World jobless figures down October 9, 2012 UNEMPLOYMENT rates decreased marginally across Organisation for Economic Cooperation and Development (OECD) member countries in August, data out yesterday revealed, having held steady for two consecutive months. Unemployment dropped 0.1m to 47.8m in August, representing a rate of 7.9 per cent – numbers which have stayed roughly constant since the beginning of 2011. But differences [...]
Manufacturing slide drags down industrial production October 9, 2012 INDUSTRIAL production and manufacturing both slid in August, data from the Office for National Statistics (ONS) revealed yesterday. The index of production fell 0.5 per cent between July and August, the ONS said, while the index of manufacturing dropped off 1.1 per cent. These monthly moves left both indices 1.2 per cent below where they [...]
Japanese car sales in China fall off a cliff October 9, 2012 JAPANESE car sales in China tumbled last month, data revealed yesterday, as the diplomatic spat over the Senkaku/Diaoyu island chain fed through into consumer decision making. Toyota’s sales in China plummeted 48.9 per cent in September compared to a year earlier, while Honda sales dived 40.5 per cent, Nissan’s plunged 35.3 per cent and Suzuki’s [...]
City Moves | Who’s switching jobs October 9, 2012 NGBI Private Equity David Turner has joined NGBI’s UK team as an investment manager. He qualified as an accountant with Grant Thornton before transferring into its corporate finance team, and was most recently a member of Experian’s corporate development office. Chadbourne and Park The law firm has announced that Silvia Fazio has joined the firm as an [...]
Best of the Brokers October 9, 2012 CAPITA Seymour Pierce has downgraded the FTSE 100 professional services company from “buy” to “hold” saying “there was not enough new information at the investor day presentation to warrant an increase in our target price”. The broker added that it was “ disappointed to hear international expansion does not feature greatly in the company’s plan”. [...]
IMF growth gloom and poor data in manufacturing send FTSE lower October 9, 2012 UK shares fell for a second session yesterday, dented by a wary view of Europe’s debt troubles and concerns that gloomy global economic data bodes ill for the upcoming corporate earnings season. Data showed manufacturing output shrank more than expected in August and exports fell steeply, pointing to deterioration both in the domestic and the [...]
Jitters on Wall Street ahead of earnings season October 9, 2012 US stocks fell yesterday, led by losses in technology after brokerage downgrades of Intel and other major companies as worries increased about third-quarter US earnings. Shares of Intel, the world’s largest semiconductor maker, lost 2.7 per cent after negative reports by at least two brokerages. Robert W Baird & Co cut its price target on [...]
The unravelling of China’s exceptionalism October 9, 2012 MARKETS across the world were given a boost yesterday when the Chinese central bank pumped tonnes of liquidity into the country’s banking system for the second time in a fortnight. The People’s Bank of China injected 265bn yuan (£26bn) into the money market via reverse purchase agreements, adding to the 2.418 trillion yuan offered since [...]
Why the Dow industrial and transportation divergence may be ominous October 9, 2012 Dow Theory is becoming hard to ignore. Created by Wall Street Journal founder Charles Dow, it suggests that divergences between the Dow Jones Transportation Average (DJTA) and the Dow Jones Industrials Average (DJIA) indicate future trends in the economy. Deep divergences between the two could mean that the DJTA would prevail, and the DJIA (as [...]
Fresh wave of volatility may strike the euro October 9, 2012 C ONCERNS about Europe’s economic slowdown have put a halt to the euro’s surge upwards. Since summer lows, the single currency has risen against the dollar, recently testing the $1.30 level. But it has failed to convincingly stay above this level. In its biannual world economic outlook, the International Monetary Fund (IMF) revised its forecast [...]
