UK Financial Markets Dipping Lower
British markets dipped lower this afternoon as investors responded to poor inflation data in the UK. As of 3pm (London time) the FTSE 100 was down by 66.71 (1.51%) at 4358.83 while in the US, the Dow slipped 158.26 points (1.87%) to 8310.85 and the S&P 500 fell 16.03 points (1.76%) to 892.32.
The Bank of [...]
Profit Taking Hits Bank Shares
US equity markets opened a notch higher today but later pared gains as another wave of profit-taking hit the banking sector.
US banks were back in the red today, with JPMorgan Chase down 4% to $34.38 and Wells Fargo 5.9% lower at $24.96 within the first hour of trading. Citigroup lost 1% to $3.83, Bank [...]
US Banks Stress Markets by Seeking Additional Capital
There was nothing completely unexpected hitting stock markets today. It could possibly be said that the main impetus behind today’s lacklustre performance is ‘profit-taking’, with the market perhaps in correction mode after realising that the recent rally was overdone.
In my view, a 10% to 15% correction in the S&P 500 may occur and, to [...]
US Job Loss Numbers Steady the Markets
US equities opened in positive territory today after the drop in non-farm payrolls came in narrower than anticipated – another piece of the macroeconomic puzzle that suggests the recession is moderating.
Since the beginning of the recession in December 2007, 5.7 million US jobs have been lost, with almost 2.7 million jobs eliminated since the [...]
UK and US Indices Still Looking Good
It is yet another good start for London shares in mid-morning trading.
The FSTE is up 70 points, helped along by good number from Barclays and Unilever.
In addition, expectations are that the results of the Fed’s stress tests for US banks aren’t going to reveal any surprises, with Treasury Secretary Tim Geithner saying the results [...]
US Equity Markets Looking Uninspired
US equity markets witnessed a lacklustre start today, with the S&P 500 and Dow Jones Industrial average swinging between gains and losses during the first half hour of trading.
But negative sentiment appeared to dominate the session despite the release of better-than-expected US macroeconomic data.
On the data front, today was the final reading for [...]