European Hedge Funds Correspondent
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Nov 18, 2013

France may be ‘major pothole’ in ’14, says hedge fund star Hintze

LONDON, Nov 18 (Reuters) – CQS founder Michael Hintze, one
of Europe’s most influential hedge fund managers, has warned
that France’s struggling economy could present a “major pothole”
for investors in 2014.

Hintze, whose firm manages around $12 billion and who was
one of the world’s top-performing hedge fund managers last year,
painted a picture of a “pretty benign world” for investors and a
recovery in Europe’s peripheral economies next year, but picked
out France as a concern.

Nov 15, 2013

Yen hits 2-month low versus dollar after Yellen hearing

LONDON, Nov 15 (Reuters) – The yen hit a two-month low
against the dollar on Friday after a robust defence of Federal
Reserve stimulus from Chair nominee Janet Yellen boosted
investors’ appetite for riskier assets.

Comments widely interpreted as confirming Yellen’s dovish
stance and showing there would be no reduction of stimulus any
time soon sparked a rally on equity markets and dented the
low-yielding yen, which typically falls when investors are
looking to take on risk.

Nov 15, 2013

Sterling extends gains vs. struggling euro

LONDON (Reuters) – Sterling extended gains against the euro for a third straight day on Friday as investors grew confident the European Central Bank will ease policy further while the Bank of England looks likely to raise rates earlier than flagged.

The euro was down 0.1 percent at 83.69 pence, heading towards the 10-month low of 83 pence reached on November 7.

Nov 14, 2013

Sterling falls against dollar after weak UK retail sales

LONDON (Reuters) – Sterling lost ground against the dollar on Thursday following weaker-than-expected UK retail sales data, just a day after an upbeat Bank of England report had raised expectations it might bring forward a hike in interest rates.

UK October retail sales excluding fuel showed a 0.6 percent month-on-month decline in October, well below forecasts of a 0.2 percent fall.

Nov 13, 2013

Sterling jumps on upbeat Bank of England jobs forecast

LONDON (Reuters) – Sterling rose strongly against the euro and the dollar on Wednesday after the Bank of England forecast that unemployment could fall much faster than it flagged just three months ago, potentially bringing an interest rate hike closer.

The BoE’s closely-watched quarterly inflation report showed that unemployment could hit 7 percent – the threshold where the central bank has said it would consider raising interest rates – as early as the fourth quarter of 2014.

Nov 12, 2013

Weak UK inflation knocks back sterling before BoE report

LONDON (Reuters) – Sterling fell to a one-week low against the euro and lost ground against the dollar on Tuesday after weaker-than-forecast inflation data pushed back expectations of when UK interest rates might rise.

UK consumer price inflation fell to an annual rate of 2.2 percent in October, its lowest level in more than a year and well below forecasts for 2.5 percent.

Nov 11, 2013

Sterling pulls back from 10-month high versus euro

LONDON (Reuters) – Sterling pulled back from a 10-month high against the euro on Monday, before this week’s Bank of England quarterly inflation report and UK jobs data.

Traders and analysts said the pound faced stiff chart resistance at 1.20 euros, which equates to 83.33 pence per euro and marks a level at which importers often look to sell the British currency.

Nov 11, 2013

Hedge fund Rhodium debuts with bet on corporate bonds

LONDON, Nov 11 (Reuters) – Hedge fund start-up Rhodium
Capital, run by former Bank of America star trader
Iftikhar Ali, has begun life betting on a strong performance
from corporate bonds over coming months.

Bond prices were hit over the summer by fears the U.S.
Federal Reserve would scale back its bond-buying economic
stimulus programme and also by political wrangling over lifting
the U.S. government’s debt ceiling.

Nov 4, 2013

Co-op hedge fund shareholder famous for Argentina battle

LONDON (Reuters) – U.S. hedge fund Aurelius Capital Management, which will take a stake in Co-op Bank under a rescue plan for the British mutual lender, is also protagonist in a lengthy and bitter court battle over Argentina’s debt default.

The New York-based investment firm is among a group of activist investors who will swap bondholdings for equity in Co-op Bank, which has long promoted a commitment to ethical business practices to attract customers.

Oct 18, 2013

UK court dismisses case against directors of Madoff unit

LONDON, Oct 18 (Reuters) – A British High Court judge
criticised the liquidators of U.S. fraudster Bernard Madoff’s
London company in a judgment on Friday that dismissed their $40
million civil claim against his brother, son and former
directors of the firm.

The liquidators of London-based Madoff Securities
International Ltd (MSIL) had began the case in June against
defendants including Madoff’s brother Peter and his son Andrew,
as well as Stephen Raven, chief executive of the British unit,
and Bank Medici founder Sonja Kohn.