Ikea enjoys record year fuelled by Chinese and Russian shoppers September 10, 2015 Furniture giant Ikea reported another record year yesterday after enjoying strong demand for its flat-pack furniture across all markets. The Swedish company reported an 11 per cent increase in full-year sales to a record €31.9bn (£23.2bn) compared with the previous year. Sales at stores open more than a year grew by 5.1 per cent in [...]
European Central Bank chief economist Peter Praet says low interest rates reflect “economic malaise” September 10, 2015 The European Central Bank's (ECB) chief economist Peter Praet has that low interest rates are due to "economic malaise" in the euro area and across world. He said the central bank's hand was forced by uncomfortably low inflation across the single currency bloc, as well as persistent weakness in the economy. "Low interest rates are ultimately [...]
Eurozone inflation beats expectations rising 0.3 per cent in May September 10, 2015 Eurozone prices rose for the first time in six months in May – ending a series of disappointing readings which had suggested the euro area risked falling into a damaging deflationary spiral. A flash estimate by the bloc's official statistics agency said euro area inflation was 0.3 per cent in May, beating analysts' estimates, and up from [...]
Interest rates: Bank of England’s monetary policy committee urges caution on China as it votes 8-1 to hold interest rates in September September 10, 2015 Economic turbulence in China and developing markets prompted a “wait and see” approach among the UK’s nine-strong committee of rate-setters, according to minutes of their three-day meeting released today. The monetary policy committee (MPC) said it was too early to judge what impact a slowdown in China and emerging markets might have on the [...]
Industrial production up in Spain but down in France September 10, 2015 Industrial production has jumped in Spain as its economy continues with its recovery, but it has dipped in France, raising further growth concerns for the Eurozone’s second biggest economy after it stalled in the three months to June. Production in Spain climbed 0.6 per cent in July and is now 5.2 per cent greater than [...]
Chinese economy: Premier Li Keqiang says China will reach economic targets September 10, 2015 China is on track to meet its economic targets for the year, despite fears of slowdown, the Chinese Premier Li Keqiang has said. Speaking at the World Economic Forum in Dalian, China, Li said there was not a risk of a hard landing due to government actions, despite a series of poor economic data and [...]
Halifax: Reluctant sellers push UK house price growth up again September 10, 2015 Another day, another confirmation that UK house prices are rocketing, after new figures showed prices were nine per cent higher in the three months to August than they were during the same period last year. To be fair, that was still lower than the impressive 9.6 per cent rise in June – but higher than [...]
Greece’s debt crisis: What’s a Greek earn? A lot less than last year September 10, 2015 With deflation entrenched, its industrial base shrinking and a tough new bailout to service, Greece’s economy is heading for another fall with even those of its citizens lucky enough to be in work poorer than at any time since 2001. Given that gloomy backdrop the main party leaders, campaigning for what looks certain to [...]
Miners come up gold for FTSE 100 as London rallies – London Report September 10, 2015 Asian market gains helped the FTSE to rally yesterday for a third straight session – also boosted by encouraging corporate news from mining companies and financial firms. The FTSE 100 index was up 1.4 per cent at 6,229.01 points at its close, still around 12.6 per cent off April’s record high, after uncertainty over China’s [...]
UK house prices: Growing gulf between supply and demand is heating up the property market September 10, 2015 House prices could rocket even faster than previously forecast, as research reveals that accelerating demand for homes is coming up against a brick wall of scant supply. Prices are set to climb six per cent this year, the Royal Institution of Chartered Surveyors (RICS) said today, doubling the estimate it made at the start [...]