UK pound vs US dollar: Sterling stumbles as markets take dovish signal from Carney August 13, 2014 The pound dropped sharply against the dollar yesterday, as markets took a dovish message from the Bank of England’s update on the economic climate. Sterling plunged to its lowest level in two months as governor Mark Carney spoke, with analysts suggesting that the Bank’s latest inflation report was backtracking from the governor’s more hawkish tones [...]
Bank of England flags dismal wages as holding back interest rate hike August 13, 2014 The Bank of England’s inflation report, released yesterday, showed off Threadneedle Street’s increasing focus on wage growth – one of the last indicators lagging behind the economic recovery, and holding off an increase in interest rates. The Bank has slashed its forecast for the average rise in earnings this year. In the last report, the [...]
Sales tax slump hits Japan GDP August 13, 2014 THE JAPANESE economy slumped in the second quarter, with the impact of the first sales tax rise in 17 years. The country’s GDP plunged 1.7 per cent from the first quarter, more than erasing the 1.5 per cent expansion recorded in the first three months. In April, Japan’s sales tax was hiked from five to [...]
Industry adds to euro gloom August 13, 2014 THE EUROZONE’S industrial firms recorded another drop in output during June, adding to the growing pile of evidence that the bloc’s gloomy recovery might have already peaked. Production fell by 0.3 per cent from May, and was completely flat over the 12 months from June 2013. Price growth is also lagging below the target level [...]
Markit revenues up by a tenth in first results since flotation August 13, 2014 DATA and financial information firm Markit notched up another quarter of solid revenue growth during the three months to June, despite a dip in profits. Revenues jumped by 11 per cent during the period, rising by $26.3m (£15.8m) to $264.6m in comparison to the same three months last year. The results are the firm’s first [...]
Markets go cold as euro slides following German sentiment slump August 12, 2014 The euro slid to an 11-month low yesterday after grim signals that even the German economy was slowing down, while the currency union hovered on the edge of deflation. The euro slipped to $1.336 late last night, dropping another 0.16 per cent during the day. The currency is down by more than four per cent [...]
Brussels blamed for driving up energy prices for UK factories August 12, 2014 European regulation has driven up the cost of energy to British companies, and the country’s manufacturing firms are less positive about current EU membership than previously suggested, according to a report released this morning. Research by Business for Britain, which advocates a renegotiated relationship with the EU, the single market’s regulations have driven up the [...]
Rapidly strengthening US job market could feed into wages August 12, 2014 AMERICAN businesses advertised more job vacancies this June than in any month for more than 13 years, according to figures released yesterday. This is the latest in a growing pile of data, which make the country’s economic outlook seem increasingly solid. Firms advertised 4.67m openings two months ago, the most at any point since February [...]
London house prices to finally cool down as homeowners rush to sell properties August 11, 2014 The frothy London housing market is likely to come off the boil in the months ahead, with owners rushing to sell their properties following the recent surge in prices and buyers increasingly reticent to match the escalating valuations. The number of people looking to sell homes in the capital has climbed by nearly a third, [...]
Worst quarter for retail since summer 2012 as drop in food sales gets sector reversing August 11, 2014 Retail sales growth went into reverse last month, according to dreary figures released this morning, with the first quarter of contraction in more than two years recorded. Like-for-like sales dropped by 0.2 per cent between May and July, compared to the same months a year ago, according to the latest data from KPMG and the [...]