Economic News

LONDON (Reuters) - Manufacturing growth slowed more than expected in August to its weakest rate in five months as export orders fell in a sign that the pound's strength is starting to hurt, a survey showed on Friday. The Chartered Institute of Purchasing and Supply/RBS Purchasing Managers' Index (PMI), which measures activity in the manufacturing sector, slipped to 53.1 last month from a downwardly revised 53.6 in July. That was still above the 50.0 mark that divides expansion from contraction ...

LONDON (AFX) - UK blue chips opened higher assisted by strength in commodity prices helping to cheer the mining sector, with the market preparing itself to digest key jobs data from across the Atlantic due later today, dealers said. At 8.19 am the FTSE 100 index was 16.2 points firmer at 5,922.3 with the wider market also in the black. Wall Street ended an aimless session marginally lower overni ...

By Anshuman Daga LONDON (Reuters) - F&C Asset Management on Thursday moved to a "tactical" underweight position on equities for the first time in more than three years. "Three years of equity gains have been driven by improving corporate fundamentals. That appears close to an end," Paul Niven, head of asset allocation at F&C, said in a note. "We expect a re-emergence of growth concerns in the near term and markets appear overly bullish at present, with deteriorating dynamics," he said. F&C m ...

TOKYO (XFN-ASIA) - The US dollar was mixed against rival currencies as caution reigned ahead of the release tonight of US nonfarm payroll data for August, dealers said. The latest jobs data are expected to provide investors fresh clues on whether the US economy has slowed enough to ward off further interest rate hikes or whether the Federal Reserve's 17 straight increases since 2004 might have ti ...

SINGAPORE (XFN-ASIA) - High oil prices, a slowing US economy and financial market volatility are the key risks to Asia's robust economic growth, International Monetary Fund managing director Rodrigo Rato said. Oil prices are unlikely to fall back dramatically, he said, urging countries to learn to cope with soaring fuel costs. "Asian growth prospects continue to remain bright," Rato sa ...

SYDNEY (XFN-ASIA) - The US dollar was little changed against the yen and euro here as traders await key non-farm payrolls data for August as well as a raft of other US economic data, dealers said. At 10:26 am Sydney time, (0026 GMT), the US dollar was at 117.42 yen, up from 117.38 yen in late New York trade while the euro was at 1.2810 usd, down from 1.2814 usd. Dealers said the market consensus ...

WASHINGTON (AFX) - Consumers increased their spending in July by the largest amount in six months and the back-to-school shopping season got off to a strong start in August, boosting hopes that the economy will not stumble into a recession this year. The Commerce Department reported that July consumer spending rose by a healthy 0.8 percent, double the 0.4 percent gain in June, reflecting a re ...

WASHINGTON (AFX) - Consumers increased their spending in July by the largest amount in six months and the back-to-school shopping season got off to a strong start in August, boosting hopes that the economy will not stumble into a recession this year. The Commerce Department reported that July consumer spending rose by a healthy 0.8 percent, double the 0.4 percent gain in June, reflecting a re ...

WASHINGTON (Dow Jones) -- Hiring in the United States probably picked up a little in August after four months of fairly tepid job growth, economists say. The Labor Department will report on nonfarm payroll growth for August on Friday at 8:30 a.m. Economists are looking for a net gain of 129,000 jobs in August after 113,000 in July, according to a survey of economists conducted by MarketWatch.  ...

NEW YORK (AFX) - The dollar rose against the euro and yen Thursday after Washington released generally upbeat data and the European Central Bank hinted at an upcoming interest rate hike. The euro bought $1.2806 in afternoon New York trading, down from $1.2829 in New York late Wednesday. The dollar also strengthened against the Japanese currency, climbing to 117.33 yen from 117.13. The British po ...