UK inflation falls from four-year high in June

  • 18/07/2017 08:55 AM
  • Ahmed Mamdouh
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U.K. consumer prices reported the first fall since last October, causing the British pound to fall sharply erasing all earlier gains.The consumer price index for the ended June eased to 2.6 percent from a four-year high of 2.9 percent in May, while analysts predicted the rate to remain at 2.9 percent.The Office of National Statistics attributed the fall the deceleration in CPI to the fall in...

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Euro area CPI inflation confirms 1.3% rise

  • 17/07/2017 09:16 AM
  • Ahmed Mamdouh
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Euro area inflation confirmed a 1.3 percent annual rise in June, according to the final consumer price index reading released on Monday. Consumer prices soared 1.3 percent in the year ended June, unchanged from the flash reading, matching analysts’ projections. The CPI eased from 1.4 percent increase in May. The core reading, excluding items like oil and foodstuff, surged 1.1 percent, unchan...

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Germany exports report fifth monthly rise

  • 10/07/2017 07:49 AM
  • Ahmed Mamdouh
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Germany’s exports resumed rise for a fifth straight month in May, helping Europe’s biggest economy to report a widening trade surplus.Overseas sales increased 1.4 percent in May, surpassing a 1.2 percent surge in imports, resulting in a trade surplus of 20.3 billion euros, compared to a revised surplus of 19.7 billion euros in April. The year-on-year reading showed that exports edged up 14.1...

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UK manufacturing production slumps, trade deficit widens

  • 07/07/2017 09:17 AM
  • Ahmed Mamdouh
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U.K. manufacturing production unexpectedly dropped in May, raising concerns about the pace of growth in the second quarter. Manufacturing production slumped 0.2 from April, missing forecasts of 0.5 percent increase, and industrial production edged down 0.1 percent in May, following a 0.2 percent surge in April. “Transport equipment provided the largest downward contribution, falling by 2.3%; w...

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Euro area business activity slows in June, yet remains strong

  • 05/07/2017 08:24 AM
  • Ahmed Mamdouh
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Euro area business activity slowed in June, yet remained strong on the quarterly basis, the final Composite Purchasing Managers’ Index showed on Wednesday. The Composite PMI, combining manufacturing and services activities, retreated to 56.3 in June from 56.8 in May, yet the private sector reported the best quarter since 2011. The services gauge slipped to 55.4 last month from 56.3 a month ea...

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China’s Caixin services PMI slides from three-month high

  • 05/07/2017 07:50 AM
  • Ahmed Mamdouh
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China’s Caixin services Purchasing Managers’ Index retreated from the highest level in three months in June on drop in new order volumes, raising concerns the downward economic trend remains enact.  The private services gauge eased expansion to 51.6 last month from 52.8 in May, coming below analysts’ forecasts of 52.9. May’s reading was the highest in three months, while June’s reading is se...

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UK construction sector’s expansion eases in June

  • 04/07/2017 08:44 AM
  • Ahmed Mamdouh
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U.K. construction sector’s expansion eased last month, raising doubts whether the growth would accelerate in the second quarter. Construction Purchasing Managers’ Index scored 54.8 in June, down from an 18-month high of 56.0 in May. Analysts had predicted a retreat to 55.0. “Survey respondents commented on renewed caution among clients, in response to heightened political and economic uncert...

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US manufacturing widens expansion in June

  • 03/07/2017 14:10 PM
  • Ahmed Mamdouh
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U.S. manufacturing sector showed a widening expansion last month, as the ISM manufacturing Purchasing Mangers’ Index (PMI) posted 57.8, the highest record in nearly three years, from 54.9 in May, while analysts had predicted a reading of 55.0.The final manufacturing PMI released today came in at 52.0, below both preliminary and expected readings of 52.1. As of 14:07 GMT, the dollar tr...

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UK manufacturing PMI falls to three-year low

  • 03/07/2017 08:54 AM
  • Ahmed Mamdouh
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The manufacturing sector in the United Kingdom witnessed a slowdown in June, falling to the lowest level in three years, on ease in expansion in production and new orders.Manufacturing Purchasing Managers’ Index retreated to 54.3 in June from a revised of 56.3 in May, while analysts had predicted a rise to 56.4.However, over the second quarter, factory growth is still the strongest since 2014...

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US personal spending gains slightly, inflation decelerates

  • 30/06/2017 13:04 PM
  • Ahmed Mamdouh
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Data released on Friday signaled a slight gain in U.S. personal spending in May, while inflation decelerated, raising questions about the Fed’s pledge to hike rates and withdraw stimulus.Personal spending rose a meagre 0.1 percent in May, matching forecasts, compared to a 0.4 percent soar in April. Personal income for the same period surged 0.4 percent, following a revised 0.3 percent gain i...

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Canada expands 0.2% in April

  • 30/06/2017 12:48 PM
  • Ahmed Mamdouh
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The Canadian economy expanded 0.2 percent in the month of April, moving in line with median expectations, easing from 0.5 percent growth in March.Canada reported the strongest first-quarter growth figures among the G7 economies, with a rampant expansion pace of 0.9 percent. However, the weak start of the second quarter may point to a slowdown in the three months through June. The...

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Euro area inflation slows in June

  • 30/06/2017 09:40 AM
  • Ahmed Mamdouh
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Euro-area inflation slowed less than forecast in June on drop in unprocessed food and energy prices, the flash consumer price index data showed Friday. CPI rose 1.3 percent in the year ended June, down from 1.4 percent in May, coming above analysts’ forecasts of 1.2 percent. However, core CPI, which excludes volatile items such as energy, showed 1.1 percent rise, compared to both prior and p...

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UK confirms slowest growth pace among G7

  • 30/06/2017 09:24 AM
  • Ahmed Mamdouh
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U.K. first-quarter growth confirmed the slowest pace among G7 economies, according to the final gross domestic product data. Economic growth in Britain eased to 0.2 percent in the first three months this year, following a 0.7 percent expansion in the last quarter of 2016. That’s the slowest among G7 economies.“Growth was driven by business services and construction, partially offset by decli...

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US first quarter growth revised up

  • 29/06/2017 12:42 PM
  • Ahmed Mamdouh
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U.S. first-quarter growth was revised up, the final gross domestic product reading released on Thursday showed, while jobless claims unexpectedly rose last week.The world’s biggest economy expanded an annualized 1.4 percent in the three months through March, up from a preliminary and predicted readings of 1.2 percent growth. Yet, compared with the same quarter last year, growth slowed down fr...

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Haldane: BOE should consider raising rates

  • 29/06/2017 12:32 PM
  • Ahmed Mamdouh
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Bank of England MPC member and chief economist Andy Haldane said on Thursday the central bank should seriously consider the decision to raise interest rates, which would enable the BOE to take control of rising inflation risks.While the current inflation rates are not worrying, the central bank must intervene in advance to prevent any development in inflation risks.Haldane said last week tha...

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German consumer sentiment hits highest level since 2001

  • 29/06/2017 08:05 AM
  • Ahmed Mamdouh
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German consumer sentiment hit the highest level in 16 years going into July on higher income and economic expectations, a report by the GfK institute released on Thursday showed. The consumer climate index rose to 10.6 heading into July, the highest level since October 2001, up from 10.4 in June.Meanwhile, consumers have higher expectations for income, amid the current brilliant labor market...

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Oil rises after unexpected drop in US crude inventories

  • 28/06/2017 14:47 PM
  • Ahmed Mamdouh
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Oil prices soared on Wednesday after the release of a report showing an unexpected drop in U.S. crude stockpiles last week.  The Energy Information Administration (EIA) report signaled a drop by 0.8 million barrels in U.S. crude inventories in the week ended June 23, following a 1.7-million-barrel decrease a week earlier. Analyst had predicted a rise by 0.9 million barrels. U.S. crude stocks...

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BOE Cunliffe: It’s not time to hike rates

  • 28/06/2017 08:24 AM
  • Ahmed Mamdouh
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Bank of England Deputy Governor Jon Cunliffe said it is not yet the best time to raise interest rates as simply there is simply not enough pressure to justify a rate hike. “[Consumer spending] is slowing as households’ real incomes are squeezed by higher inflation, we expect some of that slowing to be offset by growth in business investment, growth in exports. And I want to see how that plays...

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US consumer confidence unexpectedly rise

  • 27/06/2017 14:32 PM
  • Ahmed Mamdouh
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Data released on Tuesday showed that U.S. consumer confidence unexpectedly edged up in June on positive assessment to business conditions and the labor market.Conference Board’s Consumer Confidence Index Consumer scored 118.9 in June from a revised of 117.6 in May, compared to forecasts of 116.1.However, consumers’ expectations for the next six months dipped to 100.6 in June from 102.3 in May....

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EU charges Google record fine for anti-competitive practices

  • 27/06/2017 13:07 PM
  • Ahmed Mamdouh
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Google has been charged a fine worth 2.42 billion euros by the European Commission on accusations of using the search engine’s dominance to enhance its own shopping service. Given the fact that Google is the key search engine in the EU, the company has been accused of promoting its shopping service at the top of the search results, resulting in damages for businesses and persons.The huge fi...

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