Editor's Picks
London close: Markets dive on dismal global outlook
Thursday 22 Sep 2011
Gloomy comments from the Federal Reserve last night followed by even gloomier remarks by leading economists terrified the markets on Thursday, with benchmarks in the UK, Europe and the US suffering falls of between 3% and 5% as of 16:30. The FTSE 100 in London was nearly 5% down by the end of the session, coming worryingly close to the 52-week low of 5,007 during intraday trade.
US open: Banks lead the slide early on
Thursday 22 Sep 2011
US equities tumbled on Thursday morning – with the Dow losing over 350 points early on and the S&P 500 reaching its lowest level in a month – following the Federal Reserve’s announcement that it saw “significant downside risks” to the US economy.
UPDATE: Thursday broker round-up
Thursday 22 Sep 2011
Legal & General: Credit Suisse upgrades to outperform.
Market overview: FTSE 100 down 260
Thursday 22 Sep 2011
1523: Basic resource stocks are still leading the falls on the London benchmark, with the exception of Burberrys. According to a Reuters poll UK house prices have yet to fall by another 4% before stabilizing.Stateside equities are trying to bounce back but not by much at the moment, with better than expected economic indicators having been pushed aside. The VIX volatility index is up by 10% at
Banks are the key, warns one trillion dollar man
Thursday 22 Sep 2011
The Chief Executive of the world’s biggest bond investment fund, the Pacific Investment Management Company (PIMCO), says the euro debt crisis cannot simply be solved by supporting struggling nations like Greece and Ireland. Mohamed El-Erian argues that only massive support for Europe’s banks will stabilise the situation that threatens to plunge Europe into recession.
German bond yields plunge to record low
Thursday 22 Sep 2011
Investors rushed to the safety of government debt after nervy comments on the economy from the US Federal Reserve last night, pushing the yield on German bund yields to record lows.
Broker snap: United Utilities remains a safe haven, says Investec
Thursday 22 Sep 2011
With no surprises in United Utilities’ trading statement on Thursday, Investec reiterated its buy rating as the water group said it was on track to meet its targets.
London midday: Slide continues
Thursday 22 Sep 2011
The FTSE 100 has continued diving and now looks in danger of dipping below the 5,000 point mark as comments from the US Federal Reserve last night continue to jangle nerves.
Premium broker snap: Charles Stanley upgrades IAG to buy
Thursday 22 Sep 2011
Charles Stanley on Wednesday upgraded its rating for airline International Consolidated Airlines (IAG) from hold to buy, saying that an acquisition of British Midland International (BMI) could be a catalyst to reverse the stock’s recent underperformance.
Tesco to launch price cut offensive
Thursday 22 Sep 2011
Supermarket giant Tesco has summoned all of its store managers into work this Sunday to get ready for a price-cutting offensive.
UK September industrial orders worse than expected says CBI
Thursday 22 Sep 2011
The Confederation of British Industry's industrial trends survey shows more manufacturers saw a slackening in demand in September than an increase.
Prudential falls, tracking sector on Wall Street
Thursday 22 Sep 2011
Life insurer Prudential is being hit hard this morning. Interestingly, Reuters cites traders at ETX Capital as linking that fall to those seen last night amongst insurers on Wall Street. According to them, "Operation Twist" could threaten the earnings of some of the country's largest insurers for years to come,” apparently due to their heavy exposure to US bonds.
Zoo Digital encouraged by progress
Thursday 22 Sep 2011
Film software firm Zoo Digital said whilst it is still early in the current financial year, it believes that it is on track to meet market expectations.
Thursday broker round-up
Thursday 22 Sep 2011
Tesco: Nomura maintains buy rating and 500p target.
London pre-open: Tin hats at the ready
Thursday 22 Sep 2011
Traders are strapping on their tin hats in expectation of a barrage of sell orders after the US Federal Reserve yesterday painted a gloomy picture of the growth prospects for the world's largest economy. “Information received since the Federal Open Market Committee met in August indicates that economic growth remains slow,” the minutes from the Federal Reserve's rate-setting committee read.
Sector movers: Commodity prices drop, miners unwanted
Wednesday 21 Sep 2011
Mining stocks led the sell-off on Thursday as the US Federal Reserve yesterday painted a gloomy picture of the state of the US economy, dampening sentiment across global stock markets.
US close: Stocks fall after gloomy Fed update
Wednesday 21 Sep 2011
US shares fell as talk of weakening economic conditions in the Federal Market Committee of the Federal Reserve spooked investors.
London close: Stocks dive as Greek worries persist
Wednesday 21 Sep 2011
Shares closed firmly in the red as the Eurozone crisis rumbled on, with Greece’s government meeting to discuss austerity measures including public sector lay-offs.
Text of FOMC decision
Wednesday 21 Sep 2011
Following, the text of the statement just issued by the Federal Open Market Commitee of the Federal Reserve:
Apache buys Exxon's North Sea assets for $1.75bn
Wednesday 21 Sep 2011
Houston-based oil and gas firm Apache Corp is to pay $1.75bn to Exxon Mobil Corp for its assets in the North Sea.
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