Thu 23rd May 13, 11:32
Markets tumbled by around two per cent on Thursday morning as investors chose to take profits in the aftermath of comments from the head of the US Federal Reserve and a disappointing reading of manufacturing activity in China.
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Citigroup Chief Economist Willem Buiter has changed his mind and no longer expects Greece to exit the euro imminently. 1 hour ago
AIM-listed Rare Earth Minerals(REM) has executed formal agreements with Toronto Stock Exchange-listed Bacanora Minerals, enabling REM certain rights to participate in drilling and project evaluation of the El Sauz and Fleur Lithium concessions in northern Mexico. 1 hour ago
Oil and gas company Parkmead has placed an offer to purchase the entire issued share capital of Lochard. 1 hour ago
Crimson Tide, the AIM-listed developer of mobile business solutions, has been awarded three new contracts with contract cleaning company Integrated Cleaning Management (ICM), multi-service provider NIC Services Group and property management services provider Wing's Technical Services. 2 hours ago
FTSE 250-listed specialist bank and asset manager Investec has posted strong annual results for the year ended March 31st, underpinned by profit increases in its three core business areas. 2 hours ago
The recent rally in Kingfisher's share price was paused on Thursday morning after Nomura downgraded its rating on the stock from 'neutral' to 'reduce', saying that shares in the B&Q owner have travelled too far given the tough times ahead. 2 hours ago
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Earlier this week we heard from the Reserve Bank of Australia and the minutes of their meeting, which generally confirmed what most had suspected: that the strength of AUD was a pivotal factor in what was an otherwise close decision to cut interest rates.
The all-important policy guidance at the end of the minutes reveals that the RBA opted to use “some” (the “some” comment is a repeat from a couple of weeks ago) of the scope afforded by the low first quarter inflation figures and outlook, to lower the cash rate.
The markets seem to be extending their highs in recent days with no concern about the continuing threat of war in the Middle East.
This morning, news that Israeli and Syrian forces have exchanged fire across the ceasefire line in the occupied Golan Heights was largely ignored by the financial markets.
This morning silver fell to levels not seen since September 2010 as commodity prices slumped overnight in Asia and this extended in early London trading. Although here is plenty of physical buying from China, India and the Middle East – there is heavy computer ETF selling.
A strong dollar and outperforming equity markets have shifted investor’s attention to more risky assets with silver suffering.
Despite general US data thus far this week coming in a little softer, the dollar retains a bid tone, as US risk markets keep on posting new highs despite much speculation on whether USD may have rallied a little too far, too quickly.
Today we await CPI numbers and US data including housing, jobless claims and the Philly Fed.)
The depreciation of the Japanese yen has been an ongoing process for many months now, and recent developments have contributed to its continued decline. However, upcoming data might change the direction upwards.
Japan’s currency is once more weakening compared to the US dollar.