Archive for January, 2008
USD Recovery
After yesterday’s 0.5% interest rate cut sent the US dollar lower against the Euro and the Swiss Franc. The USD fell to Sfr 1.0798 against the Swiss Franc and $1.4914 against the Euro.
However, Thursday saw a rally for the dollar. This came amidst failure among US bond insurers heightened fears the safety of bank assets.
“In [...]
US Tech Stocks To Watch
Despite marked declines in the US Economy, the credit crunch crisis and poor performance on Wall Street, a number of Tech stocks have gone against the tide by performing well during these troubled times.
Forbes has a list of America’s 25 Fastest-Growing Tech Companies, with a breakdown of performances for each. The list is made up [...]
Société Générale Turmoil
After revelations into huge losses due to a traders un-hedged market positions last week, Société Générale has faced further pressure this week.
French investigators claimed that the Eurex derivatives exchange raised the alarm last year on dubious trading at Société Générale last year.
The bank faces lengthy investigations into losses of $7.2bn carried out by a rogue [...]
Dollar Rate Cut Likely
The Euro rallied against the US dollar on speculation that the Federal Reserve will cut the benchmark interest rate by a half percent later this week.
Last week the Fed took emergency action by cutting the interest rate from 4.25% to 3.5%, with a further 0.5% rate cut likely this week, that would take the interest [...]
Gold Reaches New High
Gold reached an all-time high Friday 25th January when it passed $920 a troy ounce. The price spike was seen due to a South African power shortage that temporarily halted mining in the country.
The halt is a safety precaution, as the mines rely on the power supply to extract water from deep mine shafts, as [...]
$39bn Bonus On Wall Street Despite Losses
In 2007 the five biggest Wall Street banks gave out a record $39bn in bonuses, according to Bloomberg.
The banks announced record losses and write-offs in the fourth quarter of 2007.
This trend has continued into 2008 with announcements of further losses by Citigroup and Merrill Lynch.
Despite dismal results and a distinct lack of profits in 2007, [...]
Fed Emergency Interest Rate Cut
The Federal Reserve cut the interest rate from 4.25% to 3.5% after a second day of miserable trading.
Stocks plunged in Asia for a second day, which led on into UK and US markets. The Fed made a 0.75% rate cut to help ward off the increasing signs of recession. “Policy makers weren’t scheduled to gather [...]
FTSE Biggest Fall Since 9-11
The FTSE 100 had its biggest single-day fall since the World Trade Centre attacks of 2001.
During the trading session the FTSE 100 fell 5.7%, matching the fall on September 11 2001. “The acrid smell of fear hangs over the City. I’ve never seen fear like this,” said David Buik, strategist at Cantor Index.
Financial stocks across [...]
Merrill Lynch Not So Bullish
After Citigroup announced large write-downs earlier this week, Wall Street investment bank Merrill Lynch has announced further write-downs exceeding expectations.
In November Merril Lynch CEO Stanley O’Neal left the company after the investment bank made losses in excess of $2bn. Today the bank announced record losses after writing down $15bn. The company lost almost half of [...]
CeresPower - Tech-Stock With Potential
Tech-stock investors will have their eyes on CeresPower as they await further positive news from an innovative and environmentally friendly idea.
The company took several steps closer to the consumer market this week. CeresPower are a technology firm specialising in the production of fuel cells.
In 2003 CeresPower won The Sunday Times Carbon Trust Innovation Award for [...]
