End to UK’s winning streak: Poor data sees the pound plummet September 6, 2013 A string of solid data points for the UK have come to an end, as the economy's winning streak goes cold. Industrial production, manufacturing production and trade data have all been disappointing. The pound has taken a slide against the dollar on the bad news. UK industrial output has been completely flat in July, despite [...]
House price growth slows in August September 6, 2013 House prices have risen by 0.4 per cent in August, down from a 0.9 per cent rise last month, according to the Halifax house price index. Economists had forecast a rise of 0.7 per cent. House prices have risen 5.4 per cent in the three months to August on the same period last year. Nicholas [...]
French consumer confidence ticks up in August September 6, 2013 French consumer confidence is up slightly in August, from 82 to 84, according to new numbers from INSEE. That's slightly above expectations of a rise to 83. Respondents saw their financial situation slightly improved, with past situation up one point and future up two. Assessment of August being a suitable time to make major purchases [...]
Before the open – 06/09 September 6, 2013 Strong US data yesterday has led traders to fear potential US Federal Reserve tapering could be moved forward. Now the FTSE could open lower on nerves over that tapering – a reduction in the rate of expansion of the US' monetary base. So all eyes are on today's US jobs data, out at 13:30. Investors [...]
Tullow Oil discovers oil at offshore Norwegian site September 6, 2013 Tullow Oil has announced the discovery of oil at the Wisting Central exploration well, offshore Norway, the first ever oil discovery in the Hoop-Maud Basin in the Barents Sea (release). Results of drilling, wireline logs and samples of reservoir fluids show that the well has encountered 50-60 metres of net light oil pay in good [...]
Any Other Business – 06/09 September 5, 2013 Two former Merrill Lynch corporate financiers – Mervyn Metcalf and Graeme Atkinson – who flew the corporate nest last year to found the trendy Soho-based Dean Street Advisers, have now poached one of their mutual former colleagues from boutique firm Global Leisure Partners. Kevin Berry (pictured) has just joined Dean Street after three months of [...]
Great US data sends UK borrowing costs over three per cent for first time since July 2011 September 5, 2013 Some great data from the US. UK 10 year yields have risen above three per cent for the first time since July 2011. (Tradeweb) You can see they've been creeping up throughout the day, with a final jump with the US data release. That means effective government borrowing costs have shot up. UK 10yr yields [...]
Draghi still dovish say analysts September 5, 2013 Some analyst feedback to European Central Bank president Mario Draghi's presser: Christian Schulz, senior economist, Berenberg: ECB President Draghi noted some further progress in the defragmentation of the Eurozone financial system. For example, interest rates on loans to companies of up to €1m, a proxy for SME financing conditions, have dropped a little further in [...]
ECB bumps up this year’s growth forecast but slashes 2014 expectations September 5, 2013 The European Central Bank (ECB) has adjusted its predictions from June, revising up its 2013 GDP forecast from -0.6 per cent to -0.4 per cent. A cut to next year's estimate though, reduced by 0.1 percentage point from 1.1 per cent to 1.0 per cent. ECB president Mario Draghi has said that risks to the [...]
The US jobless claims four week average has fallen to its lowest level since October 2007 September 5, 2013 US intial jobless claims have dropped from 332,000 (revised from 331,000) to 323,000. Well below expectations of a fall to 330,000. That's put the four week average down to its lowest level since October 2007.
