Monthly Archives: July 2015

Carnival steams ahead on healthy bookings

Carnival hit a record high on Friday after results from its closest peer pointed to improving demand. Royal Caribbean Cruises said booking trends had been healthy since April, with softness in Latin America more than offset by strength in the Caribbean and China. China has become an important source of growth for the cruise operators, with Carnival recently redeploying two…

Plain sailing for Royal Caribbean

©Reuters Royal Caribbean shares set sail after the cruise operator lifted its full-year sales forecast, noting strength in the Caribbean and China. The Miami-based company now sees full-year earnings in the range of $4.65 to $4.75 a share, from its previous outlook for $4.45 to $4.65 a share. This topped analysts’ estimates for $4.61 a share. Royal Caribbean said bookings…

Crude oversupply creates July turbulence

©AP Oil prices swung lower in July, amid a persistent oversupply that created further turbulence in crude markets, writes Anjli Raval. West Texas Intermediate, the US benchmark, was on track to record its worst monthly performance since the financial crisis. This month’s 20 per cent drop — that took WTI to a low of $47.35 a barrel on Friday —…

Dollar rally hit hard by weak wages data

©EPA The dollar’s long rally took a heavy knock at the end of a week when the world’s reserve currency tracked the twists and turns of economic data as investors continued to refine their expectations for the timing of a US rate rise. Disappointing wage growth data released on Friday, which showed a rise of just 0.2 per cent, the…

Investors need holiday after testing July

©Getty Holidaymakers flock to Levante Beach in Benidorm in Spain, which has reported a record number of tourist visits this year Investors could be forgiven for feeling they deserve a summer holiday. Over the past month financial markets have been rocked, first by negotiations over Greece’s bailout then as attention turned to global growth worries with the fall in China’s…

US wage growth slowest since 1982

©Getty Expectations of a Federal Reserve rate rise in September took a knock on Friday when data showed quarterly US wage growth at its lowest level for more than three decades. Wages and salaries for US workers rose by the smallest amount for a quarter since 1982, potentially clouding hopes of policymakers that the recovery is set to shift into…

SNB reports record loss after dropping cap

©Bloomberg Switzerland’s central bank has reported a record SFr50.1bn loss for the first half of 2015 after earlier this year abandoning attempts to cap the franc’s rise against the euro. Losses on the Swiss National Bank’s foreign currency positions hit SFr47.2bn in the first six months of the year as their value plunged on the back of a stronger franc,…

Russia rate cut puts pressure on rouble

©Reuters Russia’s central bank has cut its benchmark interest rate by 0.5 percentage points, a move likely to be welcomed by businesses crippled by high rates but adding further pressure to an already weak rouble. While a majority of analysts had forecast that the central bank would cut rates to 11 per cent, some had speculated that it would instead…

China market probe targets quant traders

©AFP China’s securities regulator is targeting high-frequency traders in its latest attack on price manipulation, amid stock market turbulence that has sparked concerns over the stability of the broader financial system. The government and state-backed financial institutions have taken unprecedented measures to support the stock market after the Shanghai Composite index fell 35 per cent from a seven-year high touched…

US imports of Russian oil at 3 year high

©Bloomberg US-Russian relations have been dominated by two major trends over the past few years: the vast rise in US oil output and the biggest increase in tensions between the two countries since the cold war over the Ukraine crisis. So it might seem odd to discover that US imports of Russian crude oil in the past two months have…