Meh: UK GDP growth unchanged for the fourth quarter of 2015 February 25, 2016 UK GDP growth was 0.5 per cent in the fourth quarter of last year compared with the same period in 2014, according to a second estimate by the Office for National Statistics (ONS) – bang on expectations, and the same as previous estimates. The ONS said that while there had been speculation the figure could [...]
Back to the drawing board: Chinese shares on track for their biggest fall since January as oil drags down Shenzhen Composite and Shanghai Composite indices February 25, 2016 Chinese shares were down more than six per cent in afternoon trading, their biggest fall since the end of January, as oil lost gains made in recent days. The Shanghai Composite was more than six per cent lower, at 2,750 points, in mid-afternoon trading in China, while the tech-focused Shenzhen Composite was 6.5 per cent down, [...]
Energy crunch looming as older power stations turned offline February 25, 2016 The country is facing a fresh energy crisis according to a new report that suggests the gap between electricity supply and demand is shrinking. The research, carried out by law firm Bircham Dyson Bell, found emergency measures will keep the lights on, but will likely result in price spikes for both consumers and businesses. This [...]
UK car production has best January since 2008 as exports jump – SMMT February 25, 2016 British car production has had its best January since 2008, according to data released this morning. UK car makers built 137,552 vehicles in January, up eight per cent on the same month last year, the Society of Motor Manufacturers and Traders (SMMT) said. Demand from abroad helped boost sales. The number of vehicles exported rose 9.7 [...]
Oil price climbs as US demand outpaces supply February 24, 2016 Oil prices bounced this evening after US petrol demand over the past four weeks offset a rise in crude oil stockpiles. Demand for petrol soared by over five per cent compared to a year ago, while stockpiles of oil in the US rose by 3.5m barrels in the week, hitting an all-time high of over 507m barrels. [...]
Bank of England’s Sir Jon Cunliffe pours cold water on recession and stagnation fears February 24, 2016 The UK can expect the economy to "grow solidly" and inflation to reach its two per cent target over the next few years, a Bank of England rate setter said today. Sir Jon Cunliffe told an audience at the London South Bank University Centre for International Business Studies: My central projection remains that the UK economy will continue [...]
US service sector contracts for first time in over two years – Markit PMI February 24, 2016 The US service sector contracted this month, according to survey figures released today. Markit's flash services purchasing managers' index (PMI) – compiled from a survey of businesses – dropped to a score of 49.8. Because the score is below 50 it implies the service sector contracted this month. It is the PMI's lowest score for 28 months. [...]
Retailers scaling back investment plans as sales expectations hit lowest since 2013 – CBI February 24, 2016 Retailers are scaling back investment plans after weak sales growth as expectations of sales weaken. The sales balance from the Confederation of British Industry's (CBI) distributive trades survey published this morning dropped to 10 points in February from 16 in January. Expectations of sales for the next month are at their lowest since May 2013. Investment intentions for [...]
Brexit brouhaha: Sterling hits new seven-year low against the dollar as EU referendum uncertainty continues to bite February 24, 2016 Thinking of going to the US this summer? Think again. The pound fell as much as 0.9 per cent against the dollar this morning, dropping to a new low of $1.3897 – the first time it has gone below $1.39 since February 2009. It also slid against the Euro, falling 0.58 per cent to €1.2651 – its lowest since November. The [...]
House prices to climb further as mortgage lending hits highest level since 2008 in January February 24, 2016 Mortgage lending spiked in January, raising concerns that UK house prices could rise even faster. Borrowing topped £13.6bn, 38 per cent higher than the same month last year and the highest since mid-2008, figures released this morning by the British Bankers' Association (BBA) show. The number of mortgage approvals was up 38 per cent on the year. [...]