Italian manufacturing sector starts to expand for first time in two years August 1, 2013 The Italian manufacturing sector is back to expansion for the first time in two years, according to Markit's purchasing manager's index (PMI). PMI rose from 49.1 to 50.4, edging into expansionary territory (any number above 50 implies expansion). Analysts had expected a rise to 49.8.
Spanish prime minister says that corruption claims jeopardise recovery August 1, 2013 Spanish prime minister Mariano Rajoy has said that Spain is about to exit recession, and that those making corruption claims jeopardise recovery. Rajoy has said that those talking about corruption are damaging Spain and its reputation, not those who are alleged to be corrupt. After the Barcenas scandal, Rajoy said that he "made a mistake [...]
Spanish manufacturing slips back into decline August 1, 2013 Spanish manufacturing has slipped back into decline in July, as Markit's purchasing manager's index (PMI) drops from 50 to 49.8. Any number below 50 would imply that the sector is contracting. Analysts had expected the sector to expand in July, forecasting a PMI of 50.6.
Obama gives “full-throated defense” of Fed candidate Summers July 31, 2013 President Barack Obama has given a full defense of Lawrence Summers, according to House Democrats. Summers is tipped as a hot candidate to replace Ben Bernanke as chairman of the Federal Reserve when he departs. Representatives Gerry Connolly and Brad Sherman have said that Obama believed that Summers has been "unfairly criticised". While Obama is [...]
US data misses out on hat-trick as new orders stumble July 31, 2013 US data has just missed out on going three-for-three as the Chicago purchasing manager's index has missed, rising from 51.6 to just 52.3. That's the fourth miss of the last five prints. The headline number was leaked just before it was expected to be printed at 14.45. New ordesrs are down from 54.6 to 53.9, [...]
Rumours of Twitter float as Facebook trades close to IPO price July 31, 2013 Despite founder Jack Dorsey's protestations – many don't believe a Twitter float will be avoided for much longer. As Facebook's stock has seen a revival, speculation that we may see an IPO as early as this year is back. Floating at $38, Facebook has been considered a bit of an underperformer, but it's now come [...]
US not seeing slowdown, but acceleration as growth picks up in second quarter July 31, 2013 US GDP has come in at 1.7 per cent in the second quarter, well ahead of economist forecasts, with a consensus prediction of 1.2 per cent growth. That news has driven up the dollar against the pound (note that this is the second spike after good private sector job creation numbers 15 minutes before): GDP [...]
US private sector job creation suggests Friday’s unemployment number could be better than expected July 31, 2013 Private sector job creation totalled 200,000 in July, according to ADP employer services. That's up from 198,000 jobs created last month (revised from 188,000). Analysts had forecast job creation of 182,000 in July. Things are less spectacular for the manufacturing sector, which sees jobs down by 5,000. That's the sector's third drop in the last [...]
Draghi’s calls for publication of ECB minutes could help us unravel what’s going on July 31, 2013 European Central Bank (ECB) president Mario Draghi has told German newspaper that he wants to publish ECB minutes. A rough translation of his comments: "I consider this a necessary next step, therefore the ECB Executive Board to the Governing Council is a proposal. submit for discussion and decision, "he told the Süddeutsche Zeitung. (Süddeutsche Zeitung) [...]
US mortgage applications decline accelerates to two year low July 31, 2013 US mortgage applications have fallen 3.7 per cent in the week ended 26 July, from a 1.2 per cent fall the week before. That's a two year low for the mortgage applications index. The Mortgage Bankers Association purchase index fell by 3.4 per cent.
