Trading Update
16-Sep-13, 6:28am: Betfair edged up 1p to £10.56 despite co-founder Andrew Black selling 600,000 shares in the betting exchange. That sale reduced Black’s stake to 3.93%.

Update by Jenna Cutly, Editor,
16-Sep-13, 9:58am: We’re seeing big moves in the forex and equity markets.

With Larry Summers ruling himself out of the race for Fed Chairman, the more dovish Janet Yellen comes that favourite to take over from Bernanke.

This is bad for the dollar but good for the stock markets.

Despite a weaker dollar, gold is also falling:



Update by Craig Inglis, Head of Product Development,
16-Sep-13, 4:29pm: Michael Hewson considers how the news that Larry Summers has dropped out of the race for the Fed Chair affects the current outlook in financial markets ahead of the key September FOMC meeting.



Update by Michael Hewson, Senior Market Analyst,
16-Sep-13, 4:29pm: In this week’s trading video, Michael Hewson discusses a variety of financial markets, including USD/JPY, ahead of September’s key FOMC meeting.

Stock Market Indices Surge as Summers Drops Candidacy for Fed Chair

Update by Michael Hewson, Senior Market Analyst,