UK construction sector sees eighth month of growth January 3, 2014 There's more good news for the UK construction sector, as it continues its onward march, expanding for the eighth month in a row in December. The Markit/CIPS puchasing managers' index for UK construction PMI came in at 62.1 (62.6 November), above expectations of 62.0 and buoyed by a further big rise in housebuilding. Tim Moore, [...]
UK mortgage approvals at highest in six years January 3, 2014 Data released by the Bank of England show that the number of mortgages approved in November rose to 70,758 – the largest number in almost six years, although still far lower than figures pre-recession. Expectations were for 69,000, and the number of approvals beat October's 67,701, providing more evidence of a rapidly growing housing market. [...]
Next raises annual profit forecasts on bumper festive sales January 3, 2014 Strong Christmas sales have seen retailer Next up its full year profit forecast range, along with announcing a special dividend. The festive period saw sales "significantly ahead of expectations", said the UK fashion chain. Sales from 1 November to 24 December increased 11.9 per cent, and five per cent from a year earlier. Next Retail [...]
House prices rose 8.4pc in 2013 January 3, 2014 The end of 2013 saw UK house prices up 1.4 per cent month-on-month, and increasing 8.4 per cent year-on-year. London continued to lead annual price growth, with an increase of almost 15 per cent in the fourth quarter. And things aren't expected to slow down this year. IHS Global Insight predicts price increases of eight [...]
What you need to know before the open – 03/01 January 3, 2014 A quiet and steady open is expected for European markets today, as significant data releases remain thin on the ground. US markets closed lower after their first day of trading in 2014, following data that suggested a slowdown in Chinese and US manufacturing expansion. From ETX Capital: At 0430 BST today, FTSE 100 futures are [...]
Next raises annual profit forecasts on bumper festive sales January 3, 2014 Strong Christmas sales have seen retailer Next up its full year profit forecast range, along with announcing a special dividend. The festive period saw sales "significantly ahead of expectations", said the UK fashion chain. Sales from 1 November to 24 December increased 11.9 per cent, and five per cent from a year earlier. Next Retail [...]
Here’s why Capital Economics thinks gold will bounce back this year January 2, 2014 2013 was a dire year for gold prices, and today's two per cent gain does little to make the 28 per cent slump of last year look any better. But Capital Economics reckons that, with sentiment already so heavily negative, the risks for the coming year are firmly skewed to the upside. For starters, [...]
Full steam ahead for US manufacturing sector January 2, 2014 Some encouraging data for the US this afternoon, suggesting that the economy has a good deal of momentum at the start of the year. In December, its manufacturing sector expanded at the second-fastest pace seen in 2013. Output was upped by rising new orders, and employment growth quickened to a nine-month high. (Markit) The highly-anticipated [...]
This analyst thinks consensus is wrong when it comes to US bond yields in 2014 January 2, 2014 Consensus view for growth in the US economy is nothing to shout about, says Societe Generale's Kit Juckes: 2.6 per cent, with CPI inflation coming in at a modest 1.7 per cent. Whilst there's nothing alarming about this, the economics community is looking for a 0.84 per cent two-year Note yield – the highest [...]
US jobless claims fall over Christmas period January 2, 2014 The number of people in the US claiming state unemployment benefit for the first time fell over the Christmas week to 339,000. Consensus had been for a fall to 334,000 from the previous figure of 341,000 (revised up from 338,000). The number of continuing claimants the week before (20 December) also fell to 2.83m – [...]