Newsnight Mess Up the Market Report Yet Again

Kirsty correctly informed us that the pound had “tumbled almost one and three quarter cents” yet the graphic had it up +1.74 cents. Viewers have to guess the truth, one wonders does anyone at Newsnight actually care?

Guido watched Randall Live on Sky earlier this evening interviewing Martin Sorrell. An adult conversation about business and the markets with some interesting insights. Sorrell explained what he was up to re-domiciling WPP in Ireland. It wasn’t at all the hectoring quasi-Marxist business bashing that so often characterises the BBC’s reporting – which might be fine for Guardian readers but is pretty tiresome for people interested in business news. Randall is recommended.

Newsnight is a Shambles, Come Back Peter Barron

Guido has given up on bothering to report the number of times they get the market report wrong, suffice to say that it might as well be a random number. If you can’t rely on a simple thing like that what does it say about the more nuanced reporting? On the day last week that U.S. markets had the huge downward move, Newsnight had a graph showing that it had plunged from roughly 10,100 to, errm, 10,400. Pathetically bad.

Grossman managed to pick up one decent story at Labour Party conference which led to the 3.15 a.m. drink fuelled McBride briefing. Two-ways from the conferences were persistently plagued by technical problems. One night Paxman said on air what all the viewers were thinking “it is a bit of a shambles here tonight.” They spent the conference season playing “Place the Face”, demonstrating that Michael Crick may have a more promising career as a game show host than an investigative reporter. Just a bit of fun? The Guidoisation of politics? Maybe, however is that dumbing down really a good use of the expensive resources of the BBC’s flagship current affairs programme? When Crick finished his Place the Face finale piece on Wednesday, Paxman sneered and Crick exited the stage a minute or two later walking across screen in front of the camera, a dark Crick shaped shadow obscuring the Newsnight discussion with Finkelstein and the pair of cliche merchants he spars with. It was emblemic of the state of the show. Amateurish isn’t the word for it.

They have a Trotskyite reporting from Wall Street on the travails of capitalism – comical. Iain Martin in the Telegraph has also lost patience with the only show the entire Westminster Village watches. They have yet to finalise a replacement for Peter Barron. They need someone to get a grip on it because it is becoming a joke.

Newsnight Messed Up the Market Report Yet Again

Are they just doing this to wind Guido up? The Dow closed up some 1700% yesterday according to Newsnight. Do they use a monkey or a random number generator for their market reports? Every other night they screw up this simple report. They should just give up because wrong information is worse than no information. The Dow actually closed at 10,609.66 according to Sky News – a credible, reliable news source.

Comrade Mason Replies

After the kerfuffle about the mixed up market report last night this (presumably genuine) communication from Newsnight’s business reporter and trade union leader has come in:
Guido – I should probably have said the value of its shares fell 48% in after market pricing, or some similar gobbledygook. As your other commenters point out the issue of whether there is a futures “market” is philosophically moot. Unfortunately the words “futures market” were in a piece of paper printed off into my hands literally as the 5-strong team of makeup women and masseurs was prepping me for my live appearance and seconds before we went on air. The words “futures market” entered my brain while I was puzzling whether the 48% fall really mattered in such an illiquid market. But hey, guys: if you think I sound like a hysterical Trot, you should listen to McCain!

Fair enough. Guido is in no position to criticise someone for screwing up live on Newsnight…

Incidentally, that last sentence is an interesting point, Guido will only note that the lead piece on the show tonight is scheduled to be “Does capitalism still work?” Producers with a sense of humour…

Newsnight Reports on a Market That Doesn’t Exist

Well this is a first, they have in the past reported up markets down, down markets up and once even reported dramatic moves in a market that was closed. Paul Mason has just breathlessly reported from New York that a late breaking after market story on the Bloomberg newswire has “halved AIG’s share price on the futures markets”. There is no open futures market for shares, as anybody who knew anything about financial markets would know.

There are electronic markets where stocks trade after hours. Perhaps that is what he meant? With Newsnight’s market reporting you just never know.

Trot Along to Socialist Unity’s Session with Newsnight’s Economics Editor Tonight

Newsnight’s Paul Mason managed, as some noted last night, to analyse previous economic downturns by going from Barber (Tory) to Howe (Tory) but skipping Callaghan (Labour) when Britain had to get an emergency bailout from the IMF.

It does seem odd to have a Trotskyite sympathiser as the business reporter on the BBC’s flagship news and current affairs show. It is all very well him briefing his comrades tonight on “The Recession – What does it mean for us?” (Suspect it will mean that capitalism is in terminal crisis since it has always been according to the Trots who sell newspapers).

Guido just wishes Comrade Mason would concentrate less on supporting the workers revolution and more on making sure that Newsnight manages to reliably report whether the FTSE is up or down on the day. How hard can that be?

Newsnight Economic Analysis

Guido is quite excited. Have had a few Guinnesses. Newsnight are going to do some analysis of the foreign exchange market (they read about it on Guido). These are the same people who called it upsy daisy Friday. (Analysis of Ms Fawkes aged 3, more accurate.)

UPDATE : Ooh – Crick says people really are “pissed off”.

Newsnight Cock Down Up the Market Report Yet Again

A co-conspirator reports that Newsnight reported the Dow up 171 points tonight. Reassuring in these times of financial market uncertainty. Alas Guido has to report that the BBC’s flagship news and current affairs programme (budget £3 billion) has managed to get it wrong yet again. The Dow closed down 171 points. This would never have happened in Peter Barron’s day, oh hold on…

How hard can it be to report the closing price of the world’s most watched market correctly? Can’t they get a trained monkey to do it?

+++ Newsnight’s Peter Barron Quits for Google +++

The Press Gazette is reporting that Newsnight’s editor Peter Barron is to leave the BBC at the end of the week to become UK head of public relations for Google. Wonder what it was about the multi-million pound stock options

[…]

+ READ MORE +

Not Emily, Not Cathy

Newsnight’s Emily Maitlis has emailed back to say that she hasn’t dined Chez Cameron and she isn’t the source of the Nancy Cameron story. Guido now paging Daisy McAndrew, Kirsty Wark, Martha Kearney….

[…]

+ READ MORE +

U.S. Markets Closed for Public Holiday Today

Just Guido being helpful. Wouldn’t want you guys to get it wrong. Again…

UPDATE 20.15 :

A co-conspirator points out that BBC Radio 4’s 6 o’clock news has reported the Dow down 29 points – which was Friday’s change.

[…]

+ READ MORE +

Newsnight Reports Valentine’s Day Market Massacre(That Never Happened)

Newsnight just doesn’t do business reporting very well. Guido suspects this is because they are neither interested in, or sympathetic to business. They would much rather review some new feminist state-subsidised play than the FTSE 100’s profitability. The saga of

[…]

+ READ MORE +



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