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Slower Economic Growth May Trigger Anxiety – RTTNews Daily Market Analysis
() - The major U.S. index futures are pointing to a lower opening on Friday, with the weakness intensifying after the release of the advance second quarter GDP estimate, which showed a slower than expected 2.4% increase. However, the negativity is neutralized to some extent by the sharp upward revision to the previous quarter’s growth. Traders now look ahead to a private manufacturing survey and a consumer sentiment survey to be released shortly after the markets open.
The month’s strong performance increases the risk of a pullback, provided these reports disappoint to the downside. Earnings have largely been encouraging and therefore the focus shifts to Main Street, as traders seek clarity on the recovery’s progress.
U.S. stocks experienced weakness in Thursday’s session despite the continued trickling in of positive earnings. Recent gains may have made traders wary ahead of the GDP report.
Housing market to stay flat until 2013
Although the Centre for Economics and Business Research says there will be no double-dip in the housing market, growth in house prices is likely to slow next year
The think tank said that although there would be no double-dip in the housing market – with “doomsayers” incorrectly predicting sharp falls over the coming years – growth in house prices was likely to slow next year.
“While we see a double-dip in house prices as being completely avoidable, this does not mean that we will see a return to dizzying house prices anytime soon,” said Benjamin Williamson, economist at CEBR. “Our forecasts show that house prices are unlikely to reach 2007 levels before 2013,” he added,
CEBR forecast a 6.7pc rise in house prices this year, slowing to a 2.7pc rise next year and 5pc in 2012.
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BP Replaces CEO Hayward, Reports $17B Loss
The American picked to lead oil giant BP as it struggles to restore its finances and oil spill-stained reputation pledged Tuesday that his company will remain committed to the Gulf region even after the busted well is sealed.
Robert Dudley will become BP PLC’s first ever non-British chief executive, the company said as it reported a record quarterly $17 billion loss and set aside $32.2 billion to cover costs from the spill.
Ending weeks of speculation, BP confirmed that gaffe-prone Tony Hayward will step down Oct. 1 as the London-based company seeks to reassure both the public and investors that it is learning lessons from the spill.
“There’s no question we are going to learn things from this investigation of the incident,” Dudley told reporters by phone from London after the announcement was made.
BP Chairman Carl-Henric Svanberg echoed that during a webcast presentation on the company’s earnings, telling investors that BP will change as a result of the April 20 oil rig explosion that killed 11 workers and set off the worst offshore spill in U.S. Read more…
Traders Eye Consumer Confidence Data Even As Earnings Encourage – RTTNews Daily Market Analysis
() - The major U.S. index futures are pointing to a higher opening on Tuesday. After a lull, positive data and earnings are trickling in, reinforcing confidence in the recovery’s sustainability. Earlier in the day, Swiss financial giant UBS (UBS) and German bank Deutsche Bank (DB) reported forecast-beating results, while a private survey in Germany showed that consumer confidence in Europe’s largest economy is set to remain strong.
Earnings of U.S. companies also show healthy growth, with chemicals giant DuPont (DD) headlining the list of companies reporting buoyant results. Notwithstanding all these positive catalysts, the overbought levels of the markets introduce the risk of profit taking. The consumer confidence reading to be released shortly after the markets open may give decisive direction to the markets.
U.S. stocks extended their gains on Monday, as positive corporate news and a housing report showing a rebound in new home sales helped sustain the buying momentum.
Coalition to slash Government’s ‘inexcusable’ £500m advertising bill
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The campaigns last year included the “Change4Life” anti-obesity drive
The Cabinet Secretary was commenting on the latest annual report from the Central Office of Information (COI), which co-ordinates government advertising, marketing and communications expenditure, which revealed that Labour spent £532m in the year to the end of March 2010.
The COI said the figure was £8m less than the year before. But the accounts show that under Labour, the Government’s advertising and communications spend soared from £344m in 2005 to a record high of £540m in 2009.
The campaigns last year included recruitment drives for the armed forces and the “Change4Life” anti-obesity drive. The advertising agencies on the Government books include M&C Saatchi, Mother and Publicis.
Mr Maude said: “The last government thought the right answer to everything was to launch an advertising campaign. Spe