Fed’s Lockhart says US is losing its economic mojo September 23, 2013 The Fed's Dennis Lockhart has said that he sees indicators of "some slowing" in US payroll growth and that there is now evidence to contend that America is losing its "economic mojo". Lockhart believes that monetary policy can help promote recovery. He said that he backed the Fed's asset purchase program, and that the Fed [...]
Fed’s Dudley suggests taper won’t come for a long time yet September 23, 2013 Fed dove William Dudley has said that unemployment probably won't reach the Fed's 6.5 per cent threshold for a "considerable time". Using the word taper twice in his speech, Dudley said that policy makers must continue to act "forcefully" against economic headwinds while the economy fails to shows signs of "any meaningful pickup" in momentum. [...]
US manufacturing expansion slows in September September 23, 2013 Latest US manufacturing data shows the sector expanding slower than expected in September. A preliminary estimate from Markit shows the sector purchasing managers' index fall from 53.1 to 52.8 in September. Analysts had been forecasting a rise to 54. The employment sub index fell from 53.1 to 51.4, with new orders dropping from 55.7 to [...]
Chicago activity index stronger but revisions disappoint September 23, 2013 One of the better predictors of the US economy's fortunes has come in strong. The Chicago Fed national activity index is designed to gauge economic activity in the surrounding area. It rose from -0.43 (revised from -0.15) to 0.14 in August. So a nice number, much higher than expectations of a rise to 0.05, but [...]
Record week for equity funds as inflows hit £16.2bn September 23, 2013 Last week saw a record breaking £16.2bn flow into into equity funds. Funds in developed markets experienced the bulk of the inflow posting £15.4bn while funds in developing nations saw an inflow of £1bn, according to data from EPFR Global. The inflows were the largest ever recorded in the EPFR data set. The move into [...]
Before the open: Markets mixed following German elections and Bullard on taper September 23, 2013 Despite Angela Merkel's win in the German elections, European markets look set to open mixed this morning, following James Bullard's Friday comments on the Fed's decision not to taper. Share markets seen drifting, mainly lower, as #Merkel works to form new German government. Financial bookies: FTSE 100 -15, DAX +7, CAC40 -8 — Peter Hoskins [...]
Rating agency puts Royal Mail above its rivals September 22, 2013 ROYAL Mail has been given a better financial health rating than any other post or parcels companies in the world, boding well for the government’s planned flotation of the postal service in the coming weeks. Independent US rating company Rapid Ratings said that Royal Mail had “changed dramatically” in the past two years, ranking it [...]
Letters to the Editor – 23/09 – Future of gaming, Care robots, Best of Twitter September 22, 2013 Future of gaming [Re: Computer games have grown up – and they’re an economic powerhouse, Friday] This is an excellent article. While George Osborne goes on about the march of the makers, the gaming industry shows exactly what Britain can do if creativity is allowed to combine with technical and scientific know-how. I even think [...]
Stenson’s superb run rolls on to land FedEx Cup and £6.25m prize September 22, 2013 IN-FORM Henrik Stenson feels he is playing the best golf of his career after continuing his outstanding season yesterday with a wire-to-wire victory in the Tour Championship to land the FedEx Cup and $10m (£6.25m) prize. Stenson’s two under par round of 68 saw him win by three shots from American pair Jordan Spieth and [...]
Sorry, investors, but Ben Bernanke has got it totally wrong September 21, 2013 FOR the junkies in the markets, the shock news that the Fed’s monetary methadone will continue to flow freely was greeted with jubilation last night. Never mind that QE will only continue at this rate for another few months, and that the delay to tapering was caused by worsening economic growth forecasts, combined with fiscal [...]