Panic over a new global food crisis is over-egged August 9, 2010 TRADERS have been watching wheat markets breathlessly over the past few days as the grain bounced up and then down. Having gained 8.08 per cent last Thursday – up 80 per cent on prices in the middle of June – the grain plummeted on Friday, wiping out much of Thursday’s gain to end the day [...]
TRY SILVER IF YOU WANT A GOOD RETURN August 9, 2010 CFD MARKET STRATEGIST, GFT PRECIOUS metals have had a particularly rough ride of late. Gold has struggled since hitting a fresh all-time high just under $1,265 on 21 June this year, while silver has also retreated sharply after jumping 30 per cent in the first quarter of 2010. Technically, prices for both metals have broken [...]
European stocks will rebound after US jobs shock August 8, 2010 THE closely-watched US non-farm payrolls figure was responsible for denting European stock markets on Friday, after the data pointed to a steeper than expected decline. Nevertheless, the Dow rallied some 130 points after European markets closed to recover much of its losses for the day, and that resilience is forecast to carry through and boost [...]
Wheat prices surge as Russia halts exports August 5, 2010 RUSSIA’S decision to ban wheat exports for the rest of the year sent prices for the grain soaring yesterday to their highest level in two years. Russia, one of the world’s biggest grain exporters, said yesterday that it was cutting off wheat exports from 15 August to 31 December because a severe drought this summer [...]
Wall Street dips on new jobless claims August 5, 2010 US stocks edged lower yesterday as an unexpected rise in initial jobless claims and unimpressive July retail sales dimmed optimism ahead of the monthly payrolls report. Investors were cautious before today’s jobs report, and after a 10 per cent rise in the S&P 500 since July 2. Yesterday’s data showed initial claims for jobless benefits [...]
Battle to halt BP oil spill has almost ended August 4, 2010 US President Barack Obama said yesterday that BP’s Gulf of Mexico spill is “close to coming to an end” after scientists agreed that three-quarters of the oil is gone and engineers successfully killed the leaking well. “The long battle to stop the leak and contain the oil is finally close to coming to an end,” [...]
BGC Partners looks to emerging markets August 4, 2010 INTERDEALER broker BGC Partners plans to expand in China and the Americas after reporting a 45 per cent rise in second quarter pre-tax profits. BGC, which brokers financial instruments for banks and traders, said it planned to target emerging market economies for growth. The company has established a presence in Sao Paulo, Moscow and Beijing [...]
Russia calms wheat price August 3, 2010 WHEAT prices have fallen back from a 22-month high after Russia stated that its exports would remain stable despite the drought that has ravaged the country’s crops. Russia’s agriculture ministry said the country’s grain crop will drop this year but insisted large stocks will prevent a shortage. High temperatures and a long period of drought [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 3, 2010 FINANCIAL TIMES BARCLAYS OFFLOADS LOANS IN STRUGGLING CONNAUGHT Lenders to Connaught have started selling their loans to the company, in a sign of their concern about the state of the embattled social housing maintenance group. Barclays, one of Connaught’s syndicate of banks, which is led by Royal Bank of Scotland, on Monday night sold its [...]
WHEAT PRICES SURGE August 2, 2010 WHEAT prices hit a two-year high yesterday of $7.11 (£4.47) a bushel on the Chicago Board of Trade as worsening weather continues to ravage Russia’s grain crops and heavy rains in Pakistan are estimated to have destroyed 15 per cent of that country’s crop. Wheat prices soared 42 per cent in July, the biggest monthly [...]