| Le rogue trader
TROUBLE had been expected but nothing like this. Widespread concerns that Société Générale, France’s second-largest bank by market capitalisation, had more subprime-related woes to reveal were proved right on Thursday January 24th, with the announcement of a €2.05 billion ($3 billion) write-down on its exposure to mortgage-related investments and to creaking bond insurers. But those numbers were a sideshow to something far more shocking. The bank also revealed that a single trader had racked up a further €4.9 billion loss by taking unauthorised bets on futures linked to European stockmarkets. Trading in SocGen’s shares were suspended on Thursday morning but it will not escape punishment. .
Derek Frey's Outlook
Derek Frey, Head Trader at Odom & Frey Futures Options and FOREX, will walk you through his weekly FOREX newsletter and offer you extensive insight into how, where, and why he feels the currency markets will move for the week ahead. The great part about this is, it is an open session in which he will answer any and all market related questions, giving you the chance to pick the brain of an experienced trader.Derek has been trading for over 15 years and specializes in Options. He has been a regular contributor here at FXstreet.com since 2004.Join him free and find out why traders around the world listen to his opinion every week. Who is Derek Frey? Derek Frey has been a futures trader since 1989 and is Head Trader and partner at Odom & Frey Futures & Options, a firm that specializes in high probability, defined risk option spread trades for the futures markets.
Evolution of economy will tell whether Fed overreacted
Monday was a holiday in the US – Martin Luther King day. But Ben Bernanke was in the chairman's office at the Federal Reserve, working through the holiday as he often does. On his desk his Bloomberg, Reuters and Dow Jones terminals flashed red as selling in global equity markets spread from Asia to Europe. The US markets were closed, but US stock futures were still trading, and they too started to plunge. When US markets reopened on Tuesday it looked as though there would be a bloodbath. .
San Francisco Chronicle Acknowledges ENDGAME By Homeland Security
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Australian stock market firmer at noon, led by resources
THE share market was up almost 2 per cent at noon following a strong start to morning trade, after the US capped off its best week in five years on Friday and speculation mounted over the future of market leader Rio Tinto. At 12.07pm AEDT, the benchmark S&P/ASX200 was up 107 points, or 1.83 per cent, at 5949.9, while the broader All Ordinaries lifted 112.9 points, or 1.92 per cent, to 5995.2. At 12.08 pm AEDT on the Sydney Futures Exchange, the March share price index contract was up 161 points, or 2.79 per cent, at 5939 on 16,887 contracts. ABN AMRO Morgans senior equities adviser Geoff Voller said retail trading volumes were light. Mr Voller said the resource sector was strong on the back of news China's biggest aluminium producer, Chinalco, and US group Alcoa had jointly bought a 12 per cent stake in Rio Tinto on Friday.
Indian share prices close up 0.34pc
STOCK ON THE MOVE: Shaw Wallace & Co Ltd rose 1.05% to Rs 409.60 after its board approved merging the liquor firm with United Spirits Ltd, another company in the UB Group. United will allot four shares for every 17 Shaw Wallace shares
MUMBAI: Indian share prices closed up 0.34% on Thursday, trimming gains after regional markets surged on a powerful Wall Street rally overnight, dealers said. They said banking, power and property stocks rose as the market snapped two days of losses. The benchmark 30-share Sensex index closed up 64.39 points or 0.34% at 19,003.26, slipping sharply from the days peak of 19,297.01. Dealers said investors unwound positions at the expiry of the monthly futures trading contract on Thursday. Wall Streets rebound on hopes that the US Federal Reserve would cut rates again boosted Indian shares in early morning trade.
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