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The largest investor in ENRC has fallen in behind a 3.3bn pound takeover bid for the beleaguered FTSE 100 miner, all but ensuring its success despite protests from independent directors. Kazakhmys, a rival resources group with operations in Kazakhstan, has signalled privately that it will vote its 26 per cent stake in favour of the controversial offer tabled by ENRC's three oligarch founders and the Kazakh government, even if the terms are not improved, The Sunday Times reports.3 weeks ago
easyJet narrowed its half-year losses as the low-cost airline took initiatives to boost revenues and cut costs.5 weeks ago
An improved outlook from the Bank of England (BoE) lifted UK markets into the blue by Wednesday lunchtime as investors shrugged off disappointing growth figures from the Eurozone and rising unemployment at home.5 weeks ago
BP and Shell are being investigated into allegations they colluded to rig oil prices for more than a decade.5 weeks ago
Worse-than-expected growth figures from Eurozone powerhouses Germany and France dampened market sentiment in London on Wednesday morning, as stocks pulled back after hitting fresh multiyear highs the day before.5 weeks ago
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.
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.
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.
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.
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.
Cleantech oil refiner Hydrodec (HYR) is set to accelerate its growth through a joint venture deal with a major US-based electricity transformer oil recovery business. A new strategic partnership with G&S Technologies will propel Aim-listed Hydrodec towards profitability and help it to scale up its US operations.
Analysts at Edison believe that Hydrodec could move into profit in 2015 and this model could form the basis of geographic expansion.
Daily global markets overview with the overnight activity and what can be expected in the markets today. Information straight from the traders’ desks. Insights on commodities, equities, stocks and forex currencies.