UK knocked off top spot: Germany is now Europe’s fastest growing economy May 22, 2014 Germany's economy is growing faster than the UK's economy, although not by a lot. For a while, it looked like the race between the UK and Germany was neck-and-neck in the first three months of 2014. But new figures, published by the Office for National Statistics today, show Germany is edging ahead. German growth data [...]
France’s private sector has started to shrink again May 22, 2014 Fresh business surveys released today suggest that France's recovery remains on shaky ground. Purchasing managers' index (PMI) data for May, compiled by Markit, shows business activity in both France's manufacturing and services sectors has fallen into contractionary territory, as the headline output reading dropped from 50.6 to a three month low of 49.3. Any number [...]
Second GDP estimate sees UK growth confirmed at 0.8pc as business investment leaps May 22, 2014 A second estimate of first quarter GDP growth confirms that UK GDP grew at 0.8 per cent in the first three months of this year. The Office for National Statistics' first estimate of growth was based entirely on the output side of the economy. This second release incorporates what’s going on on the expenditure side. [...]
City IPOs: One falls down, four rise to take its place May 22, 2014 Investors keen to be involved in the IPO of clothing chain Fat Face were disappointed last night by news that its float was to be pulled. A regulatory filing submitted this morning shows that "despite a strong level of interaction with and interest from institutional investors, the company and its majority shareholder have decided to [...]
What today’s Court of Appeal ruling means for FCA prosecutions May 21, 2014 Today's ruling in the UK's Court of Appeal has overturned the decision of a lower court to effectively halt a fraud prosecution pursued by the Financial Conduct Authority (FCA). The regulator has applauded the ruling, stating that it "is committed to pursuing criminal action in appropriate cases" and is "pleased that this case can now [...]
One of AstraZeneca’s biggest shareholders says the Pfizer dismissal was too hasty May 21, 2014 Another unhappy AstraZeneca shareholder. Jim Stride, director and head of UK equities at AXA Investment Managers UK, has called for AstraZeneca's board to put the Pfizer bid to shareholders. AXA is one of the biggest holders of AstraZeneca stock. Full statement: AXA Investment Managers UK (AXA IM UK), acting in accordance with its fiduciary duty [...]
BoE minutes reveal rate hike debates at Threadneedle Street May 21, 2014 The minutes of the Monetary Policy Committee's meeting of 7-8 May reveal that its members voted 9-0 for no change in policy, electing to hold interest rates at their historic lows and maintaining QE at £375bn. Analysts had widely expected to see that the MPC had showed unanimity for unchanged policy at its latest meeting. [...]
Retail sales rebound to fastest growth in a decade on strong Easter shopping May 21, 2014 Retail sales growth has shot up on the back of strong Easter trading. According to official estimates, retail sales were 6.9 per cent higher in the year to April, up from last's month reading of 4.2 per cent growth. That's the strongest growth in sales seen since almost 10 years ago, in May 2004. Consensus [...]
BoAML: Stocks likely to “rally hard” if war commences May 20, 2014 The chance of war this May is a signal to buy stocks, according to Bank of America Merrill Lynch. Stocks have historically declined in the run-up to war, but then "rally hard once war commences". Michael Hartnett, chief investment strategist at BoAML, points to World War II stock movements to make his point. The chart [...]
FTSE 100 to be free of all-male boards by the end of 2014 May 20, 2014 Responding to shareholder pressure at its annual general meeting today, Glencore Xstrata chairman Tony Hayward has pledged to appoint a female director to its board by the end of the year. In March this year, the 2014 Cranfield Female FTSE board report found that two FTSE 100 companies still had all-male boards: miners Antofagasta and [...]
