JD Sports enters the New Year with steady sales growth January 10, 2014 JD Sports has reported like-for-like sales for the group's core Fascia stores are now marginally ahead of the 5.8 per cent rise seen in the for the forty two weeks to 23 November. The group believes the most recent six weeks trading has given the company hope for further progress over the course of 2014. [...]
China’s economic slowdown sees markets cautious January 10, 2014 Some disappointing numbers for China overnight, as it missed its official target on foreign trade for the second year in the row, confirming a loss of momentum at the end of 2013. But despite its export growth slowing by more than expected in December, the country has now overtaken the US as the world's largest [...]
JP Morgan think a lack of frack is hurting European chemicals January 10, 2014 JP Morgan has warned that the rise of shale gas could prove to be a “structural negative” for the European chemicals industry. JP Morgan remains negative on the European chemical sector citing BASF, Solvay, Lanxess (all under weight) as its least preferred options. However, US chemical producers are booming due to a sharp fall in [...]
Is the equity market really overvalued? This one bank isn’t convinced January 9, 2014 A lot of people are worried that equities are overvalued. But Saxo Bank thinks equity valuations have finally reached normality, and rising stock prices are now "solely dependent" on revenue and earnings growth. Head of equity strategy Peter Garnry explains why: Equity valuations have normalised Global equities, says Garnry, are still a bit below the [...]
Advertising giants Omnicom and Publicis get EU merger approval January 9, 2014 A tie-up between advertising mega firms Omnicom (the world's second biggest agency) and Publicis (the third) has been granted approval by EU antitrust regulators. When the deal was announced in July, the combined market capitalisation of the two stood at $35.1bn (£21.3bn). "The merged entity would be sufficiently constrained by several competitors, including large international [...]
Here’s how the US could be energy self-sufficient by 2020 January 9, 2014 The US has the potential to become energy self-sufficient by the end of the decade, according to the head of Exxon Mobil. Rex Tillerson, chairman & CEO of Exxon Mobil, told CNBC that US energy self-sufficiency had become "a realistic aspiration." Tillerson pointed to the fact that the US was already the world's largest natural [...]
Recruiters now seeing signs of broader economic recovery January 9, 2014 Hays has become the latest recruitment company to declare a thaw in the UK jobs market, with net fees in the last quarter of the year up 10 per cent. Hiring is on the rise in construction and there are pockets of jobs growth in financial services, finance director Paul Venables said. “In the City [...]
ECB holds policy with rates at historic lows January 9, 2014 Our second big central bank meeting of the day has seen no change. The European Central Bank (ECB) is holding policy, as forecast by 54 of the 55 economists Reuters polled about the decision. Most of those economists said that they expect rates to stay put until mid-2015, after the central bank cut its main [...]
Bank of England holds rates – but Carney will have to hike soon to avoid credibility crisis January 9, 2014 No surprises today. The Bank of England's Monetary Policy Committee has elected to hold policy. Rates stay at their historic lows, while asset purchases are held at £375bn. Yet the case for a rate hike is becoming ever stronger. Not necessarily because economic conditions warrant it – but because it's vital for the Bank's credibility. [...]
4G is coming to the Channel Tunnel January 9, 2014 Some exciting news for London to Paris commuters: the Channel Tunnel's going to get 4G. Eurotunnel announced this morning that it's teamed up with EE to bring UK 4G mobile coverage to the north tunnel by the summer. The south tunnel got 2G coverage in 2012. A new 10-year deal with EE and Vodafone [...]