Fitch maintains stable outlook on India despite signs of crisis August 22, 2013 Despite financial turmoil in India, ratings agency Fitch has maintained its stable outlook on the country's BBB- rating (release). We expect fiscal policy restraint to persist, in line with last year's result, with the budget deficit remaining within 5% of GDP. Indonesia's policy rates have been raised by 75bp since May, and the fiscal deficit [...]
Accountant RSM Tenon enters administration as part of sale to Baker Tilly August 22, 2013 Accountant RSM Tenon has entered administration as Baker Tilly is soon to acquire the firm's trading entitites (release) Given the scale of its debt the firm has had little choice but to declare itself insolvent, with three insolvency practitioners at Deloitte LLP appointed as joint administrators to the firm this morning. Immediately following their appointment, [...]
Eurozone recovery accelerates with fastest output growth in over two years August 22, 2013 Eurozone August figures are looking good in August, as Markit's composite purchasing manager's index (PMI) jumps from 50.5 to 51.7. Economists had predicted a rise to 50.9. The euro rose against the dollar on the news. Manufacturing PMI came in at 51.1 from 50.3 (50.6 expected) and services outperformed estimates too, 51.0 returning to growth [...]
Euro bounces back as German manufacturing growth hits two year high August 22, 2013 German August purchasing manager's index (PMI) flash estimates have performed well, with services and manufacturing both beating expectations. Manufacturing PMI was expected to rise from 50.7 to 51.1, instead it jumped to 52.0. The service sector was predicted up from 51.3 to 51.7, and also outperformed estimates, at 52.4. The euro has snapped back up [...]
Euro sinks as French data misses expectations August 22, 2013 Despite expectations of an improvement, French purchasing manager's index (PMI) flash estimates have worsened in July. That's set the euro down against the dollar. It looks like $EURUSD was knocked back about 25 pips from 1.3350 by the French PMI preliminary release. — DailyFXTeamMember (@DailyFXTeam) August 22, 2013 The manufacturing number stays steady at 49.7, [...]
Bank of England rebel Martin Weale concerned by high inflation August 22, 2013 The rebel on the Bank of England's Monetary Policy Committee (MPC) – hawk Martin Weale – has managed to sound both hawkish and dovish in an interview with The Daily Telegraph. At the last MPC meeting Weale voted against the introduction of forward guidance. Here's what the analysts had to say then. Rob Wood, chief [...]
Before the open – 22/08 August 22, 2013 After the Federal Reserve's minutes failed to provide markets with any clarity, markets are expected to open lower this morning in Europe. That Fed update didn't give investors any clues, with Todd Schoenberger of LandColt Capital saying that "traders are angry and confused by today's release". Strong Chinese manufacturing is unlikely to provide enough of [...]
Regulator agrees redress of up to £1.3bn for mis-sold insurance products August 22, 2013 Regulator the Financial Conduct Authority (FCA) has reached an agreement with several firms to provide redress to consumers mis-sold Card Protection Plan's (CPP) Card Protection and Identity Protection policies. This follows the mis-selling of 23 million policies to seven million customers. Those customers will now receive a letter from CPP explaining the process with a [...]
WH Smith expects good performance despite weaker publishing schedule August 22, 2013 High street retailer WH Smith has announced that it is continuing "good performance" as it focuses on "gross margin gains and tight cost control" in order to improve performance (release). The firm noted that last year saw a "relatively strong publishing schedule in the second half", which they'll be wanting analysts to take into account [...]
Chinese manufacturing returns to growth amid slowdown fears August 22, 2013 Chinese manufacturing is growing again in August, according to a flash purchasing manager's index (PMI) release from HSBC. Rising from 47.7 to 50.1, Chinese order books are just managing to grow (any number above 50 implies growth in the sector), while defying economist estimates of a more modest improvement to 48.3. Despite this better data, [...]
