Growth in UK services is accelerating – so what does this mean for interest rates? September 3, 2014 Could this be the news the hawks have been waiting for? Markit/CIPS PMI data out today shows an acceleration in growth in the services industry which, when combined with the two previous surveys, suggests August saw the fastest economic growth since last November. Adjusting for seasonal factors, the Business Activity Index stood at [...]
China’s services sector grows at the fastest rate since March last year September 3, 2014 After the latest manufacturing figures disappointed, HSBC reports China's services grew at the fastest rate in 17 months. According to figures from HSBC and Markit economics, the purchasing manager’s index posted at 54.1 – the fastest rate of growth since March 2013. With any reading above 50 constituting growth this is a strong [...]
Tory dates backfire: Ukip hijacks Cameron’s birthday and gatecrashes party conference September 3, 2014 What is it with the Tories and inauspicious dates? Ukip must be sniggering at the news that the Clacton by-election is set to take place on 9 October – the same day as David Cameron’s 48th birthday (that’s only four more than the points lead Ukip have over the Conservatives in the Essex seaside resort). [...]
Falling output in France and Italy dampens Eurozone growth September 3, 2014 Falling output in France and Italy has seen the Eurozone manufacturing and services recovery slow to the weakest level so far this year, figures out this morning show. Overall the index was 52.5 in the month, down from 53.8 in July – the weakest of the year so far, although any PMI score above [...]
2018 World Cup: EU countries consider boycott September 3, 2014 The EU is considering a boycott of the 2018 Russia World Cup as a future sanction against the country's role in the Ukraine crisis. Sporting sanctions will not form part of the European Commission's debate about further action against Rusia today, which is expected to announce a ban on the purchase of Russian government bonds. [...]
Uber Germany ban sees signups skyrocket 590pc in 24 hours September 3, 2014 If the German taxi lobby was breathing a sigh of relief yesterday after a Frankfurt court issued a temporary injunction against Uber banning it across the country, it isn't any more. Uber Germany has seen signups in Hamburg alone soar a whopping 590 per cent in the last 24 hours. Rather than shunning the San [...]
WEF: UK is ninth most competitive economy – and second most “technologically ready”? September 3, 2014 The UK is now the ninth-most competitive economy in the world, figures published this morning showed – and the second-most competitive when it comes to "technological readiness". Blighty rose one place from last year in the rankings, published by the World Economic Forum (WEF), while Switzerland came top of the list and Finland (fourth) and [...]
Ryanair share price rises as passenger numbers soar to a record high September 3, 2014 Outspoken Ryanair boss Michael O'Leary stayed resolutely quiet this morning as the budget airline announced record monthly traffic. Passenger numbers grew four per cent, from 9 million in August 2013 to 9.4 million in the same month this year, pushing shares up 1.35 per cent in early trading. Marketing manager Kenny Jacobs put the rise [...]
Ashtead thanks recovering construction markets for record profits September 3, 2014 As the housebuilders surf the wave of rising house prices, so too does Ashstead, supplier of construction tools. The company, which rents plant machinery and other tools to the construction industry, released its first quarter results today, showing record rises in pre-tax profits and revenue, enough to encourage an upward adjustment of expected full-year results. Profit [...]
FTSE at its highest in 14 years as Ukraine agrees “permanent ceasefire” with Russia September 3, 2014 Markets reacted with relief this morning after Ukrainian president Petro Poroshenko tweeted that the country had agreed a "permanent ceasefire" with Russia. The FTSE 100 rose 1 per cent to 6,897 – its highest in 14 years – while the euro jumped 0.12 per cent, to 1.31 dollars. Investors also piled back into Russian equities, [...]