Construction grows for the first time since 2008 April 6, 2010 CONSTRUCTION activity expanded for the first time in two years as housebuilding underpinned growth in the sector that was hardest-hit by the recession, a leading survey revealed yesterday. The CIPS/Markit purchasing managers’ index (PMI) for the UK construction sector in March rose to 53.1, a sharp improvement from February’s 48.5 and comfortably above the 50 [...]
Britons put equity into their homes April 6, 2010 BRITONS ploughed £4bn into their homes in the last three months of 2009, new data from the Bank of England showed yesterday. The £4.038bn injected into homes was the seventh successive net injection of housing equity, although it was down from £5.1bn in the third quarter and a peak of £7.1bn in the fourth quarter [...]
FTSE ends higher on oil and mining after upbeat US data April 6, 2010 BRITAIN’S top shares closed 0.6 per cent higher yesterday, lifted by firmer commodities after upbeat US data raised demand expectations, while Vodafone fell as Verizon merger talk cooled. The FTSE 100 ended up 35.46 points at 5,780.35, having earlier hit a fresh 21-month intra-day peak of 5,790.40. The index climbed 1.2 per cent on Thursday [...]
S&P 500 boosted by lift for bankers April 6, 2010 THE S&P 500 and Nasdaq rose modestly yesterday as the banking sector got a lift from positive analyst comments, while minutes from the Federal Reserve’s last meeting eased concern over rising rates. The minutes suggested the central bank could keep interest rates at ultra-low levels longer than investors have anticipated if the economy worsens. Lower [...]
The euro is due a respite after a very hard winter April 6, 2010 THE EURO’S winter of discontent started back in January when a huge hole in Greece’s public finances was revealed. Since then allegations of dodgy accounting rules, swap trades with major Wall Street banks and the threat of contagion to other southern European economies has driven the euro to multi-year lows. But has the euro been [...]
CHINA COULD PUT LID ON US DOLLAR RALLY April 6, 2010 BORIS SCHLOSSBERG DIRECTOR OF CURRENCY RESEARCH, GFT US DATA continues to surprise to the upside, demonstrating that the country is well on its way to recovery and that it should join China as the second driver of global growth in 2010. Although last Friday’s US non-farm payrolls did not exceed the bullish forecasts of 200,000 [...]
Rate hike puts the Aussie on track for strong gains in 2010 April 6, 2010 THE fact that the Reserve Bank of Australia (RBA) hiked interest rates by 25 basis points to 4.25 per cent yesterday will not have come as much of a surprise to currency traders – a move either this month or next was widely anticipated and given that the May meeting falls just days before the [...]
The Tipster Dollar strength fails against the Japanese yen April 6, 2010 FRIDAY’S bumper US non farm payrolls pushed US dollar-yen to fresh highs for the year but the dollar failed to sustain this strength in post-Easter trade. A raft of economic data is coming out of Japan later this week, including machine orders for February and if the economic backdrop is looking strong then this could [...]
FOREX FLASH April 6, 2010 COLOMBIA TO STEP UP DOLLAR PURCHASES The Colombian peso may have gained 26 per cent over the past year, but the rally could be stopped in its tracks if the central bank goes ahead and steps up US dollar purchases to help the Latin American country’s exporters. Bank of America analyst Alberto Boquin said yesterday [...]
Big names have to be managed in any business April 6, 2010 MEDIA coverage of the forthcoming general election announced yesterday is bound to focus as much on the personalities of the party leaders as their policies. Is Gordon Brown too dour and introspective to lead the country? Does David Cameron have the gravitas? In business too, CEOs’ characters are more important and more publicised than ever. [...]
