Chicago boom looks good for US factories February 28, 2011 CHICAGO’S purchasing managers’ index (PMI) reached a 22-year high in February, surprising economists and boding well for today’s US-wide manufacturing results. The PMI hit 71.2 this month, driven upwards by growth in production and new orders, which reached their highest level – 75.9 – since 1983. All index scores above 50 indicate economic expansion. “This [...]
Eurozone inflation revised down but oil and food costs expected to weigh February 28, 2011 INFLATION in the Eurozone was revised down to an annual rate of 2.3 per cent in January, yesterday – surprising economists who had expected it to be held at the earlier estimate of 2.4 per cent. However, strong pressures from oil and food prices are expected to increase the harmonised index of consumer prices (HICP) [...]
Banks pull FTSE 100 down while resources make gains February 28, 2011 THE FTSE 100 share index fell slightly yesterday as disappointing results from HSBC and Associated British Foods outweighed strength from miners on optimism about the global economy. The blue-chip index ended 7.19 points, or 0.1 per cent lower, at 5,994.01, after it closed 1.4 per cent higher on Friday at 6,001.20, bouncing back after five [...]
US consumer spending slows as savings surge February 28, 2011 US consumer spending rose modestly in January as households took advantage of the largest increase in incomes in more than 18 months to rebuild savings, government data has shown. The Commerce Department said spending edged up 0.2 per cent, the smallest increase in seven months, after an upwardly revised 0.5 per cent rise in December. [...]
What the other papers say this morning February 28, 2011 FINANCIAL TIMES NORTHERN ROCK TO OFFER 90 PER CENT MORTGAGES Northern Rock is poised to launch a range of mortgages offering up to 90 per cent of a property’s value, marking the nationalised bank’s return to riskier lending three years after its collapse and government bail-out. The lossmaking lender could make the new high loan-to-value [...]
Chinese Premier Wen says fighting inflation is priority February 27, 2011 FIGHTING inflation is a priority for China and the government must ward off threats to social stability stemming from rapid price increases, Premier Wen Jiabao said yesterday. Wen’s comments ahead of China’s annual parliament session from 5 March showed the sensitivity among ruling Communist Party leaders to public grumbling about rising real estate and food [...]
Tesco targets Asda in new price scheme February 27, 2011 TESCO will today start a new supermarket price war by introducing £200m worth of reductions. The retailer plans to lower prices on more than 1,000 everyday products including bread, meat, vegetables and fruits, and medicines across all of its UK stores. The key target in Tesco’s latest promotion is rival Asda – owned by US supermarket giant [...]
The knock-on cost of pricey commodities February 27, 2011 Inflation is the word on everyone’s lips at the moment. RPI inflation – the measure that best reflects the true rise in the cost of living in the UK – is now at 5.1 per cent a year as producers raise prices to protect their profits. But even the biggest brand owners are struggling to [...]
Shoppers hit by soaring petrol price February 24, 2011 RETAIL sales growth slowed substantially this month, with consumers increasingly squeezed by surging petrol prices, weak wage growth and spiralling price inflation. Elevated oil prices, driven up in recent weeks by the crisis in the Middle East and surging Chinese demand, are set to drive petrol close to £1.40 a litre, some observers said. The [...]
High food prices to continue February 24, 2011 The US government yesterday warned that the world is to face extremely high food prices for a prolonged period despite efforts to reduce levels by planting more crops. It could take take several years to restore stocks of wheat, corn and soyabeans to comfortable levels, the US Department of Agriculture said, and until then farm-gate [...]