Manufacturing in the US hit by oil price collapse September 24, 2015 Orders of US long-lasting manufactured goods dropped two per cent in August, with firms that produce capital goods still feeling the bite of cheap oil and a strong dollar. The fall was mainly due to a dip in the volatile transport category, the US commerce department said yesterday. However, underlying trends that exclude volatile goods [...]
Eurozone investors and businesses shrug off global fears in September September 24, 2015 Business and investor confidence is holding up in the Eurozone, despite volatility in global markets and fears over Chinese growth. The IFO business climate index published yesterday, which measures German business sentiment, rose to 108.5 in September, despite analysts predicting it would fall to 108. German companies reported greater optimism about future business developments, suggesting [...]
Norway cuts interest rates to a record low September 24, 2015 Norway’s central bank yesterday cut its headline interest rate for the second time this year to a record low of 0.75 per cent and signalled rates could go even lower. The Norges Bank said it saw “weakened growth prospects for Norwegian economy” and weaker prospects for inflation. The bank added that “the policy rate may [...]
Demand in US for new homes jumps in July September 24, 2015 New home sales in the US climbed strongly in August, indicating that the housing market is strengthening and that consumers are in a confident mood. Sales rose at an annual rate of 552,000, up 5.7 per cent on July, according to figures released by the commerce department yesterday. The annual rate is now the highest [...]
Bank of England deputy governor Ben Broadbent says interest rates won’t be rising anytime soon September 24, 2015 Bank of England (BoE) deputy governor, Ben Broadbent, has said that he isn't about to vote for the first interest rate hike in more than six years, unlike some of his fellow rate-setters. Referring to the monetary policy committee meeting in September, where policymakers voted 8-1 to hold rates, he told Reuters : "I was [...]
ECB chief Mario Draghi will not “hesitate to act” if Eurozone inflation undershoots September 24, 2015 European Central Bank chief Mario Draghi said today the bank would not “hesitate” to expand its €1.1 trillion asset purchase programme if Eurozone inflation and growth turned out to be weaker than expected. Currently it is too early to tell whether turbulence in emerging markets and a falling oil and commodity prices will cause inflation [...]
Mortgage lending shoots up in August hitting a five-year high, BBA figures reveal September 24, 2015 Mortgage lending rose at its fastest rate for five years in august, according to figures published by the British Bankers’ Association (BBA) this morning. Net mortgage lending was £2bn in August, the highest monthly figure since August 2010. Lending has been spurred on by a combination of factors including intense competition between lenders, low Bank of England [...]
Government’s public land sell-off needs transparency says Labour MP Meg Hillier September 24, 2015 Members of the influential public accounts committee have slammed the government’s land disposal policies, saying that ministers should be “embarrassed” by the backbenchers’ findings. Meg Hillier, the MP for Hackney South and Shoreditch who recently took the reins of the public spending watchdog from Barking MP Margaret Hodge, said today that the government’s “entire approach has been [...]
Oil prices: UK supermarkets Asda, Morrisons and Sainsbury’s in petrol price war as they match crude oil price decline September 24, 2015 The UK’s supermarkets kicked off yet another price war yesterday, with Asda, Morrisons and Sainsbury’s all slashing petrol prices by up to 2p per litre (ppl). Morrisons, which has 336 petrol stations in the UK, announced that it was making its third petrol price cut in four weeks. “The falling wholesale price of [...]
National living wage to hit convenience stores including Tesco, Morrisons and Sainsbury’s September 24, 2015 Convenience retailers warned today that they may have to reduce staff hours or cut jobs entirely to fund George Osborne’s national living wage of £9 for over-25s by 2020. Britain’s convenience sector employs around 407,000 staff and consists of around 50,000 stores – of which fewer than 2,500 are run by Tesco, Morrisons and [...]