Leading private bank: Don’t panic about Brexit despite warnings over the economy, the pound, and a leap into uncertainty March 1, 2016 A top private bank has told investors not to panic over the possibility of Britain leaving the European Union, despite warnings from UBS that sterling could fall to parity with the euro if UK voters decide to quit the EU. In a special report, Kleinwort Benson said while a so-called Brexit “presents a lot of uncertainty”, [...]
Eurozone manufacturing growth drops to year-low – Markit PMI March 1, 2016 An indicator of manufacturing growth in the Eurozone hit a year-low in February, according to figures released this morning. Markit's manufacturing purchasing managers' index (PMI) dipped to a score of 51.2 from January's 52.3. While it is above the 50 no-growth mark, it suggests growth slowed from January. Production, new orders, new export business and hiring all lost momentum. [...]
Eurozone January unemployment falls to lowest level since August 2011 March 1, 2016 Eurozone unemployment fell for the third month in a row in January, slipping to its lowest level since August 2011. Data released today by Eurostat showed the single currency area's unemployment rate fell to 10.3 per cent in January from 10.4 per cent a month earlier. This beat economists' expectations, with the majority expecting it [...]
UK manufacturing growth slumps to lowest pace since 2013 – Markit PMI March 1, 2016 A gauge of the manufacturing sector's growth dropped to a 34-month low this morning. Markit's manufacturing purchasing managers' index – compiled from a survey of businesses – fell to a score of 50.8 for February. It is only slightly above the 50 mark that implies there was no growth on the previous month. Output growth eased sharply while the [...]
Advertised job openings cool off as retailers and factories cut back March 1, 2016 Growth in the number of new job vacancies slowed in January. Available job openings rose 13.3 per cent from the same month last year, according to the data published by jobs site Adzuna this morning. Yearly vacancy growth was above 20 per cent in every month last year. The slowdown was due to a sharper-than-usual [...]
Economy shrugs off market jitters to keep up steady growth March 1, 2016 The UK’s economic growth held up in February in the wake of stock market turmoil and global growth concerns. New survey data published this morning by the Confederation of British Industry (CBI) suggests growth picked up in the three months to February compared with the three months to January. The percentage of firms that said [...]
UK household spending growth slows for fourth month in a row in January, Asda income tracker shows March 1, 2016 UK households enjoyed a double digit rise in their weekly spending power in January, despite growth slowing for the fourth month in a row. Asda’s latest income tracker released today shows that consumers were £12 – or 6.7 per cent – better off in January compared with the same time last year, taking their average [...]
Argentina makes $4.65bn deal with holdout creditors pathing the way for return to international capital markets February 29, 2016 Argentina has finally come to an agreement in principal with a group of holdout creditors to end a 15-year legal fight over defaulted debt. The country will pay the group $4.65bn, which is close to 75 per cent of the full judgements, including the principal and interest, according to Bloomberg. The agreement is expected to clear [...]
Saudi Arabia pushes oil price higher as it promises to stabilise the market February 29, 2016 The oil price was been pushed higher this afternoon after de facto Opec leader Saudi Arabia vowed it will try to limit volatility as it tries to stabilise the market. Oil investors are closely watching for any sign that Saudi may be weakening its previous commitment not to cut output even as it tries to broker a [...]
People’s Bank of China cuts reserve requirement for fifth time in 12 months February 29, 2016 China has cut the amount of cash it requires banks to hold in reserve, the country's central bank announced today. The People's Bank of China (PBOC) cut the reserve ratio by 0.5 per cent in order to "maintain adequate liquidity" and ensure steady growth in money and credit. The move will take effect from tomorrow. The reserve [...]
