The British have a problem. We like criticising and complaining. It has become a favourite national pastime. Many of our brethren are jealous and resentful of people who earn more and have a bigger house. Skim the opinion pages in the Daily Mail and you will quickly see what I mean.
US payroll data on Friday helped ensure that the US dollar, equities and commodities held onto positive weekly gains, starting the year in a confident manner and continuing to build momentum. Although a strong of economic data was enough to outweigh persistent European debt worries last week, the New Year impetus may hit real resistance this week as a number of key Eurozone economic data is released. Data includes region wide trade balance figures and German 2011 aggregated GDP numbers which are expected on Tuesday. Furthermore, both the ECB and MPC will meet on Thursday to vote on their monetary policy positions - both interest rates are forecast to remain unchanged at 1.0% and 0.5% respectively.
BBC
Blacks Leisure has said it is to briefly enter administration as part of a takeover deal. The so-called prepack arrangement will wipe out the value of existing shares, which have now been suspended from trading on the London Stock Exchange. The retailer said it had received a number of final offers for the bulk of the business and expected to announce a deal in the next few days.
Global markets rallied yesterday as slowing Chinese import data helped increase the optimism that Beijing may consider easing policy more aggressively. Moreover the start of the US earnings season also brought buoyancy to the markets, as investors appeared to turn a blind eye to European debt issues for the day.
European debt concerns were enough to lead equities down for a second consecutive session after a positive New Year start. Italian and Spanish 10 year bond yields jumped yesterday as investors once again moved back into a risk off mode. France’s €8 billion debt auction was well received yesterday in contrast to the growing concerns in Hungary who struggled to raise €3 billion of short dated bonds as political pressures persist. Moreover the Euro continued its decline against the US dollar, reaching lows of $1.28.
Buoyant economic data from the US and UK helped equities to one of their strongest ever starts to a trading year yesterday. The FTSE 100 jumped 127 points, 2.3% to close at 5,699 - a gain only surpassed once in the index's existence; moreover, European stocks experienced similar strong gains with the German Dax 3% higher on the day.
