankrupt mortgage lender Taylor, Bean & Whitaker Mortgage Corp (TBW) has been charged in a fraud scheme that led to multi-billion-dollar losses and targeted the 2008 federal bank bailout programme, US prosecutors said yesterday. Lee Farkas, 57, served as chairman of TBW, one of the largest privately held US [...]
Wall Street ends flat as mixed data causes caution June 16, 2010 US stocks finished flat yesterday as cautious comments from FedEx and weak housing market data overshadowed a surge in industrial production. Investors were caught off guard after package company FedEx, deemed an economic bellwether because it serves a wide range of industries, said higher costs would constrain 2011 earnings. FedEx shares slid six per cent [...]
Higher costs set to crimp FedEx profits next year June 16, 2010 FEDEX reported a quarterly profit yesterday that beat analyst expectations, but said costs would constrain its 2011 earnings. The company projected 2011 earnings per share in the range of $4.40 (£2.97) to $5.00. “We expect the growth in earnings in fiscal 2011 to be constrained,” chief financial officer Alan Graf Jr said, citing increases in [...]
Spain’s debt costs rise June 15, 2010 SPAIN’S financing costs jumped at a T-bill auction yesterday but demand was solid as a newspaper reported a government move to reassure investors over the strength of Spanish banks. The Treasury issued just over €5bn in 12-month and 18-month bills. Average yields jumped more than 70 basis points from May’s auction in a sign of [...]
SPREAD BET GURU June 13, 2010 MARKET STRATEGIST josh@cityindex.com Q. Dear Josh, what are the markets expected to be like during the World Cup? A. If you were thinking that traders are likely to be keeping a close eye on the World Cup and that this could affect volumes, then you are right. Historically, the financial markets have tended to be [...]