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Travel and hotel groups are braced for a turbulent ride today as the markets react to fears over the strain of swine flu that was reported to have killed up to 71 people and closed much of public life in Mexico at the weekend. Analysts said that the news would revive memories of the 2002-03 severe [...] UK manufacturing and Industrial production data has been released this morning- both slightly better numbers than expected but that still does not hide the fact that it is grim reading. The year on year drop in industrial production is the biggest drop since the series began in 1968. The year on year drop in manufacturing [...] German retail sales for February have fallen 0.2% against the consensus of a rise of 0.2% this morning reinforcing the weak sentiment in Germany. Yesterday we saw unemployment levels rise to 8.6% as the powerhouse of Europe comes under real pressure- this will heighten the cause for more action from the ECB tomorrow. Today, news from [...] The Euro zone data released this morning (CPI and EU unemployment) has carried the theme of the week and met the consensus expectations. The fact that CPI has remained steady will slightly ease the pressure on the ECB to cut interest rates in their March meeting. Over the last week we have continued to see [...] Asian stocks fell heavily this morning following last night’s sharp decline in American shares. Investors responded to fears that the world’s largest economy is sinking further into recession and speculation that the US Government may be forced to buy stakes in ailing banks, despite assurances from Washington that lenders would not be nationalised. Japan’s Nikkei Index [...] The minutes from this month’s Monetary Policy Committee meeting revealed that the MPC recognised the need for a cut in rates of at least 200 bp to ensure that their long-term inflationary goals would be met. However, they decided that a cut of this magnitude might have serious adverse effects on the value of the [...] The results from the G20 meeting are at first sight disappointing. Barack Obama didn’t show, there was no mention of further co-ordinated monetary easing and no agreement on the wisdom of a large global fiscal stimulus. Only an agreement to lay out a work plan, to be finalised before the next get-together in April next [...] The mortgage rates lenders traded in a narrow range until the announcement last night that the Bank of Japan kept its interest rates on hold. Today the yen has lost ground to the dollar and euro. Other currencies such as the Australian and New Zealand dollars, the Norwegian krone and the South African rand have rallied [...] By 4 pm London time yesterday, the Dow Jones index of leading shares had more or less recouped Wednesday’s 100 plus point decline, while the Nasdaq was up 1 %. Further volatility in asset markets is likely to be the key driver and will likely keep high-yield currencies trading in a choppy fashion. Despite yesterday’s slight [...] The Bank of Japan kept interest rates on hold overnight leaving the overnight call rate target at 0.5%. The Financial markets response was limited as the unanimous 9-0 vote was widely expected. The Central Bank raised its key policy rate to 0.5% from 0.25% last month by an 8-1 vote, judging that the economy would [...] Registered Office in England, 24 Charlton Drive, GL53 8ES, UK- 3506015 • Data Protection Registration Number- PZ5407728
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