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BP Is Surprisingly Suspended from New US Government Work

BP has caught the headlines of the majority of the financial press, after being temporarily being banned from new government work in the United States. This ban came as a surprise to the markets, following the $4.5bn fine for the disaster caused by the 2010 oil disaster.  The expected time frame for the suspension is likely to be no longer than 18 months, though it does send out a message to businesses that their actions will be met with government interventions.

In the early part of the US session on Wednesday Gold fell by $20 in a matter of minutes, with rumours of a large sell order (1,000 Lots) in Gold Futures being the cause. Initial reports of a fat finger, were rejected as the market settled and moved lower, rather than an immediate rebound. This is a good example of the importance of risk management when trading, and the use of stop losses to reduce potential market exposure.

Headlines                      

Moody’s downgrades HP

Megafon IPO became the second largest in Europe this year as it raised $1.7bn in London yesterday

UK Chancellor George Osborne is being urged not to slash tax relief on pension contributions

The city of Oakland plans to boycott Goldman Sachs after the IB refused to unwind a $16m interest rate swap struck more than a decade ago -FT

The Scottish Oil Baron Ian Taylor (Chief Exec of Vitol) has urged his fellow countrymen to vote "NO" to independence in 2014 - The Times

Fiat plans to expand its line in the US – WSJ

Terry McCrann says the RBA will "probably" cut its cash rate next week that will bring it down to previous historic low of 3%

A bidding war has begun between electronic market makers Getco and Virtu Financial for Knight Capital

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