Wednesday, 19th June 2013

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News & Reports

Fines not enough for LIBOR crimes, says FCA

Wed 19th Jun 13, 09:32

A director of Britain's Financial Conduct Authority said fines were not enough for individuals who break rules including rigging LIBOR interest rates, Reuters reported.

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Today's Market Reports

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Market overview: Stocks lower ahead of Mansion House speech and Fed

0840: London has begun the day lower, as traders take positions ahead of this morning´s release of the minutes of the last meeting of the MPC, not to mention tonight´s critical US Federal Reserve policy meeting. Even more important for UK stocks will be the Chancellor´s Mansion House speech, tonight, at about 8PM, and what he has to say about the re-privatisation of Lloyds and RBS. FTSE 100 down 44 to 6,330. 1 hour ago

Parilamentary report proposes jail time for reckless UK bankers

A parliamentary review of British banks has recommended jail time for senior bankers who commit "reckless misconduct". 1 hour ago

Jubilee defer payment date for non-core asset disposal

AIM-listed mine-to-metals specialist Jubilee Platinum has given an extension to Global Renewal Energy (GRE) for the second payment due on its disposal of two of non-core assets. 2 hours ago

Darty moves into the red

Multinational electrical retailer Darty Group recorded a pre-tax loss during its full financial year as it booked exceptional costs of 115.3m euros following the closure of Darty Spain. 2 hours ago

Support and resistance levels for the main securities

Euro/Dolar: 1.3243/1.3711. Ftse 100: 6,205/6,480. S&P 500: 1,598/1,687. 2 hours ago

Pursuit Dynamics sells atomiser patent rights

AIM-listed fluid technology firm Pursuit Dynamics has entered into an agreement to assign its Atomiser patent rights and certain related know-how to Tyco Fire & Security. 2 hours ago

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Traders' views

Expect GBP, CAD & AUD weakness

By Ronnie Chopra

From a purchasing power point of view, Sterling above 1.50 USD seems difficult to justify and with Mark Carney taking the reins at the Bank of England from July we may already have seen Sterling's 2013 year high. Carney has been a strong advocate of more QE in the UK, which would drive Sterling sharply lower.

GBP 
Sterling’s sharp rise against the US dollar has caught many by surprise, the currency has recovered from 1.51 USD in May to the current 1.57 USD level. However, the 1.57 level is proving difficult to cross and we won’t be surprised if the USD now begins to regain some ground and take Sterling back to below 1.55 USD over the next couple of weeks.

Emerging Markets Hurt On Fears Over Reduced Liquidity/Slowing Growth

By Ishaq Siddiqi

Fears over a reduction in global liquidity as central banks scale back easing measures sends emerging markets in a rout with slowing global growth adding to the malaise.

EM’s have been the biggest beneficiaries of loose global central bank money over the years; central banks around the world have pumped in $12trillion of extra liquidity since the financial crisis of 2008, preventing a systemic risk in the market.

Aim stock to watch: Falkland Islands Holdings (FKL)

By Andrew Hore

Falkland Islands Holdings (FKL) provides investors with a lower risk exposure to the potential development of oil and gas prospects in the Falkland Islands. However, the return on the investment is unlikely to be seen until 2015 at the earliest.

Last year, FTSE 250 company Premier Oil acquired a 60% stake in the Sea Lion prospect discovered by Rockhopper. It is expected to cost $3bn to get to the point where the first oil is produced, which is likely to be the third quarter of 2017.

All asset classes seem unloved at the moment

By Ronnie Chopra

Over the last few weeks global equity prices have fallen quite sharply, the FTSE 100 has fallen from 6875 which was reached on 22nd May (only 120 points from its all -time high set in December 1999) to the current level which is just above 6300 - an 8% fall in 3 weeks.

The Dow Jones Industrial Average Index has fared better, albeit still over 300 points lower now than its recent record high. The US benchmark index hit an all-time high on May 29th at 15542. The Nikkei index has experienced > 20% fall from 16,000 to 12,500 in a matter of a few weeks but it has since bounced to just above 13,000.

How markets react to levels and zones of support and resistance

By Paul Wallace

Lets look at what creates support and resistance levels in markets, using gold as an example. Just watching these levels is a good trading strategy.

In my last piece (I feel the need, the need…to slow down) I commented on several things that traders could do to help improve their understanding of markets in an effort to improve their own trading.

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