On FT Alphaville this morning,
- In tanking markets, there must be some bargains to be had, right? Well maybe or maybe not. BreakingViews and the FT’s John Authers scout around.
- Merrill Lynch thinks that investors haven’t yet thrown in the towel on equities. Buy, but be picky is their message. And for god’s sake, don’t go near the banks.
- Everyone, as numerous hedge funds have told us, is rushing for the exit. Alphaville favourite, Mrs Watanabe, is leading the charge when it comes to the yen carry trade.
- Speaking of rushing for the exit. Fear can hold you prisoner. Hope can set you free. Yes, it’s the Hedge Fund Redemption.
- And Credit Suisse thinks that when it comes to the credit markets, things have been distorted by “amplification” in the financial press.
On FT.com this morning,
- European equity markets suffered further sharp falls on Thursday with financial companies once again in the eye of the storm as worries mounted about the strength of their balance sheets in the face of the turmoil in the credit markets. Northern Rock, which relies particularly heavily on the wholesale money market for financing, fell another 6 per cent following a 5 per cent fall on Wednesday, making it one of the heaviest fallers in the region.
- Sharp price cuts in electrical and furniture stores tempted shoppers back to the high street in July, helping retail sales grow at their fastest pace in five months, data released on Thursday showed.
- First-half profits at Zurich Financial Services rose by a third despite big claims for flood damage in Europe. ZFS gave no indication of its potential interest in Friends Provident, the UK insurer that is subject to intense bid speculation. Nor did it comment on persistent rumours that it might sell off part of its UK exposure to raise capital.
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