WHAT DO THESE FIGURES TELL US ABOUT THE RECOVERY? November 2, 2009 JONATHAN LOYNES CAPITAL ECONOMICS“The rise in the new orders index was driven entirely by domestic orders. The export orders index actually slipped back a touch from 51.5 to 50.9, suggesting that UK firms have yet to feel much benefit from the weaker pound and the global recovery. “ RICHARD MCGUIRE RBC CAPITAL MARKETS“The survey’s sub-indices [...]
US construction rose to six-year high last month November 2, 2009 US construction spending made its largest gain in a year in September, the Commerce Department said yesterday, bolstered by a record pace in public construction and the biggest increase in private residential building in more than six years. The Commerce Department said spending on construction projects rose 0.8 per cent to $940.3bn (£573bn), after dropping [...]
Upbeat US manufacturing data bolsters recovery hopes November 2, 2009 STRONG growth in the US manufacturing sector will add to the upbeat mood prevailing in the US following positive third quarter GDP data. The ISM manufacturing survey hit its highest level in three-and-a-half years in October, rising to 55.7 – the highest level since April 2006 – from 52.6 in September. This marked the third [...]
Eurozone factory output commences growth again November 2, 2009 EUROZONE factory output expanded for the first time since May 2008 in October, the CIPS/Markit purchasing managers’ index confirmed yesterday, raising hopes that the longest and deepest downturn in decades is now at an end. Although slightly below the preliminary reading, the PMI for firms in the Euro bloc indicated the strongest monthly expansion since [...]
Miners and oils jump on improved commodity prices November 2, 2009 BRITAIN’S top shares closed 1.2 per cent higher yesterday, as miners and oil firms rose, underpinned by firmer commodity prices on the back of bullish economic data, while RBS fell as the lender faces asset sales. The FTSE 100 closed 59.95 points higher at 5,104.50 points, recouping some losses from Friday’s 1.8 per cent fall. [...]
Robust economic data buoys Wall St November 2, 2009 US STOCKS rose yesterday after another round of solid economic reports, but pulled off session highs after a Fed official’s warning about banks’ loan losses. The three major indexes had previously risen about 1 per cent earlier in the session as stronger-than-expected data on manufacturing and pending home sales spurred a broad-based advance and soothed [...]
The emerging economies are best bet for the long term November 2, 2009 ONCE plagued by fears of debt defaults, currency devaluations and political instability, emerging markets are now an indispensable part of every reward-seeking investor’s portfolio. That, at least, was the message from Marino Valensise, chief investment officer at Baring Asset Management yesterday. He said: “While we believe that the rally in equities is set for a [...]
RBS TO SLASH 4,000 JOBS AS IT DOWNSIZES November 2, 2009 ROYAL Bank of Scotland (RBS) yesterday dropped a bombshell on workers by announcing it will axe 3,700 jobs across its retail branch network, as the Treasury and the European Commission today prepare to list a raft of assets the bank will be forced to sell off as part of a restructuring agreement. The beleaguered bank [...]
GLOBAL ECONOMY ON ROAD TO RECOVERY November 2, 2009 A FLOOD of evidence yesterday from across the world provided further confirmation that the global economic recovery was firmly on track. Stock markets in the US and Western Europe rallied in response as investors saw the chances of a double-dip recession as increasingly remote. In the UK, a leading survey of manufacturing purchasing managers showed [...]
Branson set to swoop on British bank assets November 2, 2009 VIRGIN is preparing to swoop on a string of UK banking assets to be put up for sale as part of a European Commission inquiry into competition in the sector, Sir Richard Branson confirmed yesterday. “We do plan to create a Virgin bank and we will be interested in looking at the three banks that [...]
