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Markets cautious ahead of Jackson Hole speech

Global markets wait to find out if the Federal Reserve will embark on further stimulus, while Naoto Kan resigns as prime minister of Japan.


Traders show caution as they await a speech by Ben Bernanke, the chairman of the Federal Reserve, from the Jackson Hole central bankers’ summit, according to the Financial Times.

Standard & Poor’s denies that recent market volatility was caused by its decision to pull the US’ top AAA sovereign credit rating, says Bloomberg.


JP Morgan agrees to pay £54.2m to avoid liability for “apparent violations” of sanctions against countries including Cuba and Iran, the BBC reports.

Wall Street banks could sell up to $5 billion of securities tied to commercial mortgages in the coming two months, an analyst tells the Washington Post.

More analysts have followed Morgan Stanley in cutting their global growth predictions for 2011 after hopes that the US will embark on more stimulus start to falter, according to the Telegraph.

Naoto Kan, the prime minister of Japan, announces his resignation after heavy criticism of his handling of the March 11 earthquake and tsunami, Bloomberg says.



S&P’s president steps down

Standard and Poor’s president Deven Sharma has stepped down less than a month after the firm controversially downgraded its credit rating of the US. Sharma will be replaced by Citibank chief operating officer Douglas Peterson from September 12, 2011, the agency has confirmed. Sharma will remain with S&P parent company McGraw-Hill until the end of […]

Buy to sell ratios at highest in nearly two years, says Omam’s Murphy

Buy to sell ratios are at their highest levels since December 2009, says Omam’s Simon Murphy. A 11:1 ratio of director buying to selling is a clear sign that companies are “backing up their convictions with their own shares”, according to Murphy. This is at a time when cash reserves among corporations are considered to […]

Mark Dampier’s Fund Focus

The downgrading of global growth expectations rather than the down-grading of US debt by S&P seems to have been the catalyst for recent stockmarket falls. A lack of US and European political leadership did not help and while I hope the market gyrations do not continue at the level we have seen, I cannot pretend […]


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