French manufacturing output contraction continues September 2, 2013 Fresh French manufacturing data has confirmed a flash estimate and analyst predictions – the sector is shrinking again. At 49.7, the Markit purchasing managers' index implies that the sector is contracting (any number above 50 implying expansion). Jack Kennedy, senior economist at Markit: French manufacturing output slipped back into contraction in August, but a broad [...]
Italian manufacturing at its strongest since May 2011 September 2, 2013 Italian manufacturing has come in stronger than expected, after the sector returned to growth last month. New data from Markit shows the sector purchasing managers' index rising from 50.4 to 51.3, beyond economist forecasts of a rise to 50.8. That figure is a May 2011 high, with the output index reaching 54.4, an April 2011 [...]
Spanish manufacturing returns to growth with best outlook since March 2011 September 2, 2013 Spanish manufacturing orders are much better than expected for August, with Markit's purchasing managers' index rising from 49.8 to 51.1. Any number above 50 implies expansion, and analysts had expected a jump to just 50.1. Sub indices fared slightly worse, with employment in the manufacturing sector down to 45.8, a four month low. Andrew Harker, [...]
Before the Open – 02/09 September 2, 2013 There's some continued uncertainty as we head towards the open this morning. US President Obama's comments over the weekend have prolonged a decision over Syrian, keeping markets jittery. CMC Markets' Michael Hewson: Europe's markets look set for a positive start as oil prices fall back and economic data comes back into focus. We've got a [...]
Tullow Oil exploration finds no oil in offshore Mozambique well September 2, 2013 Tullow Oil has failed to find oil at an exploration well in Mozambique, and ended operations at the site (release). Buzio-1 exploration well in Area 2 offshore Mozambique has not encountered hydrocarbons and, following the completion of logging operations, has been plugged and abandoned. The Buzio-1 site is the second deepwater exploration well in Area [...]
Rolls-Royce completes £250m sale of helicopter engine programme September 2, 2013 Rolls-Royce has completed the sale of a 50 per cent stake in the RTM322 helicopter engine programme to Turbomeca, a company owned by rival Safran (release). The €293m (£249m) deal sees Turbomeca assume responsibility for managing the design, production and support for the engine, which powers Apache (pictured), EH101 Merlin and NH90 helicopters. Rolls-Royce will [...]
Vodafone up nearly five per cent on £84bn Verizon mega deal September 2, 2013 Telecom company Vodafone has confirmed that is in advanced discussions with Verizon regarding the disposal of Vodafone's US group (release). That's sent Vodafone shares up nearly five per cent in early trading. The $130bn (£84bn) deal is set to be one of the biggest in corporate history. Verizon's board is expected to meet today to [...]
Any Other Business – 02/09 September 1, 2013 Bank of England governor Mark Carney impressed conference delegates in Nottingham on Wednesday with his regional knowledge. The Bank boss earned major cool points by dropping the name of local-born singer-songwriter Jake Bugg into his speech. However, what did former monetary policymaker-slash-rocker Andrew Sentance think of the governor’s musical name-dropping? “I’d not heard of him [...]
Obama just dealt his first big blow to the US economy – Now wait for the second August 30, 2013 US President Barack Obama may have just dealt his first big shock to the US economy of 2013. Secretary of state John Kerry just dropped huge hints of military intervention against Syria – a "tailored response". As Kerry spoke, we saw the VIX, an index of US equities volatility, jump from below 17.4 to over [...]
Chicago-area outlook sees marginal improvement in August August 30, 2013 The Chicago purchasing managers' index – which offers a glimpse into business conditions in Illinois, Indiana and Michigan – has picked up in August. Rising from 52.3 to 53, that's just below economist estimates of an improvement to 53.2. Any number above 50 implies expansion, so order books in the region can now be seen [...]
