Pace of UK manufacturing sector expansion slows for first time in seven months October 1, 2013 The UK's manufacturing sector is still expanding strongly in September – but the pace of that expansion has fallen from the previous reading for the first time in seven months. At 56.7, Markit's purchasing managers' index (PMI) for UK manufacturing is close to August two-and-a-half year high of 57.2, but has disappointed economist estimates of [...]
New sunny heart logo for Thomas Cook October 1, 2013 Travel agents Thomas Cook have announced the unification of its activity under one common brand logo, the "Sunny Heart". (Release) The sunny heart will replace the current globe symbol, changing on Thomas Cook's airline fleet, stores and website. For the first time in the company's 172 year history, just the one logo will be used [...]
Wolseley profit rockets on US growth October 1, 2013 Building and heating supplies group Wolseley announced £473m pretax profit for the year ending 31 July, leaping from £198m the year before. (Release) The company's success has been, it said, driven by its US division, but weakness continues in Europe with the UK only showing the first signs of recovery. Revenue of ongoing business activity [...]
Eurozone manufacturing slowdown – Rate of expansion drops in September October 1, 2013 The pace of expansion in Eurozone manufacturing has fallen in-line with expectations in September. Down from 51.4 to 51.1, that's still above the key 50 level that implies expansion. That's the third successive month of expansion for Eurozone manufacturing, but those increases have been modest. Howard Archer, of IHS Global Insight, suggests that won't see [...]
Experian acquires fraud detection service 41st Parameter for £199.5m October 1, 2013 Global information services company Experian had acquired 41st Parameter – a US-based leading fraud detection services – for $324m (£199.5m). (Release) 41st Parameter makes security products for online transactions, focusing on combating fraud around the opening of new bank accounts. Of the deal, $14m (£8.6m)is subject to limited, to year earn-out provisions, which Experian will [...]
German unemployment see surprise rise in September October 1, 2013 German unemployment – expected to fall by 5,000 in September – has seen a surprising rise of 25,000 in a single month. Bad revisions too – Last month's 7,000 increase in unemployment has been hiked to 9,000 as estimates are updated. That sees the adjusted jobless rate up to 6.9 per cent, from 6.8 per [...]
International report slams war on drugs October 1, 2013 The International Centre for Science in Drug Policy (ICSDP) has produced a report highly critical of the war on drugs. The report found that in the last twenty years the price for drugs has dramatically declined and purity has increased, despite greater levels of interdiction than at any point in history. The authors of the [...]
US jobs data may be released early as shutdown leaves Fed blind October 1, 2013 Market watchers have long warned that a shutdown of the US government – the first in 17 years – could mean that key unemployment figures are not released. Those are so critical because the Federal Reserve will base its decision to begin tapering – a reduction in the rate of expansion of the monetary base [...]
Memo ordering US government shutdown October 1, 2013 The US government has begun its first partial shutdown in 17 years. The Federal government failed to pass any federal spending bills for this fiscal year, which begins today. Ongoing wrangling between the Republican-led House and Democratic-led Senate has pushed approval ratings for Obama and Congress to new lows – 44 per cent and 10 [...]
What you need to know before the open – 01/10 October 1, 2013 Today marks the start of the final quarter of 2013 and, whilst traders are set to deal with an onslaught of data over the next few days as political events unfold, there is a mixed bag of view when it comes to market impact: European markets may seem strangely resilient at this morning's opening-It may [...]