Sterling

The headlines were captured yesterday by the UK Prime Ministers David Cameron’s “Britain and Europe” speech. In well prepared dialogue, Cameron put forward a defining moment for the United Kingdom, how the country moves forward with the Eurozone. He explained that he will attempt to renegotiate powers from Brussels and will then hold an in/out referendum for the UK in Europe to appease the Tory Eurosceptics. Prior to his speech at Bloomberg HQ in London, sterling was weaken…

Continue Reading →

Bank of Japan has pledged to Fed style open-ended asset purchases, with the Yen and Nkkei easing following BOJ announcement, as traders had bought the rumour and sold the fact Fresh data from the Bundesbank show that Anglo-German trade in goods and services soared to €153bn in the first nine months of 2012 - Telegraph S&P affirmed Portugal's BB rating, while the outlook remains negative Japan’s Economic Minister Amari said that the government has no inten…

Continue Reading →

There have been numerous articles in the last few months over the so-called business zombies of the UK high-street. These are companies that have become reliant on low-financing rates but have had stagnated growth, thus are on the verge of collapse. HMV in a statement last night announced: The board regrets to announce that it has been unable to reach a position where it feels able to continue to trade outside of insolvency protection The music retailer has been tra…

Continue Reading →

The UK supermarket industry is saturated and companies are ruthless in attempting to increase their market shares. Loss leader promotions are common and tactics to attract customers over the all-important Christmas period are key. This week has seen the supermarkets post their trading updates, with Tesco posting better than expected numbers following last week’s results from Waitrose. Marks and Spencer suffered over the Christmas period and their release was brought forward after a lea…

Continue Reading →

The overindulgence of Christmas has been, yet the appetite to head out into the sales in London seems as big as ever. The competition for the first move advantage of cutting prices, led to many retailers beginning their sales in mid-December, with their margins being squeezed, to draw in footfall. This is a positive for the shopper to find bargains, but for many zombie-retailers the increased revenue in the short term will do little to change the midterm outlook. Having to entice shoppers wi…

Continue Reading →

UBS facing new Hong Kong rate fiddling probe - CityAM S&P cut Cyprus credit rating to CCC+ Trafigura, the commodities trader earns $1bn twice in a row - Financial Times BP and Rosneft plan TNK integration – The Daily Telegraph Tesco has lost its appeal against the OFT for collusion - The Times UK GfK Dec consumer confidence slides to -29 (f/c -25) vs -22 November Chinese ships enter Japanese waters near disputed islands – CNN For the…

Continue Reading →

Christmas is under a week away, and the New Year isn’t far. Until the 2nd of January, with many traders likely to close or cover positions over the holiday period and be away from their desks, liquidity from Monday the 24th December until the 2nd of January should be relatively thin. Some analysts have been putting the dollar weakness down to fund managers squaring positions ahead of month end and year end. Cable is trading at the highest price since mid-September, and EURUSD tra…

Continue Reading →

On Wednesday George Osborne admitted that the UK government had failed to meet both its growth and debt forecasts that it had set. This was an embarrassing moment for the Chancellor , as previous austerity measures laid out in “plan A,” were set in order to gain control over the spiralling UK national debt. Further austerity measures were introduce as Osborne attempts to balance the books, which notably have been considerably impacted by global crisis in the US and Europe. During…

Continue Reading →

During the Asian session, the Reserve Bank of New Zealand (RBNZ) left their base interest rate on hold at 2.5%. The central bank expects firmer growth for the final quarter of the year and into 2013, with the markets expecting no further interest rate cuts, the Kiwi Dollar rallied following the release. UK GDP is released at 9:30am (London) and is expected to show expansion, and that the economy has pulled out of recession. David Cameron has come under fire from the opposition for a su…

Continue Reading →

It’s the final trading session of the week in Europe and if you are one of the Apple faithful then you might have been queuing outside an Apple store overnight awaiting the iPhone 5 release. With pre orders topping $2 million, Apple has already released a statement stating that some clients will be unable to purchase the new smart phone until the end of October. It is a problem, that many companies would love to have, being unable to meet the demand upon release of a new product, with…

Continue Reading →

The long awaited UK Budget for 2012 was released yesterday, with many headline grabbing announcements tactically leaked to the press prior to the occasion. The Chancellor announcing the budget is almost comical at moments due to the pantomime behaviour of the political parties in the House of Commons. At times they argued like school boys, both jeering each other withsound bitesto fill the newspaper opinion columns. However beneath all of the political rhetoric, the Budget is a key factor of…

Continue Reading →

Asian equities overnight have fallen after disappointing earnings from Chinese companies and Australia, a key trading partner of China, has cut its commodity sales forecast on concerns of the slowing Chinese economy. A decrease in inventories led to WTI Crude gaining during Asian trading. The City of London’s eyes this morning are on the Chancellor George Osborne’s 2012 Budget. With some headline parts of the Budgettacticallyleaked prior to the actual announcement, traders…

Continue Reading →