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Miners lead FTSE higher after Fed news, but Rolls-Royce drops on board changes

Discussion in 'Market News' started by Lily, Sep 22, 2016.

  1. Lily

    Lily Forum Member

    Aug 29, 2015
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    Commodity companies benefit as dollar weakens after US rates kept on hold

    Mining shares are leading the way, as markets celebrate the fact that the US Federal Reserve kept interest rates on hold.

    Despite the fact that the Fed’s comments hinted at a rate rise in December, the dollar weakened and made commodities cheaper for holders of other currencies.

    Despite there being enough to suggest a rate hike in November or, even more likely, December, the markets were buoyed by the simple fact that the Federal Reserve opted for inaction yesterday evening.

    That helped push the Dow Jones near 18300 for the first time in around 10 days (and, incidentally, the first time this week the index has managed to hold onto its growth right until closing time). That good feeling has fed into the European open; the FTSE is once again lagging its peers, but has still managed a 20-25 point leap, while the Eurozone indices have climbed around 1% apiece.

    Stephen Daintith, currently CFO of Daily Mail & General Trust, will succeed David Smith in 2017. Smith is leaving to pursue other business interests and will remain in post into the New Year (the next update is expected in November).

    Daintith is well regarded according to our Media team. He is taking on a big challenge. He will have to deal with IFRS15 (which is likely to materially impact earnings), extensive restructuring and weak near-term cashflow.

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