Weak exports weigh on GDP growth hopes April 12, 2012 ECONOMISTS have warned that weak international sales are dragging down the UK’s economic growth, as official figures yesterday revealed falling goods exports in February. The trade deficit rose for the second consecutive month, up £0.9bn to £3.4bn, driven by falling goods exports to non-EU countries. Furthermore, January’s deficit was revised up from £1.8bn in initial [...]
World Bank bullish on China’s long-term growth prospects April 12, 2012 CHINA’S economic growth will slow to a 13-year low in 2012 according to a World Bank report published yesterday, although it should avoid the “hard landing” feared by its leaders. The report predicts growth of 8.2 per cent on the previous year, firmly higher than the 22-year low of 7.5 per cent forecast by Chinese [...]
House buyers suffer as credit conditions batter mortgages April 12, 2012 TIGHTER credit conditions are starting to impact on lending to home-buyers, according to chartered surveyors’ figures published today. Loans for home purchase dropped to 43,450 in March – an 11 per cent drop on February and the lowest since December 2010, e.serv’s mortgage monitor revealed. First-time buyers particularly suffered, with loans for homes under £125,000 [...]
LAGARDE WARNS OVER SOVEREIGN FLARE UP April 12, 2012 CENTRAL bank cash and European economic reforms have created “some improvement in the economic climate,” said International Monetary Fund (IMF) boss Christine Lagarde yesterday. But “the risks remain high, the situation fragile,” she warned, urging IMF members to give the fund more cash to combat financial crises.
US jobs recovery slows down April 12, 2012 The number of Americans newly claiming unemployment benefits unexpectedly rose last week to its highest level since January, official figures showed yesterday. New claims rose 13,000 to 380,000 in the week to 7 April, and the previous week’s claims were also revised up from 357,000 to 367,000. Falling numbers of claims over recent months had [...]
Warm weather boosts Eurozone April 12, 2012 Eurozone industrial production rose in February against January, beating market expectations of a contraction, but January’s output was revised lower, official data showed yesterday. Warm weather pushed industrial output up 0.5 per cent month-on-month in February, though the annual figure showed a 1.8 per cent fall on the same month of 2011. Eurostat also revised [...]
Fed hawk in new call over inflation April 12, 2012 Inflation in the US will be above target next year and may force the Federal Reserve into earlier tightening than expected, according to Minneapolis representative Narayana Kocherlakota. One of the Fed’s more hawkish economists, Kocherlakota said at a speech last night that normalisation of interest rates could begin as soon as late this year – [...]
CITY MOVES WHO’S SWITCHING JOBS April 12, 2012 Norton Rose The law firm has announced two new partner hires. Maartje Govaert (pictured) joins as an employment partner from De Brauw Blackstone Westbroek and Herman Wamelink joins as a banking partner from Allen & Overy. Govaert has 13 years experience practising employment law in London, New York and Amsterdam, and Wamelink has broad experience [...]
BEST of the BROKERS April 12, 2012 GKN Credit Suisse has upgraded the carmaker from “neutral” to “outperform” and has left its target price unchanged at 240p. The broker points out that GKN’s shares have underperformed the sector by four per cent in the last month, thanks to concerns over its possible purchase of Volvo Aero, providing a buying opportunity. Credit Suisse [...]
Miners lead FTSE higher on hopes of strong economic growth in China April 12, 2012 BRITAIN’S top share index hit a one-week closing high yesterday as mining stocks jumped on market talk that China, the world’s biggest metals consumer, could report strong economic growth numbers today. Economists polled by Reuters in March forecast that China’s GDP expanded 8.3 per cent in the first quarter of 2012 versus a year earlier. [...]
