Friday 18 September 2015

Samurai Summary: 18/09/2015

The Federal Reserve kept rates on hold as was much expected yesterday citing reasons from worries about subdued inflation to growth concerns coming out of China. While Janet Yellen presented her statement it would have seemed Wall Street was content with rates staying on hold for longer but as question time approached and a number of hard hitting questions were thrown at the Fed president the mood dropped off dramatically.

The S&P 500 was well over a 1% higher when it began to fall in droves as investors worried over the Fed's own worries. It finished 0.26% lower failing to grab the all important 2000 level.
MoneyWeb reported that Koos Bekker, media mogul and former CEO of Naspers has sold off 70% of his shareholding the company. In an interesting turn of events, it would seem Bekker used the one year sabbatical to offload his stock holding without informing shareholders which is all above board but does leave a doubt about whether he sees further value at these levels.

With such a huge announcement being made yesterday, trading screens were receiving the staring treatment as traders monitored their positions around the clock. We definitely will see the same today for US stocks as quadruple witching takes place in the last hour of today's trade.

I've always wondered how is it that Greece manages to creep around in the background of news feed and suddenly springs a surprise on the market when least expected. This weekend marks the all important and much anticipated elections called by Alexis Tsipras. It could be a close call but with the wolf leading the sheep to the slaughter house in the sense Mr Tsipras agreed a worse agreement rather than a better one I can't imagine how many voters will be happy with him.
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