Eurozone PMI in graphs: Spain and Ireland report strong services growth, while France and Italy lag behind September 3, 2014 More economic problems for France and Italy. Both countries slipped in to contractionary territory in the Markit PMI stakes, recording composite (manufacturing and services) scores below the 50 point that indicates growth. The Eurozone overall posted at 52.5, revised down from 52.8. BNP Paribas has suggested that the downward revision points to mid-month events affecting [...]
Growth in UK services is accelerating – so what does this mean for interest rates? September 3, 2014 Could this be the news the hawks have been waiting for? Markit/CIPS PMI data out today shows an acceleration in growth in the services industry which, when combined with the two previous surveys, suggests August saw the fastest economic growth since last November. Adjusting for seasonal factors, the Business Activity Index stood at [...]
2018 World Cup: EU countries consider boycott September 3, 2014 The EU is considering a boycott of the 2018 Russia World Cup as a future sanction against the country's role in the Ukraine crisis. Sporting sanctions will not form part of the European Commission's debate about further action against Rusia today, which is expected to announce a ban on the purchase of Russian government bonds. [...]
FTSE at its highest in 14 years as Ukraine agrees “permanent ceasefire” with Russia September 3, 2014 Markets reacted with relief this morning after Ukrainian president Petro Poroshenko tweeted that the country had agreed a "permanent ceasefire" with Russia. The FTSE 100 rose 1 per cent to 6,897 – its highest in 14 years – while the euro jumped 0.12 per cent, to 1.31 dollars. Investors also piled back into Russian equities, [...]
Price of gold falls on stronger dollar as palladium slips from 13-year high September 2, 2014 The price of commodities, including gold, silver and palladium, fell yesterday, as a strengthening US dollar hit investor demand for the precious metals that had heightened on the escalation in the conflict between Russia and Ukraine. As the dollar strengthened on better manufacturing data and the prospect of an end to stimulus, gold slipped to [...]
Space race take two? Putin speeds up building of Russian spaceport September 2, 2014 Russia has upped its game in the race to become a space superpower. Today, President Vladimir Putin announced that he was hastening Russia's efforts to build a multi-billion dollar spaceport in the East of the country. Since the collapse of the Soviet Union in 1991, Russia has relied on the Baikonur cosmodrome in [...]
Ukraine will need a much bigger bailout to stabilise economy, IMF says September 2, 2014 As the crisis in the east of Ukraine continues to harm the nation's economy, The International Monetary Fund (IMF) has warned that a much bigger international bailout will be needed than was originally planned. In a review of the already agreed $16.7bn standby facility, the fund described the figure as being built on “totally [...]
Europe mulls economic sanctions on Russia as Nato builds forces September 1, 2014 Europe is understood to be considering further economic sanctions on Russia, including banning the purchase of Russian government bonds, as fighting in Ukraine continues. The news came as Nato detailed plans to create a 4,000 strong high-readiness force which could be deployed to eastern Europe to protect member states from Russian aggression. The proposal is [...]
Growth slips to lowest in a year for UK factories September 1, 2014 BRITISH manufacturers reported the slowest growth in more than a year for August, hinting at a slowdown for the UK’s economic recovery in the second half of the year. Markit and the Chartered Institute of Purchasing & Supply’s purchasing managers’ index fell to just 52.5, the firms said yesterday. Although the figure is above the [...]
Europe Report: Europe gains on drug find September 1, 2014 EUROPEAN shares edged higher to close near a recent one-month peak yesterday, with Novartis leading drugmakers. Novartis, up 4.3 per cent, was the top gainer on the FTSEurofirst 300 index on news a new medicine from the company could replace drugs that have been central to treating heart disease for 25 years. The FTSEurofirst 300 [...]