Spanish recession moderates as GDP shrinks by 0.1 per cent in the second quarter July 23, 2013 The Bank of Spain has announced that GDP shrunk by 0.1 per cent in the second quarter, from a 0.5 per cent downturn in the first quarter. Strong exports drove he moderation of recession, adding 0.4 percentage points to GDP growth. The central bank now sees annual GDP growth of -1.8 per cent in the [...]
Premier Food shares jump as cost cutting boosts profits (but underlying sales are falling) July 23, 2013 Premier foods, the company behind the Hovis bread and Mr Kipling brands, expects full-year results to be at the top end of forecasts after reporting a 50 per cent jump in first half underlying trading profit (release). It now expects cash flow for 2013 to be between £50m and £70m – up from previous expectations [...]
Carpetright like-for-like sales drop 1.9 per cent in the first half as Netherlands remains tough July 23, 2013 Retailer Carpetright has seen like-for-like sales drop by 1.9 per cent in the first half of the year, with total sales in the UK down by 3.3 per cent (release). Like-for-like sales in the Rest of Europe (Netherlands, Belgium and the Republic of Ireland) decreased by 10.6%. Total sales declined by 10.9%. After the impact [...]
French business climate better in July with signs of cyclical improvement July 23, 2013 (Source: INSEE) New data shows that French business climate has improved from 93 to 95 in July, beating expectations of a rise to 94. The turning point indicator swings to the favorable area, indicating a cyclical improvement. While export order books decreased slightly, total order books improved. Nevertheless, global and export order books are still [...]
Before the open – 23/07 July 23, 2013 Asian markets have performed well overnight as hints of Chinese easing have given traders confidence in equities. Now we're expecting that exuberance to translate into some mild gains for the FTSE and other European markets. Good morning – looking ahead to the open here are the forecasts for indices: FTSE100 +15 at 6638; DAX +20 [...]
CNBC Comment: 2014 could see more pain for Eurozone July 22, 2013 IT HAS been impossible to tune out the din from the Fed on tapering, with the exit from QE dominating sentiment. But don’t be fooled into thinking the Eurozone crisis has disappeared. Europe has been on a slow boil, and could burn investors again this year or even worse in 2014 – when the first [...]
Analyst picks July 22, 2013 DailyFX CURRENCY STRATEGIST CHRIS VECCHIO My pick: Long Aussie dollar-yen Expertise: Fundamental and technical analysis Average time frame of trades: A few hours to a few weeks I maintain my bullish call on Aussie dollar-yen, despite no landslide victory in the Japanese election. But now that fiscal authorities don’t have carte blanche, the impetus to [...]
Institute of Directors criticises government for failing to expand EU single market July 22, 2013 The Institute of Directors (IoD) has commented on today’s government audit on the balance of competences between the UK and the EU, covering areas including taxation, foreign policy and health. Simon Walker, director general of the IoD, said: The Government has a golden opportunity to urge extending the Single Market to services. The biggest failing [...]
Goldman cuts US growth forecast AGAIN – it’s now less than half what it was two weeks ago July 22, 2013 Goldman Sachs has cut its second quarter US GDP estimate again after home sales fell in June for the first time this year. The bank now forecasts 0.7 per cent growth in the second quarter, revised down from 0.8 per cent. This is the fourth revision to US output estimates in less than two weeks, [...]
Telefonica confirms it is in talks over major German telecoms merger July 22, 2013 Telefonica Deutschland has confirmed it is in talks with Dutch telecoms company KPN to purchase German mobile operator E-Plus, although transactions are still being negotiated, according to a reporter for the Financial Times. BN 07/22 16:17 *TELEFÓNICA DEUTSCHLAND CONFIRMS TALKS POSSIBLE PURCHASE E-PLUS — Anousha (@anoushasakoui) July 22, 2013 Telefonica had already said it was [...]