O2 takes on EE with 4G rollout August 1, 2013 O2 will rollout its 4G network in the UK from the 29 August, initially offering the service to new and existing customers in London, Leeds and Bradford. The mobile operator will be the first to go head to head with rival EE, which was given permission to use its existing network to offer 4G services [...]
Draghi fails to define “extended period of time” and takes dig at markets August 1, 2013 ECB president Mario Draghi has said there is no exact deadline for “extended period of time” when describing the central bank’s forward guidance policy beyond an assessment of the "medium term" inflation outlook. When asked if the council discussed tying forward guidance to thresholds or triggers, he answered indirectly to the negative, replying that there [...]
US manufacturing growing at fastest pace for four months August 1, 2013 US manufacturing is growing faster according to Markit. Their purchasing manager's index figure has come in hot at 53.7. The consensus forecast was for a PMI of 53.1. Any number above 50 implies that manufacturing is expanding, so this higher figure suggests the sector is growing even more rapdily. Now we wait for ISM manufacturing [...]
ECB governing council may publish minutes to boost transparency, but concerns over perceived member independence August 1, 2013 ECB president Mario Draghi has said that the governing council would be looking into better communication in an attempt to boost transparency and give an account of the “rationale” behind why certain decisions are taken or not. It is assumed he is talking about publishing the minutes of council meetings. “We are already fairly transparent,” [...]
ECB says expectations of rate hikes are unwarranted August 1, 2013 The European Central Bank has made no significant changes to its outlook on the euro area, saying that risks for the euro continue to be on the downside (here's the full text of his opening statement). European Central Bank president Mario Draghi said that the recent tightening of market rates may weigh on growth. He [...]
US jobless claims fall to lowest level since January 2008 August 1, 2013 US initial jobless claims have fallen from 343,000 to 326,000 n the week of 26 July. Analysts had forecast a rise to 346,000. Continuing claims down from 2.997m to 3.2.951. Economists predicted an increase to 3.000m. This follows good jobs data in the former of lower corporate jobs cuts and higher private sector employment. Looking [...]
Spanish prime minister says he won’t resign or call early elections August 1, 2013 Spanish prime minister Mariano Rajoy has said that he won’t resign or call early elections amid a political crisis gripping his country. The so-called slush fund scandal involves Rajoy and other senior members of the Partido Popular allegedly received illegal cash payments from the party's former treasurer Luis Barcenas. These payments were purportedly registered in [...]
European Central Bank holds rates ahead of press conference August 1, 2013 The Governing Council of the ECB has decided to hold interest rates. The rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.50 per cent, 1.00 per cent and 0.00 per cent respectively.
Number of US corporate job cuts fell in July August 1, 2013 The number of corporate job cuts in the US announced in July fell to 37,701 from 39,372 the same time last year, according to data from Challenger, Grey & Christmas. This follows yesterday’s news that US private sector job creation increased to 200,000 from 198,000 against expectations of a fall to 182,000. The series of [...]