Finance minister Guindos believes Spain will return to growth this year as unemployment refuses to budge September 3, 2013 Spanish unemployment hasn't changed in August, after a rise of 64,900 last month. Analysts had predicted an unemployment rise of 5,200 in August. Finance minister Luis de Guindos announced that he believes Spain will see slightly positive economic growth in the second half of the year, with the jobs number showing a stabilising market. The [...]
Before the open – 03/09 September 3, 2013 The markets haven't yet opened, and it looks like the Microsoft-Nokia tie-up is going to be today's big story. Nokia shares are being called up between 25 and 40 per cent. With little else happening after US markets were closed for Labour day yesterday, and talk on Syria pushed back until 9 September, we may [...]
Nokia shares jump 45 per cent on Microsoft tie-up September 3, 2013 A huge technology deal done behind closed doors has been announced, with Microsoft's purchase of Nokia's mobile phone business for €5.44bn (£4.6bn) (release). Nokia shares have jumped 45 per cent on the news. Nokia shares up 45% on the open in response to the Microsoft news, back to 2012 highs. Chart: pic.twitter.com/1ouewLzMyA — David Jones [...]
Nobel prize winning London-born economist Ronald Coase passes away at 102 September 3, 2013 Accomplished economist Ronald Coase has passed away at 102 years of age. Born in London, Coase would later move to the US to pursue an incredibly successful career in Chicago. The Library of Economics and Liberty highlights that while incredibly influential, Coase's writings are sparse, saying that "in a sixty-year career he wrote only about [...]
Germany still lacks a vision for Europe September 2, 2013 IT MAY be simplistic to claim that the German elections on 22 September will determine the future of Europe and the euro, but in many ways both are at the end of a very long road. What will Germany’s new coalition look like? Will we see a renewed mandate for the alliance between Angela Merkel’s [...]
DailyFX: Analyst picks September 2, 2013 CURRENCY STRATEGIST CHRIS VECCHIO My pick: Long dollar-yen Expertise: Fundamental and technical analysis Average time frame of trades: A few hours to a few weeks I’ve started to tentatively look at long dollar-yen, now that the price has perked above the descending trendline from 22 May and 8 July highs. A weekly close above ¥98.80 [...]
Both Left and Right should fear the threat to medical research in the UK September 2, 2013 RARELY has an issue in the UK managed to unite such odd bedfellows as the Thatcherite Right and the Guardian-reading Left. But the curious case of the interim refusal of the Joint Committee on Vaccination and Immunisation (JCVI) to recommend Bexsero (the first approved vaccine for limiting Meningitis B) for inclusion in Britain’s immunisation programme [...]
Bank’s cheap credit scheme cuts costs of state-backed banks as their net lending drops September 2, 2013 The Bank of England saw 18 participants in its Funding for Lending Scheme (FLS) take a total of £2bn in the second quarter (ending 30 June 2013). Total net lending was only £1.6bn in the same quarter. Many have accused the scheme of pumping up the housing market with easy credit, a total of £17.6bn [...]
UK manufacturing output and new orders rise at fastest pace since 1994 September 2, 2013 The UK's manufacturing outlook for output and new orders has hit a 1994 high, as output and new orders expand sharply, according to new data from Markit. While analysts had expected a jump from 54.8 (revised up from 54.6) to 55.0, the survey smashed expectations, rising to 57.2. That main index a two and a [...]
Eurozone manufacturing outlook at 26 month high September 2, 2013 The Eurozone manufacturing recovery continues, as data from Markit shows the currency bloc's purchasing managers' index rising from 50.3 to 51.4. A jump to just 51.3 was expected, but growth in Germany, the Netherlands, Italy, Austria and Ireland pushed the index higher. German manufacturing data shows strongest growth in two years French manufacturing output contraction [...]