Currency intervention is back on the cards for the Bank of Japan August 30, 2010 THE world of foreign exchange tends to get very tricky when central bankers start getting worried about the strength or weakness of their currency. This is the position in which the Bank of Japan (BOJ) now finds itself after the yen surged to multi-year highs of ¥84 to the dollar. It has to decide whether [...]
ECONOMIC WEEK HEAD August 30, 2010 IT IS a busy week for the markets crammed with the usual start-of-the month economic data releases. The most eagerly awaited of these will be from the US. Manufacturing data out on Wednesday and Friday’s US non-farm payrolls figures are crucial pieces of the jig saw of US growth. Fears about the economy stepped up [...]
FTSE to dip after bank holiday break August 30, 2010 WITH the UK stock market closed yesterday for the bank holiday, a fairly weak start is forecast for the open this morning, following a negative cue from US shares yesterday. GFT is quoting the FTSE 100 index to open down 22 points from Friday’s close, at a level of 5,179, despite the index managing to [...]
Worries over pace of the recovery see shares fall August 30, 2010 US stocks fell in the year’s lightest volume yesterday as worries about the pace of economic recovery overshadowed data showing a rise in consumer spending and income. The uncertainty weighed more on sectors associated with growth, including banks and consumer discretionary stocks. Bank of America fell 2.5 per cent to $12.32 while speciality retailer Nordstrom [...]
Use technicals to chart your course through jumpy markets August 30, 2010 WHEN nervous markets are jumping upon every single piece of economic data as an excuse to swing one way or the other, it can be extremely difficult for contracts for difference (CFDs) traders to concentrate on analysing the market movement. But while traders should certainly not ignore the fundamentals, a blizzard of figures can hinder [...]
WE HAVE NOT YET REACHED THE BOTTOM August 30, 2010 CFD MARKET STRATEGIST, GFT WE’RE getting closer to the end of the summer and there is a growing fear that the rest of the year will see serious ructions in the financial markets. US economic data remains unremittingly bleak, and it is a sign of how technically traded the US stock market has become. Any [...]
BP remains under pressure months after plugging Gulf of Mexico leak August 30, 2010 THINGS can’t get much worse for Carl-Henric Svanberg, chairman of BP. After receiving a drubbing for his handling of the Gulf of Mexico oil spill, he is also nursing a £2m paper loss on shares he bought just before and just after the 20 April explosion. The beleaguered oil giant’s share price staged a mini [...]
CITY INDEX August 30, 2010 CHIEF TECHNICAL ANALYST [email protected] Q.Dear Josh, what’s the market sentiment for the prospect of a double- dip recession after Friday’s GDP data? A.First both UK and US GDP readings were subject to revisions on their second readings, which were released last week. The UK’s GDP data for the second quarter was revised higher by a [...]
FTSE begins to recoup losses as miners and banks advance August 26, 2010 BRITAIN’S top share index rose yesterday, boosted by a rebound in commodity stocks and helped by better-than-expected economic data from the US. The FTSE 100 closed up 46.44 points, or 0.9 per cent, at 5,155.84, as London’s blue chips rallied from a seven-week closing low on Wednesday. Weekly jobless claims in the United States declined [...]
Economic worries stall Wall St gains August 26, 2010 US stocks sagged yesterday and the Dow closed below 10,000 a day ahead of an expected downward revision in US second-quarter economic growth and a major speech by Federal Reserve chairman Ben Bernanke. Major technology shares were among the biggest losers, with the Nasdaq falling more than the Dow and S&P 500. Tech shares have [...]
