Thu 23rd May 13, 08:08
Cobham has been awarded a five-year base contract extension worth 165m pounds by the UK Ministry of Defence (MoD) for essential operational readiness training.
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Factory activity growth in China moved backed into negative territory in May sparking worries over the recovery as the world's second-largest economy stagnates. 19 minutes ago
Vedanta Resources said it has launched a 1.7bn-dollar two-part bond deal in a "landmark transaction" for the mining company. 50 minutes ago
United Utilities has delivered a rise in full year profit on the back of a strong operational performance, which fed through to the quality of service received by its customers. 49 minutes ago
easyJet has bought all of Flybe's take-off and landing slots at London Gatwick airport as part of the latter's turnaround plan to return to profitability. 53 minutes ago
Legal & General Group has completed the acquisition of Cofunds by purchasing the remaining 75 per cent of its share capital, according to an update issued by the group on Thursday. 1 hour ago
Nikkei: -7.32% (14,483.98 points). Shanghai Se Composite: -0.21% (2,296.86 points). Hang Seng Index: -2.37% (22,708.67 points). 1 hour ago
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Earlier this week we heard from the Reserve Bank (of Australia) and post those (RBA) minutes, which tended to confirm 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 1Q CPI print and the benign inflation 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.