France and Germany struggle to power European recovery December 9, 2013 On Monday the Bank of France (BoF) revised up its estimate for fourth quarter GDP to 0.5 per cent. The BoF business confidence index also grew to 101 in November in the manufacturing sector. However, the index fell to 92 in the service sector, well below the historical average of 100. Societe Generale suggest this [...]
Highest number of electricity supplier switches since 2010 December 9, 2013 614,000 customers switched their electricity supplier last month, according to figures from Energy UK. That's more than twice the number that switched in October, and the highest number of switches since 2010. Last month saw five of the big six suppliers announce that bills would be rising. 125,000, or over 20 per cent, of those [...]
Barclays sees European oil sector bounce in 2014 December 9, 2013 The European oil sector will bounce back from its 10-year low against the FTEU300, according to Barclays. The sector has underperformed the wider European market by 25 per cent since 2012. Following five years of massive capital expenditure Barclays see a turning point for the sector both operationally and financially. The bank forecasts aggregate production [...]
The Greek government has made a bold growth prediction – this chart shows why it’s a joke December 9, 2013 After passing a budget in the early hours of Sunday morning, one of the Greek government's forecasts is already looking ropey (at best). The budget estimated 0.6 per cent growth in 2014 – but inflation data released today shows that Greek deflation is at a new record. HICP inflation has dropped by a [...]
Business leaders speak out in support of immigration December 9, 2013 Two leading figures in British business have championed the benefits of immigration to the UK economy. Former M&S boss Sir Stuart Rose speaking on the Murnaghan show on Sunday said: I'm a free market economist, we operate in a free market. If these people want to come here, and work the hours they are prepared [...]
Everything you need to know about the global economy in one chart December 9, 2013 This chart – of credit creation as a percentage of GDP – tells you a lot about these four economies. Credit creation is only up in Japan since 2007 – a product of stimulatory fiscal and monetary policy. Meanwhile in the Eurozone things have all but broken down. It's still accurate to refer to [...]
OECD warns Labour price freeze could see lights go out December 9, 2013 The secretary-general of the OECD, Angel Gurria has warned that the Labour party's planned energy price freeze could bankrupt energy investors leading to chaos in Britain's energy market. Speaking to BBC's Panaroma due to broadcast on Monday night, he said: If you freeze the price of energy and the international price of energy rises, it [...]
What you need to know before the open – 09/12 December 9, 2013 A positive start to the week's trading is expected today, with a very thin macroeconomic calendar ahead of us for Monday. Analyts forecast that the FTSE will open higher on momentum from Friday's US session, record highs on India's Sensex stock index, and the better than expected Chinese inflation data published this morning. Morning all. [...]
Albermarle & Bond profits crash by over 75pc as gold prices slide December 9, 2013 Troubled pawnbroker Albermarle & Bond (A&B) won't be feeling much better today. The company has been hit by multiple setbacks – most recently announcing on the 30 September that falling gold prices have created uncertainty over its future. Its final results for the financial year ended 30 June reveal that performance is markedly worse on [...]
You won’t believe why some think China’s smog is a good thing December 9, 2013 It's not news that Chinese megacities are suffering from some pretty terrible smog, such as Beijing, pictured above as early as 2008. The International Olympic Committee (IOC) raised it as one of their concerns for the 2008 games. Since then, it's been getting much worse, and many are worried about the health impacts. But it [...]