Last week the bulls finally gave some ground to the bears with the US markets hitting reverse gear on Thursday after making new record highs on the day. There was no obvious reason for the reversal other than the general feeling that things were getting a little ‘frothy’...
Last week the Dow Jones poked past the psychologically important 14,000 level. However this push could falter as traders question the strength of the post summer rebound says Betonmarket's Michael Wright.
Wall Street advanced sharply last week as investors interpreted minutes from the Federal Reserve's last meeting, as an indication that the central bank is going to keep cutting interest rates in order to boost the economy.
Last week Oil continued its ascent into record territory. Just shy of $90 per barrel the much talked about $100 per barrel isn't too far off. Strangely the price still hasn't topped too many headlines, perhaps because prices still sit below £1.00 per litre in the UK. If that dam bursts, UK consumers could be in for a shock says Betonmarket's Michael Wright.
Wall Street made a reasonable job of reassuring investors that the economy wasn't as bad as feared last week. Blue chip companies such as Apple and American Express beat earning expectations and Google continued its meteoric rise says Betonmarket's Michael Wright.
For once it wasn’t just the Dollar that took a beating last Friday as the British pound fell sharply against the Yen, Euro, Swiss Franc and even the Greenback itself. The fall was all the more telling given the general mauling the dollar took last week against a whole host of currencies. Before Friday’s pullback the Dollar hit a 26 year low against Sterling.
Last week the FOMC was forced to inject the largest amount of liquidity into credit markets since September 2001. This and fresh write down announcements from large financial firms, all but eradicated the gains from the spectacular rally on Wednesday.
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