Friday 23rd February 2018
February 23rd 2018: Michael van Dulken and Henry Croft at Accendo Markets report this morning that FTSE 100 Index called to open +15pts at 7310, still in a bearish rising wedge pattern, but at least now 7300, making a bullish challenge on 6/7 Feb highs of 7315 overnight, retracing more of that early month sell-off and breakdown. Bulls still need a break above 7325 overnight highs. Bears need to see 1-week rising support at 7300 in jeopardy. Watch levels: Bullish 7325, Bearish 7300. Calls for a positive start to the week come as Asian equities (excl. China and Hong Kong for Lunar New Year) built on last week’s global recovery, even if Wall St closed well off highs (Mueller Russia indictments) to close mixed on Friday into a long Presidents’ Day weekend that is likely to sap volumes today. FTSE is supported by the USD off three-year lows, helping GBP edge further from last week’s highs to offer less resistance for UK blue chips. Note Australia’s ASX higher, but miners in the red, as copper and gold trade off their highs, and despite oil trending higher -RWC Partners says Pierre Giannini will be joining the organisation as part of the ongoing growth RWC sees in Continental Europe. Giannini previously led Daiwa SB Investment’s business development efforts in Southern and Western Europe, where he focused on both institutional and wholesale channels - John Hardy, head of FX Strategy at Saxo Bank says in a client note this morning says, “The US treasury market faces an important test this week with three large auctions of 2-year, 5-year and 7-year treasuries on Tuesday through Thursday and the latest FOMC minutes on Wednesday. The big surprise many noted last week was the fresh highs in US yields failing to derail the ongoing equity market recovery. On the currency side, the narrative is that the US dollar can continue to fall as US interest rates rise because the rise in US yields reflects concerns on the US fiscal/current account balance sheet more than it reflects a strengthening US economy. The US 10-year benchmark came within hailing distance of the huge 3% level last week, widely considered a critical structural chart point – it is hard to believe, last week’s action notwithstanding, that a persistent rise above this level would be met with a shoulder shrug by asset markets, from equities to EM. The most interesting development this week would be strong US treasury auctions that see a sharp drop in US yields as a test of the recent weak USD trend - Aquaterra Energy, the offshore engineering solutions provider, has appointed Christian Berven as business development director, as it strengthens its EMEA operations by opening offices in Stavanger, Norway. Headquartered in Norwich, Aquaterra Energy UK, was the first to secure a multimillion pound investment from EV Private Equity, as part of its pledge last year to support fast-growing North Sea businesses. EV’s investment supports Aquaterra Energy’s global growth strategy and allows it to invest in capex. Berven joins the company following ten years as managing director of Norwegian oil service company, Toolserv - Alliance Etiquettes has merged with wine labeler Groupe Etienne. This is the sixth build-up for the Alliance Etiquettes “buy-and-build” platform created in 2015. Following the operation, Alliance Etiquettes will become the market leader in France of premium wine bottle labels, with turnover of €50m -- SendGold, a Gold-as-a-Service app that enables physical gold investment and payments in a digital environment, will launch its app in March in Singapore.. With the growing demand for gold across Asia, SendGold changes the way consumers can transact gold by allowing the user not only to buy and sell gold but also to send it as a payment or gift to friends or family members via their mobile devices, targeting the 2bn millennials who are in control of 16% of Asia Pacific's wealth -

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French carmaker Renault Group expects higher sales this year after a 3.2% increase in 2014, when recovering demand in Europe helped to offset slowing emerging markets.  The group says it sold 2.7m passenger cars and light trucks last year, driven by demand for small and cheap vehicles in its core European market, which is emerging from a six-year slump. 

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While the easing of counterparty risk supports the stable outlook for the sector, rising public sector deficits could increase risk for private finance initiative/public--private partnership (PFI/PPP) projects, says Moody's. The rating agency is maintaining its stable outlook for the EMEA PFI/PPP sector over the next 12-18 months. Although PFI/PPP projects are exposed to sovereign or sub-sovereign counterparty risk and, in some cases, financial counterparty risk, Moody's views the risk of offtaker and financial counterparty deterioration affecting the credit quality of our rated portfolio as low, given that the rating outlooks for most European sovereigns and financial institutions are stable. 

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The November Empire State Manufacturing Survey conducted by the Federal Reserve Bank of New York  indicates that business activity has continued to expand for New York manufacturers. The headline general business conditions index climbed four points to 10.2, indicating a pace of growth somewhat faster than last month’s survey,

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Speaking at ADIPEC in Abu Dhabi, Nick Dalgarno, co-head of eastern hemisphere corporate finance at Simmons, said there is an increasing willingness amongst governments and the national oil companies to build relationships with foreign companies to bring know how and technology into the region.The oil and gas and wider energy factors driving this include the accelerating need for enhanced oil recovery, sour gas, heavy oil, tight gas, LNG, GTL, “clean fuels” refineries, carbon capture and storage, nuclear and solar technologies. 

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Wednesday, 05 November 2014

STFC/IBM form Big Data innovation hub

The Science & Technology Facilities Council’s (STFC) Hartree Centre and IBM have created a new Big Data Innovation Hub to help commercial organisations solve complex business problems and achieve competitive advantage. The supercomputing facilities andscientists at the Hartree Centre, combined with IBM’s Big Data and Analytics technology, is now  enabling companies to identify  value in their data and then design their own Big Data technology system to meet their individual business needs – which can be anything, from developing new products more quickly and cheaply, to understanding disease and developing new drugs. Once the company has completed a successful ‘proof of concept’ of their system, the Hartree team will then help them establish it, facilitating the journey from initial business objective through to a fully operational system.

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Linedata the global investment management and credit solutions provider has launched a suite of business process management (BPM) tools designed for fund accounting and administration and which will run across Linedata’s existing fund servicing solutions.BPM tools are key in an era where increasing emphasis is placed on transparency and control and where the reputational and financial consequences of errors can be punitive says the firm. As fund accounting solutions become ever more automated, often managing complex work processes, exception and process monitoring has frequently been a largely manual process. 

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The Warsaw Stock Exchange's management board has decided that only companies whose average share price in the last three months was lower than PLN0.50 will continue to be classified in the Alert List. The board's planned increase of the threshold for the Alert List to PLN1.0 as of the end of December 2014 has been dropped. “The decision to maintain the existing penny stock threshold has been made following an analysis of the market which suggests that stricter classification criteria whereby companies with a share price between PLN 0.50 and PLN 0.99 would be included in the Alert List would be too restrictive in the context of the purpose of the regulation,” says Paweł Tamborski, president of the management board of WSE.

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The US Federal Trade Commission (FTC) has sued AT&T Mobility LLC for alleged deceptive and unfair data throttling. The FTC’s complaint says that AT&T’s data throttling is deceptive because the company promised unlimited data, and then reduced the data speed without telling consumers. The FTC also says that AT&T’s data throttling is unfair because it kept people from using data they paid for, and then made them pay early termination fees if they tried to leave AT&T.

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