Undervalued peso poised to benefit from US recovery August 11, 2009 GIVEN the poor state of Mexico’s economy, you might think that its currency, the peso, would be suffering. Hit hard by global recession and falling oil prices, the real economy is expected to shrink by 5.5 per cent in 2009 while the country’s industrial production is contracting month-on-month. And even the country’s growing tourist industry [...]
Experts urge caution for UK market gains August 16, 2009 RECENT market exuberance may be ill-advised as the UK faces further pain before it can follow France and Germany out of recession, economists warned yesterday. The benchmark FTSE 100 index of Britain’s biggest companies touched a 10-month high of 4,755 points during last week’s trading. But these heights may not be underpinned by economic fundamentals. [...]
Swine flu hits Thomas Cook August 13, 2009 TOUR operator Thomas Cook yesterday admitted it would miss its operating profit target, compounding the gloom in the leisure sector. The group, in which insolvent German retailer Arcandor still holds a 53 percent stake, said it would fall short of its hopes of achieving operating profit of £480m in 2010. Chief executive Manny Fontenla-Novoa said [...]
Insurers to support plans to hand them welfare state role July 26, 2009 THE INSURANCE industry will today throw its full backing behind a key government report set to pave the way for the industry to take on a £17bn chunk of the Treasury’s welfare state obligations. Stephen Haddrill, director-general of insurance body the ABI, said the report should help the industry boost its strength significantly over the [...]
Hot weather adds sizzle to retail sales July 23, 2009 UNUSUALLY hot weather and aggressive discounting by retailers fuelled a surge in retail sales last month, official data from the Office for National Statistics (ONS) showed yesterday. Figures from the ONS revealed that total retail sales rose by 1.2 per cent in June on the previous month, putting the annual rise on a seasonally-adjusted basis [...]
Hot weather adds sizzle to retail sales July 23, 2009 UNUSUALLY hot weather and aggressive discounting by retailers fuelled a surge in retail sales last month, official data from the Office for National Statistics (ONS) showed yesterday. Figures from the ONS revealed that total retail sales rose by 1.2 per cent in June on the previous month, putting the annual rise on a seasonally-adjusted basis [...]
UNCERTAINTY KEEPS LID ON ASSET PRICES July 22, 2009 GEORGE TCHETVERTAKOVHEAD OF MARKET RESEARCH, ALPARI UK FINANCIAL markets continue to remain in a state of flux as conflicting indicators and persistently unpredictable macro events sway sentiment. The frothy risk-rally in equities, commodities and FX that started in March hit a wall of doubt in mid-May leading to a sense of overextension amongst investors as [...]
Osborne to scrap FSA and beef up the Bank July 20, 2009 THE BANK of England will become the UK’s main financial regulator and the Financial Services Authority (FSA) will be abolished if the Conservatives win the next election, shadow chancellor George Osborne said yesterday. In the Tory response to chancellor Alistair Darling’s white paper on financial regulation, Osborne said he would “lead the British economy from [...]
Osborne to scrap FSA and beef up the Bank July 20, 2009 THE BANK of England will become the UK’s main financial regulator and the Financial Services Authority (FSA) will be abolished if the Conservatives win the next election, shadow chancellor George Osborne said yesterday. In the Tory response to chancellor Alistair Darling’s white paper on financial regulation, Osborne said he would “lead the British economy from [...]
RECOVERY IS GAINING IN MOMENTUM August 9, 2009 JANE FOLEYRESEARCH DIRECTOR, FOREX.COM THE suggestion that the UK economy may return to growth by the end of the year is not new, but the recent spate of better than expected economic data appear to give legs to this possibility. Purchasing managers’ indices (PMIs) for July are suggesting expansion in both the manufacturing and services [...]