July 7, 2005

 

Special Report

 

Four blasts hit London, killing at least two

http://www.yahoo.com/_ylh=X3oDMTB2MXQ5MTU3BF9TAzI3MTYxNDkEdGVzdAMwBHRtcGwDaW5kZXgtaWU-/s/246262

 

Tony Blair: it’s terrorism

Multiple explosions on the London Underground and at least one bus have killed two and left dozens with “terrible injuries” in what prime minister Tony Blair said was a co-ordinated terrorist attack timed to coincide with the G8 summit. Mr Blair, speaking in Gleneagles, described the attack as “barbaric” but said the summit would continue. 

http://news.ft.com/cms/s/811a3330-eec3-11d9-8b10-00000e2511c8.html

 

Equities slump after London explosions

European and UK shares suffered their biggest one-day falls since the start of the Gulf War after explosions across London triggered sharp sell-offs across financial markets.

http://news.ft.com/cms/s/b5c480f4-eedc-11d9-8b10-00000e2511c8.html

 

Euronext.liffe staff remaining in place; situation under review

LONDON (AFX) - Euronext.liffe said staff at its headquarters building above Cannon Bridge station are remaining in place at least for the moment, but it is reviewing the situation following the various incidents affecting trains and buses in London this morning.

http://www.iii.co.uk/news/?type=afxnews&articleid=5346428&subject=companies&action=article

 

Other Voices

 

From Patrick Young in London:

 

Dear John,

 

I just wanted to send you a quick email as you may not have sent your newsletter out yet and lest you might want a quick update from the heart of the City of London...here it is. Use or ignore as you prefer but just so you know what it is like on the ground here! Anyway, a brief update:

 

"As of 12.30 London time, the situation in the City of London financial district is as follows from my perspective very close to the major affected areas of Liverpool Street and Aldgate. I do not want to add conjecture to the discussion already going around in dealing rooms and on the newswires but we can note the following:

 

* There have been several terrorist attacks and tragically people have been killed and injured - apparently many others have been averted by Police;

 

* While not wishing to lessen the callousness of these acts, this is not a September 11th situation in terms of death toll;

 

* The City of London (financial district) is at a standstill in terms of traffic and many offices have been evacuated. LCH.Clearnet for instance has gone to emergency back up facilities (it is directly above Aldgate underground where one explosion took place), UBS and other banks beside Livepool Street have been evacuated.

 

* A lot of people are on the pavements awaiting instruction on returning to their offices.

 

That said, for example, our bookshop is amongst a great many businesses far enough removed from the stations to be still trading, yet still within a few hundred meters of the vicinity of the activity.

 

The Police are highly active, helicopters are overhead. The atmosphere is - how can I put this? - Well, it is not as happy as yesterday when London was overjoyed to be chosen as Olympic host city in 2012. Nevertheless, the atmosphere is calm and there is no semblance of panic whatsoever.

 

In short, this is a terrible, tragic incident, I am sure all our sympathies are with the victims of this atrocious cowardly terrorist activity.

 

Nevertheless, the vast bulk of people in the City of London are safe (if perhaps a little soggy thanks to standing in the rain). The work day has been disrupted for many but most people are still at work and still trading.

 

I will avoid adding to the layers of conjecture further, the simple facts are that most people are safe and sound and the City of London is still open for business.

 

With best wishes from London,

 

Patrick L Young

The Financial Bookshop .com

erivatives.com

 

ceo erivatives.com

http://www.erivatives.com

 

Author:

"Capital Market Revolution" 1999

"The Promiscuous Investor" 2002

"The New Capital Market Revolution" 2003 "Single Stock Futures A Traders Guide" 2004

Editor:

"An Intangible Commodity" 2004

 

 

***********

 

From the LME:

 

Following various incidents in the centre of London, the LME is currently within a police exclusion zone.  As a result, the Exchange does not anticipate opening its trading floor today.  Therefore all trading will be conducted via LME Select, which is unaffected. 

 

The LME Quotations committee will establish official prices, unofficial prices and closing prices for all metals and plastics contracts, at the normal times, in accordance with LME emergency procedures. 

 

Further information will be released as soon as it is available.

 

Regards

 

Adam Robinson

Head of Public Relations

www.lme.com

+44 (0)20 7264 5532 (direct)

 

 

******

 

I will have more information in the letter later today.  

 

Regards,

 

John J. Lothian

Publisher

John Lothian Newsletter 

www.johnlothiannewsletter.com

 

Futures Brokerage - Business Intelligence

 

John J. Lothian
President- Electronic Trading Division

The Price Futures Group, Inc.
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