Chief dove calls for more QE across G7 countries August 31, 2011 THE BANK of England’s chief dove, Adam Posen, yesterday urged authorities across the G7 to throw themselves into a last ditch programme of quantitative easing, designed to stimulate growth. “Additional monetary stimulus is the last line of defence for the advanced economies today, and G7 central banks should purchase more assets if we are to [...]
Rising unemployment and steady price pressures suggest ECB could cut rates August 31, 2011 EUROZONE annual inflation was unchanged in August while the number of people without jobs grew, data showed yesterday, adding to expectations that the next ECB interest rate move could be a cut rather than a hike. EU statistics office Eurostat said inflation in the 17 countries using the euro was 2.5 per cent year-on-year in [...]
British mortgage sales decline across the board August 31, 2011 MORTGAGE sales in the year to April sank to their lowest rate since the Financial Services Authority (FSA) began gathering the figures in 2005, it emerged yesterday. “Overall, mortgage sales declined by seven per cent from 2009-10 to 2010-11,” the FSA said. The decline was across the board, with sales of mortgages to first-time buyers, [...]
UK growth downgraded by BCC August 31, 2011 The UK economy will expand by just 1.1 per cent this year, the British Chambers of Commerce (BCC) said this morning, revising down their previous forecast of 1.3 per cent growth. The business group expects growth of 2.1 per cent in 2012, another downward revision from 2.2 per cent in its last forecasts.
Inflation expectations hold up August 31, 2011 Inflation expectations held steady last month, a survey by YouGov revealed yesterday. Inflation is expected to average 3.5 per cent in the year ahead, down from expectations of 3.9 per cent in June. Over the next five to ten years, inflation is still expected to remain stubborn, with respondents forecasting 3.7 per cent year on [...]
Positive data for American jobs August 31, 2011 American private sector employers added 91,000 new jobs this month after expanding payrolls by 114,000 in July, the latest ADP report announced yesterday. While there are often gaps between the ADP data and official figures, the news provided some hope that businesses had not pulled back hiring amid recession fears.
Factory gains slow in the US August 31, 2011 Growth in factory activity in the US Midwest slowed just a bit in August, according to the latest ISM figures from Chicago. ISM said its business barometer fell to 56.5, the lowest since November 2009, from 58.8 in July. But the reading was above expectations and indicated that activity continued to grow.
High street sales dip in Germany August 31, 2011 German retail sales slipped by 0.2 per cent in July from the previous month, official data showed yesterday. Yet seasonally adjusted, sales were flat, beating the expectations of economists.
Aer Lingus upgrades full year outlook August 31, 2011 IRISH airline Aer Lingus saw a surge in second quarter profits but blamed the effects of industrial action by its cabin crew for overall losses in the first half of the year. The airline, which is owned in part by the Irish government and Ryanair, posted an operating loss of almost €28m (£24.6m) in the [...]
Global warming agenda to hit living standards August 31, 2011 LOOKING at the scale of the fiscal correction needed, does anyone seriously think that a major new burden on the households who rely on benefits the most is remotely affordable? Politicians are clinging to their climate change policies but that is going to become increasingly untenable as the costs mount. Citigroup expect that in order [...]
