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The Traders Thread - Thursday 20th December (TRAD)
Greystone
- 19 Dec 2007 21:17
Greystone
- 19 Dec 2007 21:18
- 2 of 43
Hello traders!
In the US tonight, the Dow was off 25.2 points at 13,207.27, while the S&P500
slipped 1.98 points to 1,453 and the Nasdaq Composite was ahead 4.98 points at
2,601.01.
See you in the morning with the latest......
G.
In the US tonight, the Dow was off 25.2 points at 13,207.27, while the S&P500
slipped 1.98 points to 1,453 and the Nasdaq Composite was ahead 4.98 points at
2,601.01.
See you in the morning with the latest......
G.
Kyoto
- 20 Dec 2007 04:05
- 3 of 43
Morning all. Market reports:
Telegraph
The Times
The Times (Need to know)
FT
The Guardian
The Independent
This is Money
Reform of Britain's banking system began in earnest yesterday as regulators and politicians set in motion plans to forestall another financial crisis.
FSA calls for more liquidity controls
The Bank of England heightened expectations of further interest rate cuts as it emerged that policymakers voted unanimously to cut the base rate a quarter of a percentage point to 5.5pc earlier this month.
MPC's decision to cut rates leaves door open
Gloomy signals for the economy continued to mount yesterday as the Bank of England revealed that its Monetary Policy Committee voted unanimously for an interest-rate cut while fresh data pointed to a downturn on the high street and in the housing market.
Bank's fears for economy point to gloomy 2008
Interest rates could drop to as low as four per cent next year after the Bank of England indicated a "substantial loosening" of policy to revive the flagging housing market.
Interest rates could fall to 4pc by end of 2008
Central banks appear to have had considerable success in restoring activity to the credit markets, according to evidence yesterday. The interest rates at which banks are willing to lend to each other fell sharply – in some cases recording their biggest drops in four years – as the caution that had threatened to paralyse the financial system abated.
Central banks cool money market rates
UK retailers recorded the weakest sales growth in more than a year during the critical first fortnight of the build-up to Christmas, according to the Confederation of British Industry's December Distributive Trades Survey.
No Christmas cheer as sales growth stalls
Barclays has launched a $400m-plus legal action against Bear Stearns, accusing its Wall Street rival of fraud over the collapse of two hedge funds earlier this year. Barclays' suit claims that Bear Stearns lured Barclays into supporting a highly leveraged fund for mortgage-related assets, in order to alleviate liquidity problems at an earlier fund that stretched back until at least September 2006. Mr Cioffi and another fund manager, Matthew Tannin, are named personally in the suit, alongside Bear Stearns and its subsidiaries.
Barclays sues Bear Stearns over collapsed hedge funds
A single catastrophic mistake by traders at the heart of Morgan Stanley's mortgage business has blown an $8bn (£4bn) hole in the bank's finances, it emerged yesterday. In what might be the biggest single loss by a trading desk on Wall Street, Morgan Stanley said it was stuck holding vast quantities of mortgage derivatives that had plunged in value since the summer, and kept on plunging in November. John Mack, chief executive, called it "an error of judgment".
Single error costs mighty Morgan Stanley $8bn
Morgan Stanley yesterday became the latest bank to announce a bailout from a foreign government as the Wall Street firm reported the first quarterly loss in its 73-year history after taking writedowns of $9.4 billion (£4.7 billion) on mortgage-related investments.
Morgan Stanley bailed out by Beijing after $9bn write-off
Banks flocked to take advantage of the Federal Reserve's latest move to ease the credit crisis, unveiled recently as part of the landmark liquidity action plan it devised along with four other central banks. The Fed, which has been at the forefront of trying to alleviate the burden placed on banks by the current crisis, said its auction on Monday of $20bn (£10bn) at an interest rate of 4.65pc had attracted bids from 93 banks seeking a total of $61.6bn between them.
Banks snap up first $20bn at Fed auction
The manager of two Bear Stearns' hedge funds that collapsed after investing in sub-prime mortgages has left the bank as US prosecutors begin an investigation into his actions.
Bear Stearns fund manager quits amid probe
The world's second biggest economy may be teetering on the brink of what the Japanese call kansei fukyo — a “recession brought about by government policy error" that has crushed activity in the construction sector and is driving many small firms into bankruptcy.
'Self-inflicted recession' looms over Japan
No one was safe yesterday as Mike Ashley brought the house down with a one-man pantomime routine his close friend Sir Philip Green would have been proud of. Referring to the fruitless search for a new non-executive chairman — seven months and counting — he joked: “I'm impossible to work with." Philip Dorgan [the Panmure Gordon analyst]? "His clients must be short-sellers or he must be a moron."
Sports Direct's Mike Ashley doesn't pull any punches as the main attraction hits his best form
Telegraph
The Times
The Times (Need to know)
FT
The Guardian
The Independent
This is Money
Reform of Britain's banking system began in earnest yesterday as regulators and politicians set in motion plans to forestall another financial crisis.
FSA calls for more liquidity controls
The Bank of England heightened expectations of further interest rate cuts as it emerged that policymakers voted unanimously to cut the base rate a quarter of a percentage point to 5.5pc earlier this month.
MPC's decision to cut rates leaves door open
Gloomy signals for the economy continued to mount yesterday as the Bank of England revealed that its Monetary Policy Committee voted unanimously for an interest-rate cut while fresh data pointed to a downturn on the high street and in the housing market.
Bank's fears for economy point to gloomy 2008
Interest rates could drop to as low as four per cent next year after the Bank of England indicated a "substantial loosening" of policy to revive the flagging housing market.
Interest rates could fall to 4pc by end of 2008
Central banks appear to have had considerable success in restoring activity to the credit markets, according to evidence yesterday. The interest rates at which banks are willing to lend to each other fell sharply – in some cases recording their biggest drops in four years – as the caution that had threatened to paralyse the financial system abated.
Central banks cool money market rates
UK retailers recorded the weakest sales growth in more than a year during the critical first fortnight of the build-up to Christmas, according to the Confederation of British Industry's December Distributive Trades Survey.
No Christmas cheer as sales growth stalls
Barclays has launched a $400m-plus legal action against Bear Stearns, accusing its Wall Street rival of fraud over the collapse of two hedge funds earlier this year. Barclays' suit claims that Bear Stearns lured Barclays into supporting a highly leveraged fund for mortgage-related assets, in order to alleviate liquidity problems at an earlier fund that stretched back until at least September 2006. Mr Cioffi and another fund manager, Matthew Tannin, are named personally in the suit, alongside Bear Stearns and its subsidiaries.
Barclays sues Bear Stearns over collapsed hedge funds
A single catastrophic mistake by traders at the heart of Morgan Stanley's mortgage business has blown an $8bn (£4bn) hole in the bank's finances, it emerged yesterday. In what might be the biggest single loss by a trading desk on Wall Street, Morgan Stanley said it was stuck holding vast quantities of mortgage derivatives that had plunged in value since the summer, and kept on plunging in November. John Mack, chief executive, called it "an error of judgment".
Single error costs mighty Morgan Stanley $8bn
Morgan Stanley yesterday became the latest bank to announce a bailout from a foreign government as the Wall Street firm reported the first quarterly loss in its 73-year history after taking writedowns of $9.4 billion (£4.7 billion) on mortgage-related investments.
Morgan Stanley bailed out by Beijing after $9bn write-off
Banks flocked to take advantage of the Federal Reserve's latest move to ease the credit crisis, unveiled recently as part of the landmark liquidity action plan it devised along with four other central banks. The Fed, which has been at the forefront of trying to alleviate the burden placed on banks by the current crisis, said its auction on Monday of $20bn (£10bn) at an interest rate of 4.65pc had attracted bids from 93 banks seeking a total of $61.6bn between them.
Banks snap up first $20bn at Fed auction
The manager of two Bear Stearns' hedge funds that collapsed after investing in sub-prime mortgages has left the bank as US prosecutors begin an investigation into his actions.
Bear Stearns fund manager quits amid probe
The world's second biggest economy may be teetering on the brink of what the Japanese call kansei fukyo — a “recession brought about by government policy error" that has crushed activity in the construction sector and is driving many small firms into bankruptcy.
'Self-inflicted recession' looms over Japan
No one was safe yesterday as Mike Ashley brought the house down with a one-man pantomime routine his close friend Sir Philip Green would have been proud of. Referring to the fruitless search for a new non-executive chairman — seven months and counting — he joked: “I'm impossible to work with." Philip Dorgan [the Panmure Gordon analyst]? "His clients must be short-sellers or he must be a moron."
Sports Direct's Mike Ashley doesn't pull any punches as the main attraction hits his best form
Kyoto
- 20 Dec 2007 04:08
- 4 of 43
| NIKKEI | AUSTRALIA | SHANGHAI | HANG SENG |
Kyoto
- 20 Dec 2007 06:18
- 5 of 43
Kyoto
- 20 Dec 2007 06:28
- 6 of 43
Greystone
- 20 Dec 2007 06:29
- 7 of 43
Good morning traders!
In Asia today, the Nikkei was up just 1.09 points at 15,031.60, while the Hang Seng
ended the morning down 9.63 points at 27,019.63.
New York's main oil contract, light sweet crude for February delivery, was up 12
cents at $91.36 per barrel from $91.24 per barrel in late US trades Wednesday. The January contract expired Tuesday at $90.49.
Happy trading!
G.
In Asia today, the Nikkei was up just 1.09 points at 15,031.60, while the Hang Seng
ended the morning down 9.63 points at 27,019.63.
New York's main oil contract, light sweet crude for February delivery, was up 12
cents at $91.36 per barrel from $91.24 per barrel in late US trades Wednesday. The January contract expired Tuesday at $90.49.
Happy trading!
G.
Kyoto
- 20 Dec 2007 06:48
- 8 of 43
Kyoto
- 20 Dec 2007 07:13
- 9 of 43
Kyoto
- 20 Dec 2007 07:24
- 10 of 43
Kyoto
- 20 Dec 2007 07:29
- 11 of 43
Kyoto
- 20 Dec 2007 07:39
- 12 of 43
Kyoto
- 20 Dec 2007 07:50
- 13 of 43
Kyoto
- 20 Dec 2007 07:51
- 14 of 43
Why is there only one Competition Commission? Anyway, they're recommending BSkyB (BSY) reduce their stake in ITV to below 7.5% and they can't sit on the board. Looks like BSY will be booking a fat loss on their corporate shenanigans, good job Murdoch-the-younger's not around any more to be tainted by it. Coincidence? You decide. BSY say they have received the report but they will read it later. Northern Rock has apparently failed to stop its leading shareholders having an EGM but there's no word yet on whether the bank will be able to afford the tea and biscuits if it's held.
Bovis Homes (BVS) has been cut to sell from buy - target 565 from 740 - by Citigroup. They've also cut targets for Barratt Developments (BDEV) , Berkeley Group (BKG) , Persimmon (PSN) and Taylor Wimpey (TW.). Details here. Enterprise Inns (ETI) have been cut to neutral from overweight at JP Morgan. LogicaCMG (LOG) has a couple of big downgrades this morning from Merrill Lynch and Lehman (28% price target reduction). Don't know the specifics yet.
Recruitment group Harvey Nash (HVN) say they are still trading in line with expectations and plan to pay off its bank loan a year early. Clipper Windpower (CWP) are talking delays and additional costs due to a previously identified 'supplier quality deficiency' which they call "teething" issues. They have a new order though. Contentfilm (CFL) have recorded their fourth consecutive half-year of profits, and although most of their figures are lower it probably doesn't matter because there's an indicative bid in at 20. Skyepharma (SKP) seem to have escaped from commitments for R&D spend on Flutiform, but at the cost of lower milestone payments.
FTSE is currently being called up 11 at 6295 by CMC. Dow futures are down 10 at 13,197. Australian shares were down for the seventh session in a row.
Bovis Homes (BVS) has been cut to sell from buy - target 565 from 740 - by Citigroup. They've also cut targets for Barratt Developments (BDEV) , Berkeley Group (BKG) , Persimmon (PSN) and Taylor Wimpey (TW.). Details here. Enterprise Inns (ETI) have been cut to neutral from overweight at JP Morgan. LogicaCMG (LOG) has a couple of big downgrades this morning from Merrill Lynch and Lehman (28% price target reduction). Don't know the specifics yet.
Recruitment group Harvey Nash (HVN) say they are still trading in line with expectations and plan to pay off its bank loan a year early. Clipper Windpower (CWP) are talking delays and additional costs due to a previously identified 'supplier quality deficiency' which they call "teething" issues. They have a new order though. Contentfilm (CFL) have recorded their fourth consecutive half-year of profits, and although most of their figures are lower it probably doesn't matter because there's an indicative bid in at 20. Skyepharma (SKP) seem to have escaped from commitments for R&D spend on Flutiform, but at the cost of lower milestone payments.
FTSE is currently being called up 11 at 6295 by CMC. Dow futures are down 10 at 13,197. Australian shares were down for the seventh session in a row.
Kyoto
- 20 Dec 2007 08:02
- 15 of 43
Kyoto
- 20 Dec 2007 08:07
- 16 of 43
Kyoto
- 20 Dec 2007 08:20
- 17 of 43
Kyoto
- 20 Dec 2007 08:25
- 18 of 43
Kyoto
- 20 Dec 2007 08:30
- 19 of 43
Kyoto
- 20 Dec 2007 08:36
- 20 of 43
Kyoto
- 20 Dec 2007 08:46
- 21 of 43
Kyoto
- 20 Dec 2007 09:31
- 22 of 43
Kyoto
- 20 Dec 2007 09:36
- 23 of 43
Kyoto
- 20 Dec 2007 09:51
- 24 of 43
Kyoto
- 20 Dec 2007 09:57
- 25 of 43
Kyoto
- 20 Dec 2007 10:17
- 26 of 43
Kyoto
- 20 Dec 2007 10:32
- 27 of 43
Kyoto
- 20 Dec 2007 11:08
- 28 of 43
Kyoto
- 20 Dec 2007 11:43
- 29 of 43
Kyoto
- 20 Dec 2007 11:54
- 30 of 43
Kyoto
- 20 Dec 2007 11:59
- 31 of 43
Greystone
- 20 Dec 2007 12:16
- 32 of 43
Kyoto
- 20 Dec 2007 12:34
- 33 of 43
Kyoto
- 20 Dec 2007 12:39
- 34 of 43
Kyoto
- 20 Dec 2007 12:45
- 35 of 43
Kyoto
- 20 Dec 2007 14:05
- 36 of 43
Kyoto
- 20 Dec 2007 14:35
- 37 of 43
Kyoto
- 20 Dec 2007 14:41
- 38 of 43
Kyoto
- 20 Dec 2007 15:01
- 39 of 43
Kyoto
- 20 Dec 2007 15:11
- 40 of 43
Kyoto
- 20 Dec 2007 15:46
- 41 of 43
Kyoto
- 20 Dec 2007 16:12
- 42 of 43
Greystone
- 20 Dec 2007 16:57
- 43 of 43
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