The benchmark FTSE 100 index fell 25.50 points or 5% to 5379.60 after Invensys Plc, the maker of fact...
There are talks of a recession in the UK as the strength of the pound takes its toll. As a result, the UK bond market is looking prospective with expectation of a rise in notes amid anticipation of a rate cut.
Pressure is mounting on the Bank of England to sell Sterling for euros so as to weaken the pound and boost exports. The strength of the pound is likely to cause a slump in growth of 1.87% according to a quarterly report by Ernst & Young's ITEM Club.
Fed Chairman, Alan Greenspan, returns today to Congress to present the Fed's economic outlook. The prognosis on the US economy is thought not to change from last Wednesday's testimony. Growth is expected to accelerate this year however the Fed assured that if the economy does not pick up then it will be ready to lower interest rates. A year to date the Nasdaq composite index has declined by 19.5%. AT&T, the long-distance phone and cable television company, announced that second-quarter profit fell 91% driving profit down to 4% a share from 47%. The US treasury bonds were little moved. Two year yields are near a 33-month low at 3.93%. While two year note held at $1.87 per $1000 face amount.
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