Services slowdown fails to dampen UK optimism January 6, 2014 The UK Markit services PMI fell from 60.4 in November to 58.8 in December. UK services PMI had been expected to rise to 60.5. UK services showed a similar performance to manufacturing in December. While the pace of growth has declined, there was still a strong increase in activity and employment. The major factor contributing [...]
A mixed bag for Europe’s services sector as Spain sees fastest growth since 2007 January 6, 2014 This morning has brought mixed news for Europe's services sector, with purchasing managers' index surveys for December released by Markit. The Eurozone's PMI came in in line with expectations at 51 – a slight edging down from November's 51.2, but still remaining in growth. Spain's services sector saw an unexpected pick up, growing at its [...]
UK business optimism at 20-year high January 6, 2014 Three major business surveys out today have shown that companies of all sizes are growing in confidence over their ability to grow sales, exports and profits. In fact, they're more optimistic this year than they've been over the last twenty, said Lloyds' external relations head Stephen Pegge to the BBC. A survey of over 1,500 [...]
Meet the CEO betting big on his company’s success January 6, 2014 The new chief executive (CEO) of Cable & Wireless Communications (CWC) is investing more than just his time in the company's success. Phil Bentley, who replaced Tony Rice as CEO on 1 January has bought 4.3m shares in the company since his appointment. The value of the shares amounts to three times Mr Bentley's base [...]
What you need to know before the open – 06/01 January 6, 2014 European bourses are set to open lower this morning as investors await service PMI results. They follow Asian markets, which were led lower by PMI data that indicated a sharp slowing in Chinese services growth in December. Lack- lustre opening expected in Europe in response to downbeat mood in Asia – FTSE -6, DAX [...]
Balfour Beatty bags Olympic stadium transformation contract January 6, 2014 Construction firm Balfour Beatty has won a £154m contract to transform the London 2012 Olympic stadium. The stadium will become a multi-use venue, and is due to host five matches during the Rugby World Cup next year. It'll also be the permanent home of West Ham United from 2016. Balfour Beatty already has a £41m [...]
Fear of financial risk drives China into new regulatory clampdown January 6, 2014 China has begun clamping down on its shadow banking industry in an attempt to head off a potential financial crisis, sources told Reuters. The new regulations issued by the State Council will strengthen rules governing off-balance sheet lending. The Peoples Bank of China will attempt to develop new methods to oversee the shadow banking sector [...]
3 things that could trip up the Eurozone’s recovery January 3, 2014 There are plenty of factors that could derail the Eurozone's recovery. Lacklustre data today – bank lending to the private sector fell, and broad money supply in the euro area rose only 0.1 per cent – mean the European Central Bank will continue to be pressurised when it comes to easing policy this year. Capital [...]
When will the Bank of England hike interest rates? January 3, 2014 Next Thursday is the first meeting of the year for the Bank of England's (BoE) Monetary Policy Committee (MPC). And whilst January is known to be uneventful in monetary policy terms, and the Bank's made it clear that an interest rate hike from the current 0.5 per cent is not on the horizon, doubt is [...]
Why 2014 could be the year gold bounces back January 3, 2014 2013 was a dire year for gold prices, and today's two per cent gain does little to make the 28 per cent slump of last year look any better. But Capital Economics reckons that, with sentiment already so heavily negative, the risks for the coming year are firmly skewed to the upside. For starters, says [...]