Fed warns of sluggishness August 31, 2010 US POLICYMAKERS warned of increasing risks to economic growth in the minutes of the Federal Open Markets Committee (FOMC) meeting released yesterday. “The softer tone of incoming economic data suggested that the pace of the expansion would be slower over the near term than previously projected,” the minutes said. The Fed decided to reinvest the [...]
Weak housing loans point to a price slump August 31, 2010 JUST 48,700 mortgages were approved in July, according to data published yesterday by the Bank of England, raising fears that the UK housing market is at best drifting sideways and at worst heading for a double-dip recession. Although the small rise was better than the dip to 46-47,000 that the market had expected, economists were [...]
FTSE gains ground as mining shares are lifted by US data August 31, 2010 BRITAIN’S top shares closed up yesterday as miners gained on firmer US economic data which eased investor anxiety on the global economic recovery, while ARM Holdings jumped on renewed takeover talk. The FTSE 100 gained 23.66 points, or 0.5 per cent at 5,225.22, adding to the 0.9 per cent gain on Friday, as UK traders [...]
FUND MANAGEMENT NEWS August 31, 2010 NORTHERN TRUST OPENS DOOR TO CHINA Asset manager Northern Trust announced that it has been granted permission to open a branch office in Beijing. The new office plans to support institutional clients in China with global custody, accounting, compliance and performance management services. The firm has offered services to clients in China since 2005 through [...]
WE HAVE NOT YET REACHED THE BOTTOM August 30, 2010 CFD MARKET STRATEGIST, GFT WE’RE getting closer to the end of the summer and there is a growing fear that the rest of the year will see serious ructions in the financial markets. US economic data remains unremittingly bleak, and it is a sign of how technically traded the US stock market has become. Any [...]
PROPERTY NEWS August 26, 2010 BACK TO THE BOOM YEARS FOR PUTNEY The property boom years are back, at least in Putney. An eight-bedroom house in Heathview Gardens has just sold for £5.3m, one of the highest prices ever paid for a property in SW15. Russell White, franchisee of Winkworth Putney who handled the sale, said: “The Putney sales market [...]
SELLING August 26, 2010 MANAGING DIRECTOR, PROPERTY HUNT Q.Dear Russell, with property prices projected to fall and interest rates forecast to rise, should I buy? A.As with anything to do with property, it is all about timing. The latest surveys – whether they are from the major lenders, the high-street banks or the online property portals –are all pointing [...]
Why are the Irish banks still in such a mess? August 25, 2010 IRISH banks seem unable to shake off the financial crisis, in fact they seem to be in worse shape now then at the start of the year. The main casualty is Anglo Irish Bank, which threatens to squash the economic recovery under an estimated €24bn of bad loans. It has already caused credit rating agency [...]
Derwent posts higher profit on bargain hunters August 25, 2010 OFFICE landlord Derwent London reported sustained growth in the value of its portfolio to £2.2bn yesterday, easing fears of a new real estate slump as Britain’s economic prospects wilt. Chief executive John Burns said Derwent’s signature strategy of providing affordable offices in the capital’s nascent business hubs would hold up as firms budgeted for slower [...]
Fed’s Hoenig: Reform to hit smaller banks August 23, 2010 KANSAS City Federal Reserve Bank President Thomas Hoenig warned yesterday that landmark financial reforms may not end market perceptions that taxpayers will rescue the largest banks and cautioned against speculative investments in housing. Hoenig, testifying at a field hearing of the US House of Representatives Subcommittee on Oversight and Investigations, said larger banks perceived as [...]