Germany’s current account just hit a record high – but not everybody is celebrating May 10, 2016 Germany recorded its largest ever monthly current account surplus in March, as exports of Germany goods held steady in the face of global turmoil and imports dipped. Mo money … Firms sold a total of €107bn (£85bn) during the month – down just 0.5 per cent on March last year. Imports came in at €81bn, down four per [...]
Goldman Sachs says this will give the oil market recovery legs May 10, 2016 Goldman Sachs said that stable declines in non-Opec production will be key to whether oil markets recover in a sustainable fashion. The bank's base scenario predicts a sustained deficit in the third quarter of the year, until which crude prices are expected to hover around current levels. Read more: Oil major Total makes near €1bn wager on [...]
The UK economy is in desperate need of a productivity roadmap to give it a much needed boost May 10, 2016 It’s no secret poor productivity is partly to blame for the slowing of GDP growth. Official figures from the Office for National Statistics illustrate labour productivity fell by 1.2 per cent in the fourth quarter of 2015 from the third quarter, the biggest drop since the financial crisis in 2008. The latest ICAEW Economic Forecast [...]
China’s balancing act is the biggest risk to the world economy as inflation data shows prices still off target May 10, 2016 China’s economic rebalancing is the biggest threat to the global economy, the ratings agency Fitch has said, warning that a “hard landing” would trigger ripple effects around the world. The difficulties associated with shifting the world’s second largest economy from a reliance on investment towards consumption are “sharpening” according to Fitch, as authorities face the [...]
Brent crude and WTI: Oil steadies as traders look through supply outages May 10, 2016 Oil prices steadied this morning as the millions of barrels of crude stored in tankers across the world offset supply disruptions. Brent crude, the global benchmark, rose 0.3 per cent to $43.7 per barrel, while West Texas Intermediate, the US benchmark, dipped 0.2 per cent to $43.4 per barrel. The Canadian wildfires provided temporary support to [...]
The case for buying emerging markets on dips May 10, 2016 The beautiful magnolia trees are blossoming, and we all know what that means. Bluer skies over London, happy dogs in the parks, and speculation picking up about whether we’ll see a repeat of the “sell in May” strategy. Last week ended with a thud after a much weaker-than-expected US April jobs report. As soon as [...]
Greek debt relief deal OK’ed after German backdown to IMF May 9, 2016 Greece’s battered economy received some good news yesterday after Eurozone finance ministers agreed to debt relief measures if new reforms come to fruition. The Mediterranean state will be granted longer grace periods and bond maturities from 2018 if it upholds the reforms agreed to in its most recent bailout package. The move is a concession [...]
At the close: FTSE 100 slips on the falling oil price as poor China data weighs heavy May 9, 2016 The FTSE 100 has managed to erase all its earlier gains to close down, adding to the worst weekly performance since February and marking the third straight week of losses. The blue-chip index finished 0.2 per cent lower at 6,114.81 after falling 1.9 per cent last week. The index is down around two per cent so far this year and 15 per [...]
Brent crude and WTI: Oil prices give up gains from Canada wildfires May 9, 2016 Oil prices gave up earlier gains from a huge wildfire in Canada's oil and gas region to trade lower this afternoon. Brent crude, the global benchmark, fell two per cent to $44.7 per barrel, while West Texas Intermediate crude, the US benchmark, slumped 1.6 per cent to $44. Read more: Low oil prices pushes Saudi Arabia into [...]
Oil major Total makes near €1bn wager on renewable energy with bid for battery maker Saft May 9, 2016 French oil major Total made a €950m (£750m) bid for battery maker Saft, effectively increasing its wager on the renewable energy sector. It said that the €36.5 per share offer represents a 38.3 per cent premium to Saft's closing price as of Friday. The friendly offer has already received unanimous approval from Saft's board, but it's still subject to a review [...]