One hundred and one ups and downs

As September has been predictably unpredictable, one never knows what to expect over the course of the autumn.

The London Stock Exchange announced a cut of 133 jobs, saving it £11m after a £14m bill in redundancy costs. Other LSE developments include the acquisition of MilleniumIT and a move into UK equity options by pitting Idem against the London Futures Exchange (Liffe), owned by the NYSE.
New chief executive Xavier Rolet yesterday admitted that his push to regain push and stature would be aggressive: "Although market conditions remain challenging, the group continues to see good levels of activity in many parts of the business. We continue to take actions to ensure the group is well placed to compete and develop."
Across the Atlantic, President Obama’s first major summit in Pittsburgh bore the news that the G20 would become the top forum for international economic cooperation, spreading its influence as far as India and China.
"This decision brings to the table the countries needed to build a stronger, more balanced global economy, reform the financial system, and lift the lives of the poorest," said a statement. Previous to this, the G8 had taken this position; the announcement comes as a bolt from the blue.
A broad agreement was reached on the matter of bankers’ bonuses and a new approach seemed key, as Chinese central bank official Xie Duo told officials that developing countries had been under-represented for too long. It comes with concerns from European nations of a loss of influence, but is seen by some as a catalyst to addressing imbalances in power.
On the curbing-bankers’-bonuses issue, President Sarkozy seems to have backtracked on his initial plans. His stance has now been tempered to the extent that instead of enforcing a cap, Sarkozy will merely insist on ongoing discussion of the issue. Is this globalisation falling down?
Back in the UK, September has brought a few surprises. Infamous as the Cruella de Vil of the Gregorian calendar, the month (so far) has actually seen the FTSE 100 go up another four percent. Unfortunately this means that the risks for October look even higher, with another fall before a rise.
Some economists, however have predicted a rise in interest rates by the Bank of England in Q1 of 2010. In line with inevitably steep cuts in public spending, it makes sense that investors begin to withdraw, creating this knock-on effect across the board. And a continuing rise in unemployment, once again...