IMI reports profit boost and expects better conditions in second half August 22, 2013 Global engineering group IMI – which makes valves and other equipment for controlling liquids and gas flows – has reported a four per cent increase in pre-tax profits in the first half of the year and an eight per cent boost in basic earnings per share. Pre-tax profits rose to £150.1m from £145.0m in the [...]
Euro bounces back as German manufacturing growth hits two year high August 22, 2013 German August purchasing manager's index (PMI) flash estimates have performed well, with services and manufacturing both beating expectations. Manufacturing PMI was expected to rise from 50.7 to 51.1, instead it jumped to 52.0. The service sector was predicted up from 51.3 to 51.7, and also outperformed estimates, at 52.4. The euro has snapped back up [...]
SABMiller doubles brewing capacity in Uganda August 22, 2013 SABMiller has announced the official opening of its second brewery in Uganda following a $90m (£57.7m) investment (release). Construction of the brewery in Mbarara, western Uganda began in February 2012 and has been operational since April this year. The new facility will double the potential brewing capacity of SABMiller’s Ugandan subsidiary Nile Breweries to 3.6m [...]
Euro sinks as French data misses expectations August 22, 2013 Despite expectations of an improvement, French purchasing manager's index (PMI) flash estimates have worsened in July. That's set the euro down against the dollar. It looks like $EURUSD was knocked back about 25 pips from 1.3350 by the French PMI preliminary release. — DailyFXTeamMember (@DailyFXTeam) August 22, 2013 The manufacturing number stays steady at 49.7, [...]
Bank of England rebel Martin Weale concerned by high inflation August 22, 2013 The rebel on the Bank of England's Monetary Policy Committee (MPC) – hawk Martin Weale – has managed to sound both hawkish and dovish in an interview with The Daily Telegraph. At the last MPC meeting Weale voted against the introduction of forward guidance. Here's what the analysts had to say then. Rob Wood, chief [...]
Before the open – 22/08 August 22, 2013 After the Federal Reserve's minutes failed to provide markets with any clarity, markets are expected to open lower this morning in Europe. That Fed update didn't give investors any clues, with Todd Schoenberger of LandColt Capital saying that "traders are angry and confused by today's release". Strong Chinese manufacturing is unlikely to provide enough of [...]
Regulator agrees redress of up to £1.3bn for mis-sold insurance products August 22, 2013 Regulator the Financial Conduct Authority (FCA) has reached an agreement with several firms to provide redress to consumers mis-sold Card Protection Plan's (CPP) Card Protection and Identity Protection policies. This follows the mis-selling of 23 million policies to seven million customers. Those customers will now receive a letter from CPP explaining the process with a [...]
WH Smith expects good performance despite weaker publishing schedule August 22, 2013 High street retailer WH Smith has announced that it is continuing "good performance" as it focuses on "gross margin gains and tight cost control" in order to improve performance (release). The firm noted that last year saw a "relatively strong publishing schedule in the second half", which they'll be wanting analysts to take into account [...]
Chinese manufacturing returns to growth amid slowdown fears August 22, 2013 Chinese manufacturing is growing again in August, according to a flash purchasing manager's index (PMI) release from HSBC. Rising from 47.7 to 50.1, Chinese order books are just managing to grow (any number above 50 implies growth in the sector), while defying economist estimates of a more modest improvement to 48.3. Despite this better data, [...]
Fed fails to give markets clarity August 21, 2013 MARKETS were in turmoil last night as the Federal Reserve’s latest minutes failed to give investors any clues to determine when the massive US bond buying programme will be trimmed. Some of the board were guarded on the prospect of tapering, calling for patience and additional data, but other members “suggested that it might soon [...]