Markets

A new version of the Charging Bull, the dramatic sculpture which has become a symbol of Wall Street, goes on sale in London this week. The highly-polished bronze by Arturo di Modica features in the sale of 20th century and contemporary art by auctioneers Phillips on Thursday, City A.M. can reveal. At 6ft long the piece is less than half the size of his New York original, now a major tourist attraction, but is still expected to make between £250,000 and £350,000 The first, highly theatrical sculpture, became a symbol of Manhattan’s financial district almost overnight after di Modica dumped it at night – without seeking payment or permission – in a small park in 1988, one year on from Black Monday striking the US markets. "My point was to show people that if you want to do something in a moment things are very bad, you can do it. You can do it by yourself. My point was that you must be strong" said di Modica, who was once nicknamed 'the young Michelangelo' by … [Read more...] about Bull market: New version of Wall Street’s iconic ‘Charing Bull’ goes under the hammer later this week

UK banking’s global market share in equity capital market (ECM) trading and loan fees have hit their lowest and second-lowest values on record respectively, amid continued Brexit fallout and global uncertainty. The UK’s lenders fell to a 4.8 per cent share of ECM fees, and 8.7 per cent of loan fees – the latter nearly halved from a decade ago – according to data from Thomson Reuters. Barclays, HSBC, Standard Chartered, RBS and Lloyds were the top five UK fee earners, accounting collectively for 80 per cent of Britain’s overall fee income. The UK also saw its share of the global investment banking pool drop to 7.8 per cent for the year to date, placing it at the second-lowest level on record. Read more: Debt burden means more turbulence ahead for global markets, BIS warns Despite the market share drops, the total fees earned by UK banks hit their third-highest level since the financial crash. Leon Saunders Calvert, global head of capital markets at Thomson … [Read more...] about UK banks’ share of global equity capital and loans markets slip to record lows

THE stock market could see gains due to bargain-hunting following a run of declines and ahead of the release of latest inflation data this Friday. Last week was “the fourth week in a row that the index ended in the red, which has brought prices back down to more attractive levels,” Eagle Equities Inc. research head Christopher Mangun said in a comment. “Based on the technicals, there is indication that the selling is exhausted and we may see the index end in the green…,” he added.A 50-basis point rate hike announced by the Bangko Sentral ng Pilipinas (BSP) last week will also provide some support, Mangun said, as it showed that officials were doing something to rein in above-target inflation. “Investors will continue to look for opportunities in second-liners and blue-chips that were laggards last year,” Mangun continued.Meanwhile, Papa Securities Corp. trader Gabriel Jose Perez said investors would be waiting for September inflation data, … [Read more...] about Market gains expected with selling ‘exhausted’