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Ориентированный на ценные бумаги банков и инвестиционных компаний биржевой фонд Financial Select Sector SPDR, владеющий акциями JPMorgan Chase, Berkshire Hathaway и Wells Fargo, зафиксировал самый большой отток средств с 2009 года. mt5.com »
The ongoing strength of the British private sector, as indicated by the latest purchasing managers' surveys, points to a sharp pick-up in GDP growth in the third quarter, Capital Economics Chief UK Economist Vicky Redwood said Thursday.
Capital Economics forecasts that economic growth in the third quarter would comfortably match or exceeded the 0.7 percent growth recorded in the second quarter.
However, muted employment growth and subdued price pressures, as evidenced by the PMI surveys, suggest that the strong economic growth is unlikely to translate into a rapid fall in the unemployment rate, a pick-up in price pressures, or a near-term rise in official interest rates, the firm said.
According to Redwood, while retail sales and industrial production look set to beat the growth seen in the second quarter, the sharp widening of the trade deficit in July suggests that net trade will struggle to contribute to growth as it did in the June quarter.
Further, data from the three PMI surveys, comprising manufacturing, construction and services, suggest that the fourth quarter is starting on a strong note too, the economist said.
Survey data compiled by Markit Economics today showed that the purchasing managers' index for the UK service sector stayed well above the neutral mark in September, signaling stable growth momentum in the sector. At 60.3, the index was little changed from August's reading of 60.5.
The movement of the index over the third quarter as a whole shows that services output increased at a faster rate of 1.5 percent than 0.6 percent in the second quarter.
Germany's industrial production recovered at a faster-than-expected pace in June, suggesting that the sector has likely emerged from a recent phase of lackluster activity. The strong pick up shows that the economic recovery that started in the beginning of the year has gathered momentum.
Production at German factories increased a seasonally adjusted 2.4 percent month-on-month in June, more than offsetting the previous month's revised 0.8 percent decrease, a report from the Federal Ministry of Economics and Technology showed Wednesday. Economists had forecast output to rise 0.3 percent, following May's originally recorded 1 percent fall.
Among industrial sub-sectors, output of capital goods climbed 4.1 percent and consumer goods production advanced 1.1 percent, contributing significantly to the overall upturn in activity. The intermediate goods sector recorded a 0.6 percent gain.
Production, excluding the construction sector, rose 2.2 percent sequentially during the month. Construction output rose 1.6 percent, and energy production was higher by 5 percent than in May.
Compared to June 2012, industrial production advanced a working-day adjusted 2 percent, after recording a 1.2 percent decrease in May, which was revised down from a 1 percent contraction. Production was forecast to fall 0.3 percent year-on-year.
During the May-June period, industrial output moved up 1.3 percent from preceding two months ended April. There was a 0.5 percent year-on-year growth in output during the period.
According to the report, that sentiment indicators for the German industrial sector suggest that the current positive trend in production will continue in the coming months.
Today's outcome corroborates the government data, which came out yesterday, showing that new orders in the German manufacturing sector grew at the fastest pace in eight months in June, driven mainly by strong demand for big-ticket items.
In a sign that German factory sector has overcome its weakness, a recent survey compiled by Markit Economics showed that the manufacturing purchasing managers' index climbed to an 18-month high in July, supported by rising volumes of new work and higher production levels.
Reinforcing the upbeat outlook for the German industrial sector, survey data released by the Ifo Institute last month revealed that confidence among entrepreneurs rose for a third consecutive month in July.
The recent improvement in Germany's job market is also reflective of the upturn in industrial activity. In June, a statement from the Federal labor agency showed that the number of unemployed in the country declined for a second consecutive month in July.
The Bundesbank last month said it expects Germany's economic growth to weaken in the third quarter, following the second quarter's recovery. Earlier, the bank had lowered its growth outlook for this year to 0.3 percent from 0.4 percent. The economy is seen growing 1.5 percent in 2014.
ISM REPORT ON U.S. NON-MANUFACTURING SECTOR SHOWS PMI AT 56.0 IN JULY (CONSENSUS 53.0) VS 52.2 IN JUNE news.instaforex.com »
MARKIT U.S. MANUFACTURING SECTOR FLASH PMI EMPLOYMENT INDEX LOWEST SINCE JANUARY 2010 news.instaforex.com »
German private sector contracted at the fastest pace in six months in April, ending a four-month period of expansion, preliminary results of a survey by Markit Economics showed Tuesday.
The flash composite output index, that gauges activity in both manufacturing and services, fell to 48.8 in April from 50.6 in March. Readings above 50 indicate expansion of the sector while readings below 50 suggest contraction.
The manufacturing purchasing managers' index fell to a four-month low of 47.9 from 49 in March, suggesting further worsening of operating conditions across the factory sector. The manufacturing output index fell to a four-month low of 47.9 from 50 in March.
The services activity index fell to a six-month low of 49.2 in April from 50.9 in March.
Lower levels of private sector business activity reflected a decrease in new order volumes for the second successive month during April, Markit said.
The overall pace of contraction in new orders was the steepest since October 2012, largely driven by a marked decrease in new work received by service providers. Manufacturing new orders dropped at the fastest pace so far this year, the survey report said.
The Irish economy has stabilized in the second half of last year and is set to grow at a faster pace in 2013, marking the third successive year of reasonably solid growth, the Irish Business and Employers Confederation (IBEC) said Monday.
The IBEC, in its latest quarterly outlook, said that 2013 would mark a turning point for the Irish economy, with GDP growing 1.8 percent on the back of strong domestic demand and exports. The recovery is expected to gain further momentum in 2014.
"Although many Irish households continue to grapple with debt and unemployment, there is growing evidence that 2013 could be a turning point for the domestic economy," IBEC Chief Economist Fergal O'Brien said.
The estimated growth for this year represents an improvement from the 1.2 percent expansion projected for last year, which was supported by another record performance by the export sector. Ireland is the second fastest growing Eurozone economy in 2012.
Driving the recovery, private sector employment improved significantly in the third quarter of last year, and retail sales finished the year on a positive note. At the same time, the housing sector has seen prices stabilizing and housing transactions and new mortgage activity increasing, IBEC said.
The employers' group predicted that Ireland is set to record an annual inflation rate of 1.5 percent this year, which will move up to less than 2 percent in 2014.
At the same time, unemployment is forecast to stabilize and to remain high for some time, while private sector employment will start recovering with a modest growth of 0.4 percent in 2013.
"Exports continue to perform strongly, despite difficult trading conditions. Importantly, we're seeing more businesses successfully making the transition from domestic sales to exports, and progress continues in developing new markets," O'Brien added.
French service sector contracted at a faster pace in December, detailed results of the survey by Markit Economics showed Friday. The services activity index fell to 45. news.instaforex.com »
