The latter half is very topical ……..its hot off the press
Stockmarkets have fallen across the Asia Pacific this morning after the S&P500 had its worst session for a month amid on-going government shutdown in America. President Barack Obama has cancelled a trip to Asia, including the Apec meeting in Indonesia, saying it was “impossible” to attend economic conferences because of the shutdown. The big economics news today was supposed to be the latest US employment report including non-farm pay rolls, but that’s been cancelled too. The New Times has reported that John Boehner, the Republican speaker, has privately promised to avoid a US default, but traders are increasingly jumpy.
Meanwhile, Twitter has admitted that it has never turned a profits in its seven years of operation but aims to raise $1bn in its stock-market flotation. Publishing its first ever financial information, this time in an S-1 prospectus with the SEC rather than on its feed, Twitter said revenues jumped 107pc in the first half of 2013 to $253.6m and net losses rose 41pc to $69.3m. Twitter, which is forecast to be worth $10bn, is expected to launch its roadshow in three weeks time. In a trading update overnight, Samsung Electronics has said it expects to report a record operating profit of Won10.1trillion ($9.4bn) in the third quarter – more than analysts were expecting. And the Bank of Japan has said it will continue to buy Y50trillion ($514bn) of Japanese government bonds to hit its 2pc inflation target.
Meanwhile the FX markets are in a state of shock as Swiss newspapers revealed that UBS have fired two of their top traders in Zurich and New York after an internal investigation into the WMR fixing process .It should be remembered that Bloomberg back in June broke the story of alleged manipulation of FX rates in the daily 4pm WMR fix by traders in order to gain at the expense of their clients,this cast light upon the whole best practice theorem that clients and sales constantly bleat about.This could be another LIBOR case in the making…..Watch this space……