US ISM non-manufacturing cools off after hot summer October 5, 2015 A closely watched indicator of the health of the US economy has fallen back to moderate levels after rocketing over summer, but the figures also show robust strengthening in the jobs market. The Institute for Supply Management’s (ISM) purchasing managers’ index (PMI) for non-manufacturing sectors dropped to a score of 56 for figures released this [...]
The UK is the e-commerce capital of the EU with four in five Britons shopping online in past year October 5, 2015 UK consumers are more likely to do their shopping online than any other EU country. Four in five Britons made a purchase online last year, new e-commerce figures from the Office for National Statistics (ONS) have shown. This puts us top among all EU countries, well above the average of 50 per cent. We share [...]
Chinese diets set to beef up demand for agricultural commodities October 5, 2015 Investors rocked by collapsing commodity prices should consider ditching copper and oil and park their cash in softer resources such as wheat and corn instead, a new report has suggested. Amid a backdrop of rising prosperity Chinese consumers are demanding more top nosh, with meat and grains such as wheat high on the menu wishlist. [...]
Bank of England monetary policy committee July minutes to show last unanimity ahead of split in August October 5, 2015 The minutes from the Bank of England rate setting committee's July meeting, due to be released tomorrow, could show the last unanimous vote to hold interest rates at a record low, ahead of a split forecast for next month. Economists think the minutes, from the monetary policy committee's meeting which took place on the 8-9 [...]
Eurozone economy posts sluggish expansion in September as concerns grow over Spain October 5, 2015 The Eurozone economy managed to keep up its lacklustre economic recovery in September, new survey figures show this morning. Markit’s economy-wide purchasing managers’ index (PMI) – derived from surveys of businesses – slipped to a score of of 53.6 in September from 53.4 in August. Despite the dip, the PMI is above the 50 level which [...]
Asian markets boosted by poor US jobs data October 5, 2015 Asian shares were boosted this morning by poor jobs data released by the US. US non-farm pay rolls rose by 142,000 in September, which was a long way off hitting the 203,000 figure markets had expected. Read more: Non-farm payroll: Weak US jobs growth pushes back rate hike expectations Asian markets benefited [...]
World Bank lowers growth forecasts for East Asian economies October 5, 2015 The World Bank has cut its growth predictions for the developing East-Asia Pacific region. The global lender said in a report this morning that growth would reach 6.5 per cent in 2015, dropping to 6.4 per cent and 6.3 per cent in the two following years. It had previously estimated growth of 6.7 [...]
OECD reveals plans to crack down on tax avoidance and win over cynics of tax reforms October 5, 2015 The organisation for Economic Co-Operation and Development (OECD) must win over cynics when it announces its recommendations for a co-ordinated international approach to reform the international tax system later today. The measures will range from debt relief and harmonising rules on subsidiary companies, to linking sales and tax in each country more closely by changing [...]
UK housing crisis: Local authorities want to boost housebuilding October 5, 2015 The local Government Association (LGA) is urging chancellor of the exchequer George Osborne to raise the government’s targets for selling public land ahead of next month’s comprehensive spending review. In a formal submission sent this week, the LGA said the government should lift its target revenues from selling off public land for housing development [...]
Northern powerhouse project: Researchers predict widening of North-South economic divide October 5, 2015 Chancellor George Osborne’s plan to create a “northern powerhouse” has been dealt a blow as a new report estimates that the gap between London and the rest of the UK is set to widen. London’s economy is forecast to grow 27 per cent over the next decade, according to a report from law firm Irwin [...]