Asian markets have kicked off 2014 cautiously. Here’s why January 2, 2014 It's been something of a disappointing start to 2014 over in Asia, as markets suffer on China's unimpressive manufacturing data and currency troubles. The yen traded today, but Tokyo's equity market is closed until Monday. Asia starts the year cautiously – ASX +0.44%, Shanghai -0.44%, Hang Seng -0.25%, Nikkei +0.69% – Gold $1222.10 – [...]
City Moves for 20 December 2013 | Who’s switching jobs December 19, 2013 Herbert Smith Freehills The law firm has announced the appointments of Sonya Leydecker (right) and Mark Rigotti as joint chief executives. Leydecker joined the firm in 1984 and was promoted to partner in 1991. Rigotti joined in 1988, and has since held senior roles including head of banking and head of corporate. KPMG The professional [...]
Analysts cut forecasts amid fears discounts will hurt profits December 18, 2013 MARKS & SPENCER and a raft of other major high street names were hit by downgrades from analysts yesterday amid fears that discounting and low wage growth will take its toll on spending this Christmas. HSBC and Oriel both slashed their forecasts for M&S yesterday, warning that weak consumer confidence and further promotional activity was [...]
Asos and M&S downgraded by UBS. Here’s why December 18, 2013 Some sobering news for UK clothes retailers this morning, as UBS cut its ratings for both Marks and Spencer and Asos from 'buy' to 'neutral'. M&S is trading in the red, having shed over four per cent to 434p, and is topping the FTSE 100's biggest fallers this morning. UBS said: We cut our forecasts [...]
City Moves for 18 December 2013 | Who’s switching jobs December 17, 2013 Arbuthnot Latham The private bank has appointed Clara Gandelman Vila as a senior private banker in its executives team. She was most recently at UBS Wealth Management, where she was a client adviser in its key clients and high net worth divisions, focusing on UK and international private clients. Debevoise & Plimpton The law firm has recruited Tony [...]
Are things getting uglier for gold? December 17, 2013 It's a tough time for gold prices at the moment. The $15 per ounce rise seen yesterday has been wiped out UK and Asian trading today, as the US dollar climbed and stock markets stayed cautious, in anticipation of tapering action from the Fed tomorrow. HSBC have said in a note: "The bullion market is [...]
City Moves for 17 December 2013 | Who’s switching jobs December 16, 2013 Conning Asset Management The investment management company has appointed Ben Hamilton as a portfolio manager in its London team. He was previously an assistant investment manager and research analyst for fixed income and multi-asset funds at Premier Asset Management. State Street Global Advisors State Street’s asset management business has appointed Mark Fortier as managing director, [...]
Japanese business conditions up – but is this as good as it gets for Abenomics? December 16, 2013 The Bank of Japan's Tankan survey has shown a further improvement in business conditions in the fourth quarter. However, the pace of improvement has flagging pointing to a slowdown in GDP growth, according to Capital Economics. The headline index of business conditions for large manufacturers rose from +12 in the third quarter to +16 in [...]
Why the World Cup is reversing the fortunes of Aggreko December 16, 2013 Some good news for generator hire specialist Aggreko, as it announced this morning that it's been chosen to supply power for next year's FIFA World Cup in Brazil and the Commonwealth Games in Glasgow. The firm also said that its full year results for 2013 will be "slightly ahead of expectations". Underlying group revenues for [...]
What you need to know before the open – 16/12 December 16, 2013 Dispiriting numbers from China – the HSBC purchasing managers' index came in at 50.5 overnight, a three-month low – along with ongoing tapering anxiety, mean Europe's set for a lower open this morning. Of course, this is the last full week of trading before the Christmas break, and of 2013. ETX Capital #MorningCall FTSE [...]