FSA will flex its muscles over bonuses October 5, 2010 MISHCON DE REYA CITY bonus rounds are always an interesting time, but this year’s promises to be more fascinating than most. This is because it is the first time we will see the impact of the new version of the Financial Services Authority (FSA) Remuneration Code. The first version of the code, which was introduced [...]
Class action hopes quashed by ruling October 5, 2010 FAEGRE & BENSON Since the financial crisis of 2008, shareholders in several companies including RBS, Northern Rock, Lloyds, BP and Porsche have pursued the possibility of suing for fraud in the American courts, where class actions are far easier. But a recent Supreme Court decision could scupper these plans. The verdict in Morrison v National [...]
Eurozone uncertainty keeps bunds climbing October 4, 2010 GERMAN bunds made gains across the curve yesterday as expectations of further US quantitative easing (QE) increased and the Eurozone producer price index (PPI) indicated a lack of inflationary pressure in the pipeline. Over the last few weeks the German bund price has gradually travelled upwards reaching a value of 13,182.5 yesterday at 7:45pm (see [...]
US MARKETS AWAIT THE SIZE OF QE2 October 4, 2010 CFD MARKET STRATEGIST, GFT STOCK markets got plenty of attention last month following strong rallies in the major indices. But September also saw impressive gains for precious metals and the euro, although the latter was more a function of dollar weakness. Although there are plenty of good reasons to avoid the euro, the single currency [...]
Battered Euro stock markets offer investors minimal upside October 4, 2010 EUROZONE equities have begun the fourth quarter firmly on the back foot with markets yesterday tumbling for the sixth consecutive trading session – the longest run of losses since January 2009. Fears that the US will plunge into a double-dip recession have outweighed more positive European economic data and upbeat expectations for the third quarter [...]
THE TIPSTER October 4, 2010 NON-FARM payroll data this Friday should provide the usual fireworks. Marking the start of the final quarter of 2010, this is a crucial figure. Markets have been jumpy amid continuing uncertainty about the global economy and this monthly release has moved stocks around dramatically in the past year. Its trajectory in the coming months could [...]
FTSE ends lower in thin trade October 4, 2010 BRITAIN’S top share index closed lower in thin volumes yesterday, ahead of key macroeconomic data later in the week, with BP hit after issuing a €2bn (£1.72bn) bond to help pay for the Gulf of Mexico oil spill. The FTSE 100 ended down 0.7 per cent at 5,555.97 points, after closing up 44.28 points, or [...]
Wall St falls as investors book gains October 4, 2010 US stocks fell in light trading yesterday as investors took profits on recent gains, using middling economic data and worries about euro zone debt as a catalyst for shedding long positions. Commodities stocks led the decliners in reaction to the rising dollar. The greenback was stronger as investors shifted away from the euro, which fell [...]
Traders braced for busy week with new data out October 3, 2010 THIS morning GFT expects a positive start for the major European indices. Our call is for the FTSE 100 index to open 10 points higher at 5,602, with similar gains for the German DAX 40, up 15 points to 6,226 and the French CAC 40, up 14 points to 3,706. Looking ahead to the rest [...]
WALL STREET WEEK AHEAD October 3, 2010 AS September’s surge fades into a fond memory, the question for the US stock market is: Now what? The market shook off the summer doldrums last month, breaking out of a stubborn trading range and giving investors the second-best September on record with a gain of 8.8 per cent on the S&P 500. It also [...]