Chancellor Osborne will today disclose new controls to be given to the Bank of England to prevent another financial crisis, including the power to impose restrictions on mortgage amounts banks can lend, according to sources. Chancellor’s Mansion House speech today will contain plans for a levy on banks (Telegraph/FT) UK…
This morning in Europe the big story is the bid by Rupert Murdoch’s News International for the remainder of BSkyB. The stock is up 20%. Bloomberg has posted headlines saying that BSkyB “would support a proposal delivering value above 800p” after News Corp rebuffed an initial 675p to 700p. This…
Fitch analyst says no plan to cut Greece to junk status in the immediate future. (RTRS) Fitch says comfortable with having Greece on the edge of the investment grade and says sticks to plans to wait for last months of the year to assess Greek government efforts. UK News RICS…
Are markets becoming less sensitive to bad news or is it just priced in ? Poor retail sales data from the US on Friday (remember 60% plus of American GDP comes from private consumption) sent stocks lower early in the New York session. However, they closed up after a late…
Oil climbed 1% towards USD 75 a barrel overnight as renewed optimism about the global economic recovery rekindled appetite for risk, sending stock markets higher and the USD down. WTI crude futures were trading at USD 74.74, up USD 0.96, at 0616 BST. (RTRS) UK News BOE’s Dale said Britain’s…
U.S. stocks rallied Thursday with the S&P 500 Index gaining the most in two weeks, as economic reports from China, Japan and Australia that surprised on the upside boosted optimism about the global economy. Caterpillar, the world’s largest maker of construction equipment, rose 5.5% and Alcoa, the biggest U.S. aluminum…
Market News EU Members ready in case Spain needs aid. EU members are preparing to offer emergency financial aid to Spain if problems in its banking industry intensify. Spain would receive a loan should it become necessary from the EU and IMF’s EUR 750bln rescue package. UK News The British…
A poor close on Wall Street last night with the pattern of attempted rallies getting sold into continues, driven in part by the corporate calamity that is BP which lost another 16% (on fears they may be forced to suspend their dividend) and BP CDS is now around 400bp 12x…
Market News Austerity-minded Liberals won a narrow one-seat lead in the Dutch election, putting them in pole position to form a coalition that must tackle a ballooning budget deficit, preliminary results showed on Thursday. (RTRS) UK News The British government’s austerity measures are unlikely to tip the economy back into…
U.S. stocks rose Tuesday, pushing the Standard & Poor’s 500 Index up 1.1% after another rollercoaster ride of a day. The index had swung between gains and losses at least 13 times, as a rally in commodity markets boosted oil and metals producers and overshadowed losses in semiconductor companies Overnight…
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