THE TIPSTER May 31, 2010 STERLING-US dollar has been well-supported of late on fears that Prudential’s planned purchase of AIA could collapse. A large currency hedge shorting cable was put in place some months ago when the deal was first agreed and if it falls over, the hedge will come off, sending sterling-US dollar higher. While highly speculative, traders should [...]
Nationwidesuffers as profits halve May 26, 2010 NATIONWIDE, Britain’s largest building society, said it expected broad stability in the housing market over the next 6-12 months, when posting a near halving of full-year profit yesterday. House prices have recovered ground in recent months, though they fell in February and April, according to rival lender Halifax, raising questions over the strength of the [...]
Nationwide profit plunges by 46pc May 26, 2010 NATIONWIDE Building Society has reported a 46 per cent drop in annual profits as low interest rates continue to take their toll. Underlying pre-tax profits dropped to £212m for the year to 4 April compared with £393m a year earlier. The group said it expected the difficult conditions to continue throughout the year. Meanwhile it [...]
Fed upbeat about US economy May 20, 2010 ECONOMIC forecasts by the US Federal Reserve remained positive despite a continued move to hold interest rates around zero. During an April meeting of the bank’s Open Market Committee, chaired by Ben Bernanke, the bank said that the labour market was showing signs of improvement, while housing market spending was also picking up. The Fed [...]
Inflation jumps to 17-month high May 18, 2010 UK inflation rose more than expected to 3.7 per cent in April. Bank of England governor Mervyn King must now write to new chancellor George Osborne to explain why the cost of living – set out in the consumer prices index (CPI) – is more than a percentage point above the target of two per [...]
Wall Street hit as bank probe widens May 13, 2010 TOP banks and rating agencies have been subpoenaed by the New York authorities as part of a probe into how they dealt with subprime securities in the run-up to the financial crisis. UBS, Citigroup, Credit Suisse, Deutsche Bank, Credit Agricole, Bank of America Merrill Lynch, Goldman Sachs and Morgan Stanley are the subjects of a [...]
TRAGEDY IN GREECE IS FAR FROM OVER May 11, 2010 MANAGING DIRECTOR, ARTEMIS WHAT a pickle. Caught between a Greek tragedy abroad and political purgatory at home, investors have shown themselves ready to flee the uncertainty they love to hate. The UK market alone saw £110bn wiped off the value of its shares last week – the seventh largest loss in a week since records [...]
Goldman stands by fraud suspect April 18, 2010 GOLDMAN Sachs has stood firm behind the man at the centre of the storm over the $1bn (£651m) fraud allegations against it, adding that he may even turn up to work in London this morning as normal. Goldman said the status of Fabrice Tourre was unchanged after he was named in two counts of securities [...]
UK house prices bounce back April 8, 2010 HOUSE prices increased for the eighth time in nine months in March, but experts warns more property being put up for sale could dampen further inflation. The latest house price index shows prices rose by 1.1 per cent during March, partly offsetting February’s 1.6 per cent fall. The rise means prices during the first three [...]
Light at the end of the tunnel, but buyers should stay cautious March 25, 2010 IT’S the perennial dinner party question: what will happen to house prices in the coming year? With a hung parliament on the cards come May and economists divided over when the Bank of England will decide to raise interest rates, those who are looking to move property remain understandably nervous. Mortgages are still hard to [...]