Capital Economics sees US economy on track for Fed to begin tapering this year July 23, 2013 Despite downward revisions to second quarter US GDP growth, economic analysis company Capital Economics thinks the Federal Reserve is still on track to begin tapering off its monthly asset purchases in September this year. While GDP growth is thought to have slowed to between one per cent and 1.5 per cent in the second quarter [...]
Greek aid payment delayed after failure to confirm reforms July 23, 2013 The German ministry has said that payment of the latest tranche of aid to Greece will be delayed after the country failed to confirm five of the 22 conditions required. The European Commission will discuss progress on the Greek programme on 24 July. Greek tranche delayed, EUR little moved. Now at $1.3213 — Holger Zschaepitz [...]
EU-China trade spat intensifies as anti-dumping tariffs on Chinese ironing boards extended July 23, 2013 The European Union has extended anti-dumping duties on ironing boards imported from China by five years, but lifted them for these products coming from Ukraine. China used to control around 40 to 45 per cent of the EU ironing board market – but this fell to 15 to 20 per cent when the duties were [...]
Eurozone consumer confidence picks up to hit 23-month high in July July 23, 2013 Eurozone consumer confidence has improved slightly in July, rising from -18.8 to -17.4, a 23-month high. Analysts had forecast an improvement to -18.3, but this beat remains markedly lower than a long-term 1990-2013 average of -13.2. Howard Archer, chief UK & European economist, IHS Global Insight: It is notable that in the European Commission’s full [...]
US manufacturing shows dramatic signs of weakening July 23, 2013 The US Richmond Fed manufacturing index has plunged from 8 to -11 in July, implying that the picture for sector is much darker. Analysts had predicted a slight fall to just 7.
US house price growth accelerates in May July 23, 2013 US house prices have risen by 0.7 per cent in May, according to the FHFA. That's an acceleration from last month's 0.5 per cent rise (revised down from 0.7 per cent), but falls short of the 0.8 per cent growth expected.
A feeling of not belonging in Greece and Cyprus suggests the worst of the eurozone crisis is yet to come July 23, 2013 The latest barometer of public opinion within the European Union has found that people living in Greece and Cyprus are least likely to feel like citizens of the EU. A respective 56 and 55 per cent of respondents from Greece and Cyprus said they did not feel like EU citizens followed closely by the UK [...]
US bellwether UPS meets earnings estimates July 23, 2013 US delivery company the United Parcel Service has posted results for the second quarter with earnings meeting analyst estimates, making $1.13 a share, down from $1.15 a share last year. Total revenues were up 1.2 per cent to $13.51bn despite customers switching to slower and cheaper services for international routes. The firm is often seen [...]
Gatwick unveils “constellation” airport plan costing just £9bn and ready by 2025 July 23, 2013 Gatwick airport has unveiled its plans for a second runway for its final submission to the Davies Commission, which is looking at prospects for expanding UK air capacity. The airport said the runway would be located south of the existing airport, would cost between £5bn and £9bn, and could be open by 2025. It put [...]
Scottish government says North Sea oil and gas reserves worth up to £1.5tn and accuses Westminster of scaremongering July 23, 2013 The Scottish government has said that over half the value of oil and gas in the North Sea remains to be extracted, challenging pessimistic estimates from the Office for Budget Responsibility (OBR). The OBR has predicted that oil and gas revenues will fall from 0.4 per cent of the UK economy to just 0.03 per [...]