Editor's Picks
Saudi Arabia sees no need to ramp up oil production
Tuesday 22 Nov 2011
Saudi Arabia’s state-run energy giant Saudi Aramco will not be ramping up its oil production as pressures to increase output have been “substantially reduced” by new oil sources.
London midday: Miners on the rise, defence stocks down on US fears
Tuesday 22 Nov 2011
London’s blue chip index held on to gains in morning trade, recovering after a six-day sell-off. While markets are still concerned with the ongoing troubles in the Eurozone, fears over the credit rating of the US eased after Standard & Poor's and Moody's reiterated their ratings last night.
FX open: Pending U.S deficit deadline
Tuesday 22 Nov 2011
European stocks have opened the trading session with average gains of 0.7%. The markets are trying to put yesterday’s losses behind them as fiscal problems resurge in the United States.
Bank of Italy denies that a 7% yield marks a point of no return
Tuesday 22 Nov 2011
When the yield on a country's sovereign debt rises above 7%, that usually sets alarm bells ringing, but the Bank of Italy’s Director General, Fabrizio Saccomanni, has denied that a 7% yield on the country’s bonds is a “point of no return”.
Broker snap: Prudential to outperform, says Credit Suisse
Tuesday 22 Nov 2011
Credit Suisse has reiterated its outperform rating and 888p target price for insurance giant Prudential despite the macroeconomic pressures that are continuing to overshadow operations across the whole industry.
UK house ownership will 'not return to pre-crisis levels'
Tuesday 22 Nov 2011
One of the most important policy makers in the UK believes levels of house ownership will never return to pre-crisis levels.
Finnish firm to acquire Hamworthy
Tuesday 22 Nov 2011
Oil and gas firm Hamworthy is set to be acquired by Finnish group Wärtsilä for around £383m.
Gridlock in U.S. Congress may have economic impact some worry
Tuesday 22 Nov 2011
The co-chairs of the congressional “super committee” charged with reaching an agreement to reduce the U.S deficit by $1.2trn acknowledged last night that they failed to reach an agreement. “Despite our inability to bridge the committee’s significant differences, we end this process united in our belief that the nation’s fiscal crisis must be addressed and that we cannot leave it for the next
Homeserve hit by sales suspension
Tuesday 22 Nov 2011
Repair services firm Homeserve posted a 2% rise in half year pre-tax profit as revenue jumped 25% and said it was confident for 2012 despite one-off restructuring costs of up to £10m in the second half.
AUM and profits up at Intermediate Capital
Tuesday 22 Nov 2011
Intermediate Capital Group's (ICG) Fund Management Company (FMC) saw assets under management (AUM) rise by 2% from €11.8bn to €12bn in the first half despite the sterling strengthening against the euro, which negatively affected AUM by 3%.
Broker snap: Evolution downgrades Thomas Cook to sell
Tuesday 22 Nov 2011
Evolution Securities has downgraded its rating on Thomas Cook from neutral to sell, after the firm's announcement to delay the release of its full-year results due to finance renegotiations.
FX round-up: Dollar rises to 6-week high
Tuesday 22 Nov 2011
The dollar raced to a six-week high against major currencies on Monday as nervous investors switched out of high yielding riskier assets.
Commodities: Crude retreats 0.8%
Tuesday 22 Nov 2011
Global debt concerns pushed crude oil prices 0.8% lower on Monday as investors mulled Moody's warning about France's credit rating and as the US congressional supercommittee announced it has failed to agree on cutting the federal budget deficit.
Tuesday newspaper round-up: Egypt, UK deficit, PPI...
Tuesday 22 Nov 2011
"Egypt was plunged into political chaos last night when its entire civilian Cabinet resigned amid clashes between the country’s military rulers and tens of thousands of pro-democracy demonstrators in Cairo," reports the Times. However, the paper says that the military, which has a bureaucratic civilian Cabinet under its control, refused to accept the resignations.
Credit Suisse contemplates the end of the euro “as we know it”
Monday 21 Nov 2011
In a research note published today Credit Suisse warns that the lack of political and fiscal unity in Europe could lead us to the end of the euro “as we know it” and force yields on Italian and Spanish 10 year bonds beyond 9%, while those on French debt could rise above 5%. However, the investment bank is not forecasting the end of the single currency as its experts feel that investors´ growing
London close: London falls for sixth successive day
Monday 21 Nov 2011
Stocks fell out of a bed with a bump this morning and then in the afternoon session rolled down the stairs all the way to the cellar, as US lawmakers reprised their tiresome wrangling over budget cuts, as previously seen back in July.
Broker snap: Lloyds is 'dysfunctional but cheap', says Evolution
Monday 21 Nov 2011
Evolution Securities reiterated its buy rating and 50p target price on Lloyds, saying that while it may be “dysfunctional”, the stock remains cheap given the 66% share price fall since February.
Hungary officially asks IMF and EU for financial aid
Monday 21 Nov 2011
Hungary has officially asked the International Monetary Fund (IMF) for financial assistance. In a statement to the Washington based IMF, Budapest asked for 'possible financial assistance' a few days after this possibility was transmittted to the market following an IMF visit to the country.
The loss of support at 5,200 could see the FTSE 100 fall to 4,870
Monday 21 Nov 2011
By far the most interesting aspect of the top shares´ price chart is how last October´s highs saw it stop at exactly the level needed so as for it to have drawn a perfect ‘pull-back´ towards the lows which the benchmark hit last March (now resistance).
Home asking prices fell by most in a year, Rightmove says
Monday 21 Nov 2011
UK home sellers cut asking prices by the most in a year in November due to increased uncertainty regarding the outlook for the Eurozone, Rightmove said today.
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