Stock market

Fourteen years is a long stretch. The punishment imposed on former UBS and Citigroup trader Tom Hayes for his role as ‘the hub of the conspiracy’ to rig yen Libor rates is the same as the maximum sentence for burglary with intent to commit GBH. Even though no public attempt has been made to quantify his fraudulent profits or identify victims, Hayes’s punishment is twice that imposed on rogue trader Kweko Adeboli, who lost UBS $2.3 billion — both having pleaded ‘not guilty’. With remission, Hayes will serve about half the term: Adeboli, jailed in late 2012, came out this June. But even so, the socially awkward Hayes has forfeited

October is always a turbulent month, and I’m feeling uneasy about this one. The FTSE100 index, which looked set to break through 7,000 in September, has lost more than 500 points since then — and would have lost more but for manoeuvres in the mining sector. Pessimism stalks the bond markets, and even a falling oil price is read more as a harbinger of faltering growth than a stimulus for further recovery. Ebola is the new volcanic ash cloud, and attention is focused on the apparently incorrigible weakness of the eurozone — where the biggest problem is what was long seen as the most potent solution, namely the German economy.

It was at the Mansion House dinner last year that a City gent two seats away announced himself to be the custodian of one of London’s ‘dark pools’. The phrase sounded pleasingly Tolkienian but his first explanation — an electronic exchange in which large share transactions are completed in total privacy — dispelled the charm. My reaction was sharp enough to make the Downing Street spin-doctor between us fiddle nervously with his Twitter feed. If institutional investors can shift blocks of stock on the quiet, without moving public markets, what happens to the normal process of ‘price discovery’ between buyers and sellers? Surely small investors are being ripped off? Sounds

The postman at the door is stooped by his burden like an allegorical statue of Labour Oppressed by Capital. His wearisome, low-waged task is to deliver a copy of Thomas Piketty’s Capital in the Twenty-First Century — or perhaps multiple copies all round the town, since this breezeblock of a thesis on the iniquities of accumulated wealth stands second in this week’s bestseller lists, pipped only by the life story of someone called Guy Martin. His core argument — the celebrity French economist Piketty, that is, not Martin, who turns out to be a celebrity motorbike racer and lorry mechanic — is that the return on unfettered capital will always

I have a confession to make. I earn my living advising my readers whether particular companies’ shares are going to go up or down. I have no idea whether an individual share will go up or down. Fortunately, nor does anyone else. That goes for the analysts, investment bankers, fund managers, accountants and other professionals who work in the City and earn a great deal more than I do. As the scriptwriter William Goldman said, no one knows anything. My abject failure to predict the future has two consequences. One: I am sitting here typing this, rather than being on a beach somewhere, counting my yachts. Two: the best I

If free and open markets are the Wild West, inhabited by roving bands of asset managers, hedge funds, investment bankers and random traders, then the sheriffs are the central bankers. A change of sheriff makes a real difference to trading conditions. The focus of London traders and analysts has already shifted to a new sheriff with the arrival of Mark Carney at the Bank of England next week, and much anticipation of his new tool of ‘forward guidance’, which he is expected to unveil in August. Central bankers, far more than politicians, have long held sway over financial markets. That influence is at its greatest at times of economic tumult.

I haven’t used Yahoo as a general search engine since an American friend introduced me to the miracle that was Google in November 2000, but I do use Yahoo Finance for share price data, and the clunky BT Yahoo email service. All this points me to one conclusion: Yahoo is as middle-aged as I am, and the decision by hot new ex-Google chief executive Marissa Mayer to seek brand rejuvenation by buying the unprofitable blogging site Tumblr for $1.1 billion may not end well. It’s like me deciding to get one of those big, wavy ‘tribal’ tattoos on my neck: it might get me laid, but more likely it will