Eurozone banks will prove the downfall of the single currency June 16, 2009 AFTER months of Europe scoffing at the troubles of the Anglo-Saxon banking system, it appears likely that many Eurozone banks have plenty of skeletons in their own closets. The European Central Bank (ECB) said earlier this week in its Financial Stability Review that it estimated Eurozone bank writedowns due to securities – or toxic assets [...]
COMMODITY CURRENCIES SLOW DOWN June 16, 2009 BORIS SCHLOSSBERGDIRECTOR OF CURRENCY RESEARCH, GFT ONE of the best trades in the FX market in the past three months has been to go long on the Commonwealth currencies of Canada, Australia and New Zealand. These were the biggest beneficiaries of the recovery trade as global demand picked up. Spurred by China’s seemingly insatiable demand [...]
Economy fears hit oil, miners and banks but defensives fly June 16, 2009 THE FTSE 100 closed 0.1 per cent higher yesterday, recovering only a small part of Monday’s sharp falls as strength in defensive stocks was countered by falls in oils, miners, and banks. At the close the FTSE 100 was up 2.56 points at 4,328.57, rallying slightly after hitting a six-week closing low on Monday when [...]
US falls on gloomy stats and Best Buy June 16, 2009 US stocks slipped yesterday as mixed economic data and disappointing sales figures from giant electronics retailer Best Buy spurred worries about an anemic recovery. After a three-month run that lifted the S&P 500 as much as 40 per cent from 12-year lows, analysts said the economy needs to start showing real improvement to support optimism [...]
OIL MARKET WILL MOVE SHARPLY ON INVENTORY DATA June 15, 2009 MARTIN SLANEYHEAD OF DERIVATIVES, GFT OIL, glorious oil. It is undoubtedly one of the most popular CFD markets around and it continues to enjoy a steep growth in popularity among traders. The popular Brent and WTI are unavoidably topical and irresistibly volatile. After sinking to near $30 a barrel at the end of 2008, the [...]
Metals lose their shine and oil slips on the strong dollar June 15, 2009 LOWER commodities stocks and the firm dollar took the FTSE 100 lower yesterday, losing 2.6 per cent, or 115.94 points, to close at 4,326.01. Volumes were about 76 per cent of its 90-day average daily volume, but the index has risen 25 percent since hitting a six-year low on 9 March. “The fundamentals of the [...]
Unstoppable flu pandemic will boost vaccine drugmakers June 15, 2009 AT the weekend, there was confirmation of Britain’s first swine flu victim, just three days after a decision on Thursday by the World Health Organisation (WHO) to officially declare an influenza pandemic – the first since 1968. It might seem ghoulish to say so, but the prospect of a drawn-out battle against what WHO director-general [...]
Wall Street hit by poor factory data June 15, 2009 US STOCKS tumbled yesterday, marking their worst slide in a month after regional manufacturing data dented optimism about the economy’s health and resource shares fell alongside commodity prices. After a series of signs the economy may be stabilising, investors are looking for more definitive signals of its improving health. Analysts also said a pullback was [...]
A positive start to the week expected June 14, 2009 THE FTSE ended last week pretty much where it started, and the rut that is the 4,400 to 4,500 range is becoming somewhat entrenched. This morning’s call is for a mildly positive start, with GFT quoting the FTSE 100 to open up 14 points at 4,456, with the momentum coming from US markets where a [...]
EUROPE BANKS WEAKER THAN WAS THOUGHT June 14, 2009 JANE FOLEYRESEARCH DIRECTOR, FOREX.COMTHE American banking sector once again hogged the headlines last week, when 10 of the 19 banks that borrowed money from the US government under the Tarp plan were authorised to pay back a combined $68bn. The US government was quick to make the point that it (meaning the taxpayer and the [...]