US data misses out on hat-trick as new orders stumble July 31, 2013 US data has just missed out on going three-for-three as the Chicago purchasing manager's index has missed, rising from 51.6 to just 52.3. That's the fourth miss of the last five prints. The headline number was leaked just before it was expected to be printed at 14.45. New ordesrs are down from 54.6 to 53.9, [...]
Ryanair boss says hand luggage charges “inevitable” and pushes for new runways at existing airports July 31, 2013 Ryanair chief executive Michael O’Leary has said the introduction of charges for hand luggage on planes is “unlikely in the short term but it’s probably inevitable”. Speaking at a news conference in London, the budget airline boss said it’s likely that companies would see the charges as a new revenue stream to be exploited, but [...]
Rumours of Twitter float as Facebook trades close to IPO price July 31, 2013 Despite founder Jack Dorsey's protestations – many don't believe a Twitter float will be avoided for much longer. As Facebook's stock has seen a revival, speculation that we may see an IPO as early as this year is back. Floating at $38, Facebook has been considered a bit of an underperformer, but it's now come [...]
Dell special committee reject founder’s sweetened deal conditional on voting changes July 31, 2013 The special committee of Dell’s board has reportedly said it is not willing to change voting provisions for the $13.75 per share offer made by founder Michael Dell with Silver Lake Management for the company, David Faber of CNBC tweeted today. Michael Dell told the Wall Street Journal the $13.75 offer was his best and [...]
IMF heats up German election by saying Eurozone may need to take losses on Greece July 31, 2013 The International Monetary Fund (IMF) has said that Greece needs the backing of the Eurozone in order for there to be any chance of it paying back the bailout funds it has been given. To meet its 2020 debt target of a fall to 124 per cent of GDP from this years’ peak of 176 [...]
US not seeing slowdown, but acceleration as growth picks up in second quarter July 31, 2013 US GDP has come in at 1.7 per cent in the second quarter, well ahead of economist forecasts, with a consensus prediction of 1.2 per cent growth. That news has driven up the dollar against the pound (note that this is the second spike after good private sector job creation numbers 15 minutes before): GDP [...]
US private sector job creation suggests Friday’s unemployment number could be better than expected July 31, 2013 Private sector job creation totalled 200,000 in July, according to ADP employer services. That's up from 198,000 jobs created last month (revised from 188,000). Analysts had forecast job creation of 182,000 in July. Things are less spectacular for the manufacturing sector, which sees jobs down by 5,000. That's the sector's third drop in the last [...]
Cyprus programme is on track, says troika July 31, 2013 The troika of the European Commission, European Central Bank and International Monetary Fund have published their first quarterly review of Cyprus’s economic programme, and concluded that it is on track. A statement on the European Central Bank website read: All the fiscal targets have been met as a result of significant fiscal consolidation measures underway [...]
Draghi’s calls for publication of ECB minutes could help us unravel what’s going on July 31, 2013 European Central Bank (ECB) president Mario Draghi has told German newspaper that he wants to publish ECB minutes. A rough translation of his comments: "I consider this a necessary next step, therefore the ECB Executive Board to the Governing Council is a proposal. submit for discussion and decision, "he told the Süddeutsche Zeitung. (Süddeutsche Zeitung) [...]
US mortgage applications decline accelerates to two year low July 31, 2013 US mortgage applications have fallen 3.7 per cent in the week ended 26 July, from a 1.2 per cent fall the week before. That's a two year low for the mortgage applications index. The Mortgage Bankers Association purchase index fell by 3.4 per cent.