Posts from Thursday Feb 21 2013

The Closer


US stocks down for the second day in a row. The S&P 500 fell 0.6 per cent, closing at 1,502.42, after poor data from both Europe and the US, where initial claims and the Philly Fed survey both cast a pall (Reuters). Read more

A Bumi rush

Good news for Sir Richard Gozney (KCMG, CVO, KStJ), who will be joining the board of Bumi after Thursday’s shareholder vote.

Not so good news for Nat Rothschild. Read more

A blinking red light

That’s Citi’s risk-warning signals beginning to spike over the past couple of weeks and especially over the last day or two. From Citi’s Steven Englander: Read more

ECB transparency, €100bn of Italian bonds edition

Click to enlarge — details (finally) of the sovereign bonds held by the European Central Bank’s inactive Securities Markets Programme, released on ThursdayRead more

Simplified finance by the ONS

We tried to explain the QE surplus ‘raid’ before but never approached the crystal clear clarity of Thursday’s ONS release on the treatment of cash transfers from the BoE to the Treasury (the release of which accompanies the news that public finances improved in January although they were flattered by such transfers): Read more

Markets Live: Thursday, 21st February, 2013

Live markets commentary from 

The (early) Lunch Wrap

Fed doubtful on open-ended QE3 policy || January public finances in surplus after tax receipts || US moves to fight corporate cybercrime || China and economy to direct Abe US talks || Google to debut Chrome for touchscreens || 800,000 Pentagon staff face unpaid leave || Russia’s missing billions revealed || Markets: Growth-focused asset prices are stumbling on Thursday morning Read more

Tax avoidance: it’s close to home

FT Alphaville, by means of thorough research conducted long through the night on reddit, has discovered a most cunning and convoluted attempt to avoid taxes… Read more

From bubbles to wobbles

Western markets were all a-jitter on Thursday. Obviously we can blame the Fed. Bickering between central bankers just doesn’t look good, whether they are American, British or continental Europeans.

An immediate question is raised: are we witnessing the end of ‘fast and loose’ policy? The quick answer is probably ‘not yet,’ although yes, it will end, and maybe sooner than some had come to assume. This presents a fresh challenge for policy markets, as noted by Lloyds’ Charles Diebel: Read more

Unstable commodities

Nymex WTI futures trade experienced somewhat of a wobble on Wednesday.

As Stephen Schork highlights in his chart of the day: Read more

Further reading

Elsewhere on Thursday,

– A gift of the gab?

– Banks on borrowed money.

– Russia’s “well organised” capital flight. Read more

The 6am Cut London

Asian markets fall after FOMC minutes || China talks of more property curbs || US Congress to target Target2 Iran-linked transfers || RSA investors unhappy at dividend cut || FSA’s Libor report coming soonish || Foxconn hiring freeze hurts Apple shares || Questions after Sony PS4 announcement || Fed wants to expand beyond primary dealers  Read more