Pound Gains on Dollar
The pound is set to win back some of its recent losses against the dollar as the US Federal Reserve prepares to flood dollars into the market as it begins buying up to $300 billion in US Treasuries. More
House Passes Bonus Payment Tax Bill
US lawmakers overwhelmingly approved a bill yesterday that will tax at a rate of 90% all bonuses paid to employees with family incomes exceeding $250,000 for any company that has received more than $5 billion in emergency funding from the government. Similar legislation has already been introduced in the Senate and quick passage is expected at this stage as well. More
EU to Increase Emergency Fund
European Commission President Jose Manuel Barroso is “confident” that a deal to double the EU emergency fund held to support member nations facing budget shortfalls, would be increased to 50 billion euros ($68bn). A vote is scheduled on the proposal during the two-day summit underway in Brussels. More
Stock Futures Point to Higher Opening
The market is still optimistic but clearly cautious in the wake of Federal Reserve Chairman Ben Bernanke’s announcement earlier this week that the Fed would buy Treasury bills and other debt. The NYSE lost 86 points (1.2 percent) yesterday but stock index futures are up prior to this morning’s open. More
