On Friday, Shares of Bank of America Corporation (NYSE:BAC), gained 0.12% to $16.75.
The declaration last week by the European Central Bank (ECB) that it was going to front-load asset purchases under its quantitative easing program was another revealing insight into the state of global financial markets. It underscored their volatility and the lack of any overall plan by the financial authorities, supposedly in charge, who rush from one trouble spot to another as they seek to prevent the eruption of another crisis.
The decision to step up purchases in May and June came in response to a major fall-off in German 10-year bonds, Bunds. Their yield, which moves in an inverse relationship to the price, jumped from near zero to above 0.55 percent in a matter of a few days.
Announcing the decision last Monday, ECB executive board member Benoit Coeuré said it was not the reversal in the price of Bunds and other sovereign bonds that was of concern but the speed with which it took place as it was another sign of “extreme volatility” and “reduced liquidity.” In other words, the ECB feared that if the sell-off gathered momentum it could be the start of a major crisis and hence it was necessary to step in.
The reaction in financial markets to the promise of improved funding from the ECB pointed to the escalation of parasitism which has become the central feature of financial markets and indeed the global economy more broadly.
Bank of America Corporation, through its auxiliaries, provides banking and financial products and services for individual consumers, small and middle market businesses, institutional investors, large corporations, and governments worldwide.
Shares of Cadence Design Systems Inc. (NASDAQ:CDNS), inclined 0.40% to $19.90, during its last trading session, hitting its highest level.
The President & CEO of Cadence Design Systems, Lip Tan a few days ago cashed-in precisely $2,544,109 US Dollars for 129,826 shares in the Cadence Design Systems Inc firm at an approx. $19.6 for each share. Lip is trying to quietly decrease her company’s share, same as she did in the last 30 days. She sold another 125,000 shares worth $2,322,175 USD. This outstanding transaction will probably draw attention, as she now has in hand 0.41% of the total market cap of the Company. This substantial deal was finished on 22/05/2015 and is obtainable online on the D.C. based-SEC’s website.
Cadence Design Systems, Inc. develops, sells, leases, and licenses electronic design automation (EDA) software, emulation and prototyping hardware, verification intellectual property (VIP), and design intellectual property (design IP) for semiconductor and electronics systems industries worldwide.
At the end of Friday’s trade, Shares of Kinross Gold Corporation (NYSE:KGC), lost -1.23% to $2.41.
Gold prices lost $12 per ounce on the day in London trade on Friday midday following the release of April’s US consumer price index showed the biggest US inflation jump in two years, amid a busy week of economic indicator releases and speeches by central-bankers.
US and European stock markets dropped and so did Brent crude oil contracts. The Euro currency lost further ground against the US Dollar, falling to $1.10450 per Euro, a 5-week low.
On the week, gold was down 1.8% against the Dollar, unable to break its trading range for US investors to stand just above $1202 per ounce.
Kinross Gold Corporation, together with its auxiliaries, engages in the acquisition, exploration, and development of gold bearing properties. It is involved in mining and processing gold and silver ores. The company’s gold production and exploration activities are carried out principally in Canada, the United States, the Russian Federation, Brazil, Chile, Ghana, and Mauritania.
Finally, Southwestern Energy Co. (NYSE:SWN), ended its last trade with -0.40% loss, and closed at $27.22.
U.S. stocks were mostly unchanged in late afternoon trading Friday as energy companies fell together with the price of oil. Investors are weighing the latest batch of corporate earnings results and a report showing a slight enhance in inflation last month.
Southwestern Energy Company, an independent energy company, engages in the exploration, development, and production of natural gas and oil in the United States. The company operates in two segments, Exploration, Development and Production; and Midstream Services.
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