Thu 20th Jun 13, 14:19
Flybe is expected to report an annual loss following a turbulent year for the European airline.
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Ted Baker's shares soared after the fashion chain reported retail sales growth that beat forecasts. The UK company reported a 32.7 per cent rise in overall group sales. 37 minutes ago
UK manufacturing firms saw their production plans dashed for the quarter ended in June, according to the Confederation of British Industry (CBI), although expectations are again calling for an increase over the next three months. 2 hours ago
Engineering heavyweight Rolls-Royce said it has won a 880m dollar order for its Trent XWB engines with United Airlines and a 1.4bn dollar order with Philippine Airlines to deliver Trent 700 engines. 3 hours ago
The Federal Reserve may have painted a better picture of the US economy last night, but the concept of a life without quantitative easing (QE) prompted a heavy sell-off on equity markets on Thursday morning, with indices across Europe hit hard following steep losses on Wall Street. 3 hours ago
UK retail sales enjoyed a bigger than expected increase in May following a strong rise in food sales, according to the Office for National Statistics. 3 hours ago
- Federal Reserve to end stimulus 3 hours ago
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This morning there has been a sharp fall in equity prices with the FTSE 100 falling below 6200 at the time of writing.
The sell-off has been brutal and the market reaction to Bernanke’s comments last night with regards to the end of tapering sending shudders through the markets. The reaction seems overdone as what he said was as expected but the markets always over-shoot.
‘[We are] letting up a bit on the gas pedal… not beginning to apply the brakes.’ - Chairman Ben Bernanke, Fed press conference, 19 June 2013.
He might not be applying the brakes to QE, but he has certainly caused investors to swerve dramatically away from risk.
With Indian growth slowing, the currency has been hit hard. But while this benefits some parts of the economy, the impact of the US Fed decisions and upcoming Indian elections means there could be lots more different pressures on the rupee in the medium-term future.
The weakness in the rupee in 2013 has been astounding. The severity of the fall in the last few weeks has caught many by surprise with the rupee falling from the low 80s against sterling (INR/GBP) to the current level of 91.70 (on 18 June 2013), and the low 50s against the US dollar (INR/USD) to 58.60 at the time I write this.
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.
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 quantitative easing (QE) in the UK, which would drive sterling sharply lower.
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 the GBP back to below 1.55 USD over the next couple of weeks.