A lorry has broken down in Oxford Circus. It’s carrying this massive octopus June 3, 2014 We can't help but think that there will be some very confused commuters in London this morning. It appears to be made out of polysterene, but do take care folks, these creatures can run on their tentacles, and have nine brains. Oh, and good luck explaining how it made you late to the boss. Unsurprisingly, [...]
World Cup fever is setting in, but investors are getting out of Brazil. Here’s why June 3, 2014 With just over a week until things kick off in Brazil, the host country is no longer a favourite. While still firmly favoured by bookies, Brazil is looking less attractive investors, according to research firm Markit. They say that investors have withdrawn from Brazil exposed funds for nine of the last 12 months, with one [...]
Economists made two huge errors in a key US manufacturing survey June 2, 2014 A US manufacturing sector survey came in at an unexpectedly low level earlier. The ISM manufacturing index dropped from 54.9 in April to 53.2 for May, well below the 55.5 economists had been expecting. But analysts at Stone McCarthy Research Associates spotted a huge flaw with how adjustments to the survey data were made, which [...]
German inflation softens enough that it could force ECB’s hand June 2, 2014 German inflation has softened in May, according to a preliminary estimate. Annual CPI has dropped from 1.3 per cent to 0.9 per cent, below analyst expectations of a drop to 1.1 per cent. It's a number with a lot of significance right now – along with Italy and Spain's inflation release, it makes up more [...]
Mortgage approvals fall to July 2013 low June 2, 2014 Mortgages have seen another fall, dropping to 62,918 in April, from 66,563 in March, according to new figures from the Bank of England. That compares with an average of 70,132 over the previous six months. We had a good idea that we'd see that third monthly decline today. Timelier measures from the BBA saw mortgage [...]
Manufacturing sector production increases for fifteenth month June 2, 2014 Growth in UK factory activity remains incredibly strong in the UK, according to the latest survey data from Markit. Their purchasing managers' index softened a touch, from 57.3 last month to 57 in May, right in line with analyst expectations. Any number above 50 implies expansion. Rob Dobson, senior economist at Markit, said that "the [...]
France’s factory output is falling again June 2, 2014 The French economy remains stuck in a rut. Its manufacturing sector has started shrinking again, according to new survey data compiled by Markit. Their purchasing managers' index figures for the sector show a fall from 51.2 to 49.6 in May. Any number below 50 implies a contraction in activity. Analysts had expected a worse result [...]
How simple rules can help avoid Piketty-style spreadsheet mistakes May 23, 2014 Economist Thomas Piketty has come under attack today. And this time it's not for his ideas, but the quality of his spreadsheets. The Financial Times' Chris Giles has gone through the data published by the French economist, and found a range of errors. When corrected for, the picture of wealth inequality painted by Piketty changes, [...]
Video: London’s Shard struck by lightning May 22, 2014 Earlier this afternoon London's iconic Shard building was hit by lightning. According to a YouGov poll, 57 per cent of Londoners think it's changed the capital's skyline for the better. The 87-storey scraper has been given the seal of approval at one of the construction industry's top awards, voted the world's best. It's at least [...]
Janet Yellen won’t be pleased with this month’s US home sales May 22, 2014 Data from the National Association of Realtors shows existing home sales up from 4.59m to 4.65m in April, with the change in existing home sales up by 1.3 per cent. Analysts at Investec said in a preview that these figures "are likely to take on additional significance this week following Janet Yellen’s comments regarding housing [...]
