Brent crude and WTI: Oil price rally fades on China data, slim chances of Opec deal February 1, 2016 The black stuff's rally proved short-lived today, with Brent and WTI prices tumbling on waning hopes of an emergency meeting between Opec members and weak economic data from China. Brent crude, the international benchmark, shed 3.7 per cent to $34.66 per barrel. Meanwhile, West Texas Intermediate (WTI) crude, slumped 4.82 per cent to $32 per barrel. Oil had [...]
UK manufacturing shoots up for start of 2016, with business survey figures reporting a three-month high February 1, 2016 The UK's manufacturing industry has had a positive start to the new year, although experts have warned of challenges in the current marketplace. Markit's most recent purchasing managers' index (PMI), which was released today, reached a three-month high of 52.9 for January, up slightly from 52.1 in December. Rob Dobson, senior economist at Markit, said: "The UK manufacturing [...]
EU referendum: European Central Bank chief Mario Draghi says deal to keep the UK in the EU would be a boost for Europe February 1, 2016 European Central Bank (ECB) boss Mario Draghi has said that securing a deal to keep Britain in the EU would provide a "confidence boost" to Europe. "There is still political uncertainty surrounding the European project. This is true in the broader context of our Union," Draghi told European Parliament during a session on the ECB's annual [...]
US manufacturers are having a tough start to 2016 as weak global demand and strong dollar drag on exports February 1, 2016 The first month of 2016 was not a good period for factories in the US, according to survey data released today. Markit's purchasing managers' index – compiled from a survey of manufacturers – edged up to a score of 52.4 in January. While it is above the 50 mark that indicates no change in activity [...]
The US Federal Reserve’s favourite measure of inflation is at its highest for a year February 1, 2016 The US central bank's favourite measure of inflation held steady in December, according to figures released today. Prices, as measured by the personal consumption expenditures (PCE) index, dropped slightly in December, but were up 0.6 per cent year-on-year, the fastest rate for 12 months. The Bureau of Economic Analysis said that core PCE, which excludes food and energy, [...]
UK house prices: Mortgage lending rose unexpectedly in December February 1, 2016 The rush to sneak that house purchase in before interest rates rise continues apace: figures published by the Bank of England this morning showed mortgage lending jumped unexpectedly in December, beating analysts' expectations. Mortgage lending for house purchases rose to 70,837 in December, up from 70,424 in November. That was against analysts' expectations of a modest fall, [...]
Do plunging stocks predict global meltdown? Some believe a world recession is coming as oil prices are low, deflation creeps out of China and GDP growth flounders February 1, 2016 The dust has barely settled on the global financial crisis. The clean-up job is still ongoing, with interest rates at or just above emergency levels and tougher financial regulation being implemented. Yet some say there is a new crisis brewing. Equity markets around the world have plummeted this year, reflecting a catalogue of risks. There’s geopolitics [...]
UK house prices: London Help to Buy is a thing now – but experts warn it could inflate risks (and only help high earners in the first place) February 1, 2016 Callooh callay, London's own Help to Buy scheme has launched this morning, the government's scheme to give first-time buyers a lift onto the housing ladder. The new scheme effectively doubles the help being given out previously, as the government makes loans of up to 40 per cent available for first and second-time buyers on new [...]
Right to Rent: Landlord checks on immigration status criticised February 1, 2016 New rules rolled out across England today that require landlords to check the immigration status of tenants have come under fire. A survey from the Residential Landlord Association (RLA) this morning reveals 90 per cent of landlords have received no information from the government about the new Right to Rent scheme. Nearly three quarters of [...]
UK aerospace industry goes stratospheric February 1, 2016 The aerospace industry has increased in value by £3bn in 2015, with a new aircraft ordered on average every four hours and delivered every 6.5 hours globally, according to data from aerospace trade body ADS Group. Production of commercial aircraft in the country is up almost 50 per cent since 2009, as the government faces calls [...]