Hopes for earnings see Wall Street rise October 6, 2009 WALL Street stocks rose yesterday amid signs the global economy was recovering and optimism that corporate earnings reports will beat expectations. The economic optimism spurred gains in energy and other commodities, lifting shares of oil and resource companies. Shares of Exxon Mobil rose 1.6 per cent to $68.66 and were among the top gainers on [...]
SFO signals move to US-style tactics October 6, 2009 WHEN the Serious Fraud Office (SFO) said last week that it intends to seek the Attorney General’s consent to prosecute BAE, this signalled a significant change in its modus operandi. It has never in the past publicised to this extent its intended actions in an ongoing investigation. In 2008, at about the same time that [...]
EXPECT MORE WEAKNESS IN GREENBACK October 6, 2009 BORIS SCHLOSSBERGDIRECTOR OF CURRENCY RESEARCH, GFT LAST week’s dismal US unemployment data was a depressing reminder to the currency market that the American economy, which at one time served as the locomotive for global growth, may now be the laggard of the industrialised world. While the recovery continues in the rest of the G20 universe [...]
Upbeat economic sentiment boosts FTSE to above 5,000 October 5, 2009 THE FTSE 100 closed higher yesterday after US Institute for Supply Management non-manufacturing data came in better than forecast, with miners and banks the best performing sectors. The index closed up 35.63 points, or 0.7 per cent, at 5,024.33, after tumbling nearly 60 points on Friday to a near three-week closing low below the 5,000 [...]
US stocks shoot up on stronger data October 5, 2009 US stocks shot higher yesterday, ending a four-day losing streak as optimism about upcoming earnings gathered steam and data showed the services sector expanded for the first time since August 2008. The Dow Jones industrial average was up 112.08 points, or 1.18 per cent, at 9,599.75. The Standard & Poor’s 500 Index closed up 15.23 [...]
Traders prefer bonds as fears of a pullback rise steadily October 5, 2009 WITH the FTSE 100 back down below the 5,000 mark, the bears are beginning to feel a little smug. Since July they have been warning that the rally in the markets has been overdone and that we are due a correction. Professor Nouriel Roubini, the economist known as Dr Doom, has said recently that “markets [...]
You need to evolve to survive in this market October 5, 2009 FOR the retail market participant, success in trading often means finding an edge. Whether that refers to a combination of technical indicators, a sound plan for reacting to event risk or identifying repeatable patterns, the conclusion is always the same. When they come across a system that works, they stick to it. However, narrowing one’s [...]
WHY WE WILL NOT SEE A RED OCTOBER October 5, 2009 EVERYBODY is saying it: the correction is coming. After rallying since March and with various records being broken, it is claimed that global stocks are overdue a sell-off. Analysts are desperate to tell us that “investors have become over-excited with the positive-trending economic data” or that “the fundamentals are being ignored”. Commentators are falling over [...]
Supermarkets to dominate this week October 4, 2009 It’s off to the supermarket this week, with Tesco and J Sainsbury both due to give investors a taste of how the year is shaping up. Tesco reports its interims tomorrow, which will include Tesco Personal Finance (TPF) as a consolidated entity for the first time. UBS expects the chain to indicate that it is [...]
How M&A-spotters can make big bucks October 4, 2009 F OR those of us trading the financial markets over the last two years, large mergers and acquisitions may now be a distant memory. Figures from markets analyst Dealogic indicate that acquisition volumes are down 55 per cent in Europe and 61 per cent in the US compared to this time last year. So much [...]