German manufacturing data shows strongest growth in two years September 2, 2013 The German manufacturing sector has seen production expand at it fastest pace since June 2011. Markit's purchasing managers' index rose from 50.7 to 51.8, while economists had forecast a rise to 52.0. Nonetheless, a July 2011 high for the sector. New orders came in at 54.5, and output at 54.8, both strong numbers (any above [...]
French manufacturing output contraction continues September 2, 2013 Fresh French manufacturing data has confirmed a flash estimate and analyst predictions – the sector is shrinking again. At 49.7, the Markit purchasing managers' index implies that the sector is contracting (any number above 50 implying expansion). Jack Kennedy, senior economist at Markit: French manufacturing output slipped back into contraction in August, but a broad [...]
Italian manufacturing at its strongest since May 2011 September 2, 2013 Italian manufacturing has come in stronger than expected, after the sector returned to growth last month. New data from Markit shows the sector purchasing managers' index rising from 50.4 to 51.3, beyond economist forecasts of a rise to 50.8. That figure is a May 2011 high, with the output index reaching 54.4, an April 2011 [...]
Italian tax on high frequency trading begins September 2, 2013 ITALY will today bring into force its tax on high-frequency trading, after introducing levies on certain equity derivatives earlier this year. The Eurozone nation said in February that it will impose the financial transactions tax in stages, making it the first country in the currency bloc to use such a toll. The high-frequency trading element [...]
Spanish manufacturing returns to growth with best outlook since March 2011 September 2, 2013 Spanish manufacturing orders are much better than expected for August, with Markit's purchasing managers' index rising from 49.8 to 51.1. Any number above 50 implies expansion, and analysts had expected a jump to just 50.1. Sub indices fared slightly worse, with employment in the manufacturing sector down to 45.8, a four month low. Andrew Harker, [...]
Before the Open – 02/09 September 2, 2013 There's some continued uncertainty as we head towards the open this morning. US President Obama's comments over the weekend have prolonged a decision over Syrian, keeping markets jittery. CMC Markets' Michael Hewson: Europe's markets look set for a positive start as oil prices fall back and economic data comes back into focus. We've got a [...]
Tullow Oil exploration finds no oil in offshore Mozambique well September 2, 2013 Tullow Oil has failed to find oil at an exploration well in Mozambique, and ended operations at the site (release). Buzio-1 exploration well in Area 2 offshore Mozambique has not encountered hydrocarbons and, following the completion of logging operations, has been plugged and abandoned. The Buzio-1 site is the second deepwater exploration well in Area [...]
Rolls-Royce completes £250m sale of helicopter engine programme September 2, 2013 Rolls-Royce has completed the sale of a 50 per cent stake in the RTM322 helicopter engine programme to Turbomeca, a company owned by rival Safran (release). The €293m (£249m) deal sees Turbomeca assume responsibility for managing the design, production and support for the engine, which powers Apache (pictured), EH101 Merlin and NH90 helicopters. Rolls-Royce will [...]
Vodafone up nearly five per cent on £84bn Verizon mega deal September 2, 2013 Telecom company Vodafone has confirmed that is in advanced discussions with Verizon regarding the disposal of Vodafone's US group (release). That's sent Vodafone shares up nearly five per cent in early trading. The $130bn (£84bn) deal is set to be one of the biggest in corporate history. Verizon's board is expected to meet today to [...]
London mayor says there is “no evidence” expanding Heathrow would be cheaper than building new hub September 1, 2013 London mayor Boris Johnson has outlined his plans for a new London airport to boost the UK’s air capacity as the country falls “further and further behind” in the global aviation race: a four-runway hub on the Isle of Grain as proposed by architect Lord Foster. Speaking at a press conference, Johnson proposed the inner [...]