ECB’s Draghi says monetary policy can not address structural problems September 23, 2013 The European Central Bank's (ECB) Mario Draghi has said that monetary policy has managed to help the European Union avoid a destructive scenario, but that it has limits. Draghi said that the Outright Monetary Transactions measure has acted as a full backstop, but that monetary policy can not address the transmission mechanism or structural problems. [...]
EU’s Rehn suggests UK should attempt to reform the EU rather than repatriate powers September 23, 2013 The European Union's Olli Rehn has said that he thinks there should be a "well informed and substantive debate" about whether the EU is good for the UK. Rehn said that he was aware that there is growing support for a referendum in the UK, and that he believes that it would be better for [...]
US manufacturing expansion slows in September September 23, 2013 Latest US manufacturing data shows the sector expanding slower than expected in September. A preliminary estimate from Markit shows the sector purchasing managers' index fall from 53.1 to 52.8 in September. Analysts had been forecasting a rise to 54. The employment sub index fell from 53.1 to 51.4, with new orders dropping from 55.7 to [...]
Chicago activity index stronger but revisions disappoint September 23, 2013 One of the better predictors of the US economy's fortunes has come in strong. The Chicago Fed national activity index is designed to gauge economic activity in the surrounding area. It rose from -0.43 (revised from -0.15) to 0.14 in August. So a nice number, much higher than expectations of a rise to 0.05, but [...]
Apple announces nine million iPhones sold in first week September 23, 2013 Apple has announced that it has sold nine million new iPhones since their Friday release (release). Apple also say that 200m users are now running the latest iteration of Apple's mobile operating system – iOS 7. “This is our best iPhone launch yet―more than nine million new iPhones sold―a new record for first weekend sales,” [...]
Labour willing to drop HS2 before 2015 September 23, 2013 Labour is considering dropping support for the High Speed 2 railway before the 2015 general election, City A.M. understands. Ed Balls used his speech to the Labour conference in Brighton to question whether HS2 – which would link London to the midlands and the north – was the best way of spending £50bn on transport [...]
Balls’ calls for higher bank levies could see finance flee September 23, 2013 Shadow chancellor Ed Balls has proposed a bank levy hike in order to raise an extra £800m per year. That money would be put towards funding free childcare. What Balls fails to tackle is the impact that ever higher levies will have on our financial services. Higher bank levies threaten to see the outlook for [...]
Government blocks sale of Jane Austen ring to Kelly Clarkson September 23, 2013 The sale of a ring belonging to Jane Austen has been thwarted by culture minister Ed Vaizey. After US singer Kelly Clarkson won the piece at auction, she was forbidden from allowing it to leave the country. Now the Jane Austen's House Museum has raised the sum Kelly Clarkson paid for the item, and the [...]
Analysts see Societe Generale returning to strength September 23, 2013 The outlook for troubled French bank Societe Generale has improved significantly, according to analysts at Nomura with the bank outperforming the sector by 50 per cent. The bank has more than doubled from the doldrums of 2012. Confidence in the earnings outlook has improved and the sector's equity risk premium has declined according to Nomura's [...]
Record week for equity funds as inflows hit £16.2bn September 23, 2013 Last week saw a record breaking £16.2bn flow into into equity funds. Funds in developed markets experienced the bulk of the inflow posting £15.4bn while funds in developing nations saw an inflow of £1bn, according to data from EPFR Global. The inflows were the largest ever recorded in the EPFR data set. The move into [...]
