ECB’s Nowotny says growth across the board next year October 18, 2013 The European Central Bank's (ECB) governing member Ewald Nowotny has spoken optimistically this morning on the economic situation in the Eurozone. Nowotny said that the "massive crisis" in the euro economy is over, and that, by next year, recession in the area will have ended, with all European monetary union countries seeing growth. He added [...]
Confirmation of high Chinese growth lifts European markets October 18, 2013 The Chinese economy has posted a thumping 7.8 per cent annual growth for the third quarter of 2013. That's in-line with consensus forecasts, and an acceleration from the 7.5 per cent growth posted last quarter. Unless the fourth quarter sees a ghastly GDP number, China will hit the government's target of 7.5 per cent growth [...]
QE is working says Bank of Japan governor October 18, 2013 Bank of Japan (BoJ) governor, Haruhiko Kuroda has claimed that quantitative easing is working and Japan's economic recovery will continue. Speaking to credit cooperative officials, the BoJ governor said: The BoJ will continue with quantitative and qualitative easing, aiming to achieve the price stability target of two per cent, as long as it is necessary [...]
Wall Street Journal gagged over UK Libor names October 18, 2013 The Wall Street Journal's (WSJ) European banking editor David Enrich has been ordered by the UK's Serious Fraud Office (SFO) to refrain from publishing the names of people the government plans to implicate in a criminal fraud case alleging Libor fixing. The court order means that Mr Enrich cannot publish "any names in the indictments [...]
Gas and construction man Mark Clare joins United Utilities October 18, 2013 The group chief executive of Barratt Developments Mark Clare is joining United Utilities, the UK's largest water company, as a non-executive member, said the water company today. (Release) Clare, who has held his position at Barratt since 2006, was executive director of Centrica and managing director of the British Gas Residential Energy operation before moving [...]
What you need to know before the open – 18/10 October 18, 2013 Markets in Europe are expected to open up this morning following another record close on the S&P500 last night. With a 16-day shutdown over and the possibility of a default put off for the time being, taper talks are resuming in the US but it's unlikely that anything will happen before the next debt ceiling [...]
Will they/Won’t they? US macro data may not be released for weeks as government reopens October 17, 2013 We've been more or less flying blind without US macroeconomic data during the shutdown – now market watchers are trying to work out when new data will be released. Analysts at Deutsche Bank have suggested that we're going to see all of those reports hit at once. Brett Ryan of Deutsche Bank said that "when [...]
Head regulator says that financial services are moving away from simplistic rewards structures October 17, 2013 Chief regulator Martin Wheatley told an audience that he has seen signs of improvement in the UK's financial services industry. The financial conduct authority (FCA) chief executive said early analysis suggested "three of the biggest UK banks have removed the direct link to sales in incentive arrangements for front line staff in retail branches, and [...]
US manufacturing sees dip in October from September’s surge October 17, 2013 Manufacturing performance in the US remains good but is slightly depressed this month, as the Philadelphia Fed manufacturing survey comes in at 19.8 for October, falling from September's 22.3 surge but exceeding expectations of 15.0. Growth was seen in new orders, shipments (20.4, down only slightly from 21.2) and employment (15.4, from 10.3), with indicators [...]
Snooker star Ronnie O’Sullivan warns of housing crash October 17, 2013 Fives times World Snooker Champion Ronnie O'Sullivan has pledged not to talk snooker on his Twitter account anymore, but will focus on "running and financial terrorism". Right no more talking snooker.. Only gonna talk running and financial terrorism — Ronnie O'Sullivan (@ronnieo147) October 17, 2013 Yesterday O'Sullivan tweeted a stream of critiscisms of government [...]