UK house prices: Construction sector slows as house building rises at slowest pace since 2013 March 2, 2016 A gauge of activity in the construction sector stooped to a 10-month low this morning as survey figures revealed Britain's house building recovery may have hit the brakes. Markit's construction purchasing managers' index fell to a score of 54.2 in February from the previous month's 55. Scores above 50 indicate growth but lower scores imply [...]
Benefit cuts to stall decline in poverty rates – Institute for Fiscal Studies March 2, 2016 The incomes of the UK’s poorest households have risen strongly over the last two years, but will be hit hard by future benefit cuts, a think tank has warned today. Poverty has plummeted, with 400,000 fewer children, 300,000 fewer working age adults, and 200,000 fewer pensioners in absolute poverty over the last 12 months than in [...]
US manufacturing suffers fifth month of contraction – ISM PMI March 1, 2016 The US manufacturing sector contracted for a fifth consecutive month in February, according to new survey data. The Institute for Supply Management's (ISM) purchasing managers' index rose to a score of 49.5 from January's 48.2. Scores below 50 indicate contraction. Production rose despite export growth falling into negative territory. A similar survey of US factories suggested growth had dropped to [...]
Japanese government’s 10-year borrowing costs fall below zero for first time ever March 1, 2016 Investors now have to pay a small fee to lend to the Japanese government. The interest rate on Japanese government bonds – tradable IOUs – has fallen to minus 0.062 per cent today. It means after 10 years the government can pay back less than it borrowed initially. Japan's shorter-term borrowing costs have already fallen below [...]
Eurozone manufacturing growth drops to year-low – Markit PMI March 1, 2016 An indicator of manufacturing growth in the Eurozone hit a year-low in February, according to figures released this morning. Markit's manufacturing purchasing managers' index (PMI) dipped to a score of 51.2 from January's 52.3. While it is above the 50 no-growth mark, it suggests growth slowed from January. Production, new orders, new export business and hiring all lost momentum. [...]
UK manufacturing growth slumps to lowest pace since 2013 – Markit PMI March 1, 2016 A gauge of the manufacturing sector's growth dropped to a 34-month low this morning. Markit's manufacturing purchasing managers' index – compiled from a survey of businesses – fell to a score of 50.8 for February. It is only slightly above the 50 mark that implies there was no growth on the previous month. Output growth eased sharply while the [...]
Advertised job openings cool off as retailers and factories cut back March 1, 2016 Growth in the number of new job vacancies slowed in January. Available job openings rose 13.3 per cent from the same month last year, according to the data published by jobs site Adzuna this morning. Yearly vacancy growth was above 20 per cent in every month last year. The slowdown was due to a sharper-than-usual [...]
Economy shrugs off market jitters to keep up steady growth March 1, 2016 The UK’s economic growth held up in February in the wake of stock market turmoil and global growth concerns. New survey data published this morning by the Confederation of British Industry (CBI) suggests growth picked up in the three months to February compared with the three months to January. The percentage of firms that said [...]
People’s Bank of China cuts reserve requirement for fifth time in 12 months February 29, 2016 China has cut the amount of cash it requires banks to hold in reserve, the country's central bank announced today. The People's Bank of China (PBOC) cut the reserve ratio by 0.5 per cent in order to "maintain adequate liquidity" and ensure steady growth in money and credit. The move will take effect from tomorrow. The reserve [...]
Smaller UK banks and investment firms will not have to abide by EU bonus cap rules – FCA and PRA February 29, 2016 The UK's financial regulators have told their European counterparts they will not be applying the bonus cap to smaller banks and investment companies. The Financial Conduct Authority (FCA) and the Bank of England's prudential regulation authority (PRA) have told the European Banking Authority (EBA) they will not apply the bonus cap to all firms recommended by the [...]