US manufacturing sees April 2011 high despite shutdown November 1, 2013 October's ISM manufacturing PMI has come in higher than expected at 56.4, after an analyst consensus of 55.0, and up from September's 56.2. Any number above 50 implies an expansion. The figure is at its strongest since April 2011 and suggests that the manufacturing sector didn't suffer too much because of shutdown. Continued improvement in [...]
Northwest is hotspot for home repossessions while South prospers November 1, 2013 There were 33 per cent more home repossessions in the North than in the South for the year to July, according to research by e.surv chartered surveyors. The group examined court-ordered repossessions per 1,000 households over the 12 months to July and found there were 3.2 repossessions per 1,000 households in the North, compared to [...]
US manufacturing slump not as bad as expected after government shutdown November 1, 2013 US manufacturing orders didn't suffer too much in October, according to purchasing managers' index (PMI) data from Markit. The headline indicator of order book growth has nonetheless dropped to its lowest level since October 2012. Manufacturing PMI dropped from 52.8 to 51.8. Analysts had expected a drop to 51.1. Any number above 50 implies an [...]
Big banks predict Eurozone rate cut as Draghi runs out of options November 1, 2013 A rate cut is now a very real possibility for the Eurozone. The drop in the consumer price index to 0.7 per cent in October means inflation in the euro area is rising at the slowest pace in four years, well below the European Central Bank's (ECB) target of just under two per cent and [...]
China sees stable manufacturing growth but underlying conditions are weak November 1, 2013 The Chinese manufacturing sector improved at the beginning at the beginning of the fourth quarter, so suggests the latest PMI surveys released on Friday. However breaking down into the figures, London-based consultancy, Capital Economics suggests that China is due for slower growth while small firms struggle. The government's policy of reducing the availability of credit [...]
Vodafone shares climb on AT&T takeover interest November 1, 2013 Vodafone shares have risen this morning, opening up 2.2 per cent, following reports last night that AT&T is considering a takeover of the phone company next year. Rumours of a bid have grown in recent months after Vodafone agreed to dispose of its stake in Verizon Wireless. American AT&T is keen to invest in Europe, and [...]
Recovery may be start of boom bust cycle says Berenberg November 1, 2013 The UK recovery is showing disturbing signs of mirroring the pre-crash economy, fuelled by consumer spending and easy credit, according to a Berenberg research note. The bank draws attention to the worryingly low savings rates in the UK which are being further depleted, giving some temporary boost to the economy. A similar situation prevailed in [...]
UK manufacturing growth steadies in October November 1, 2013 Growth in the UK manufacturing sector has started to slow down in October, according to new purchasing managers' index (PMI) data from Markit. Jeremy Cook, chief economist at World First, says that a natural slowing was widely expected – "There is only so much month-on-month improvement that can be made by an industry always searching [...]
Meggitt FTSE’s biggest faller as it lowers growth forecast November 1, 2013 British aerospace engineer Meggitt was the FTSE's biggest faller this morning as it lowered its full-year revenue guidance, after trading over the past four months slid marginally below expectations. (Release) In a statement this morning Meggitt said it now expects to reports revenue growth in the low single digits at for the year. In August, [...]
Greek manufacturing sector contracts faster in October November 1, 2013 The Greek manufacturing sector is shrinking faster, according to new purchasing managers' index (PMI) data from Markit. PMI for the sector dropped from 47.5 to 47.3 in October, with any number below 50 implying a contraction in the sector. Phil Smith, economist at Markit and author of the Greece Manufacturing PMI, said that having a [...]