POWERFLUTE TRADING STATEMENT
Powerflute Oyj, the packaging and paper group, provided the following update on trading during the six month period ended 30 June 2012 and on the outlook for the remainder of the financial year.
Powerflute Oyj, the packaging and paper group, provided the following update on trading during the six month period ended 30 June 2012 and on the outlook for the remainder of the financial year.
As widely expected the Fed left the policy rate unchanged at 0-0.25% last night and reaffirmed that ‘economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period’.
Against a backdrop of issues such as the G8 summit, impending BoE rate decision and a general reassessment of global short-term growth prospects, currency markets had much to ponder yesterday with trading in most major currency pairs fairly static, bar some large (risk-aversion fuelled) downward moves in GBP/USD and GBP/JPY later on as stock markets globally had a poor day.
Sterling continued it rally yesterday with good gains against both EUR and USD getting above 1.1450 and 1.58 respectively.
It’s been a while since we’ve had a weekend bailout of a major UK bank, possibly due to the fact that most of the major banks have already been bailed out, and with Lloyds’ giving up 75% of their shares to the government, there is now one less independent bank left.
US stock markets rallied strongly yesterday after Fed Chair Bernanke gave a cautious assessment of the economic outlook, providing hope that the recession would end in 2009 as long as the correct measures to recapitalise the banking system are taken. With Asian bourses also closing higher, we expect to see some rebound in Europe this morning, although that partly reflects some bargain-hunting after recent losses.