Euro zone manufacturing activity contracted less than initially thought in June but sharp differences between countries supported evidence from Asia and the United States that broad recovery would be slow. The Markit Eurozone Manufacturing Purchasing Managers Index for June rose to 42.6 from 40.7 in May, its highest since last September. But that was still
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British manufacturing activity fell at its slowest pace in more than a year as output rose for the first time in 15 months, a survey showed on Wednesday. The CIPS/Markit manufacturing purchasing managers' index rose to 47.0 last month from 45.4 in May — the highest since May 2008 and beating analysts' forecasts for a
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China's manufacturing sector extended a steady if unspectacular recovery in June, surveys released on Wednesday showed, adding to evidence across Asia that the regional economy is finally pulling out of a deep dive. "I believe the current recovery has been confirmed and can be sustained," Fan Gang, an economist who advises the central bank, told
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Robust commodity prices boosted energy and mining stocks which led a broad-based rally at the start of the third quarter, lifting Britain's top share index 1.4 percent higher early on Wednesday. Crude rose nearly 2 percent to above $71 per barrel fuelling a rise in heavyweight energy stocks, which added most points to the index.
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World stocks began the third quarter on an upbeat note on Wednesday with European and emerging market shares rising around 1 percent and oil climbing on hopes for a recovery in demand. New York crude was up 87 cents at $70.76 a barrel. Oil prices, which had tumbled from a record high of over $147
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Major automakers are expected to report the highest sales rate of 2009 when they post results for June, as deep discounts limit industry-wide results to a 30-percent decline. In the context of the U.S. auto industry, where sales have been slumping for four years, that would constitute good news and support the view sales are
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Asian stock markets struggled to gain ground on Wednesday as economic data showed the process of turnaround to recovery was likely to be a slow grind, and the dollar capitalised on that more cautious sentiment. Oil held above $70 a barrel after industry inventory data showed a bigger-than-expected fall in crude stocks, which helped pare
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British retailer Marks & Spencer reported a smaller-than-expected drop in first-quarter underlying sales on Wednesday and said consumer spending seemed to be stabilising, though it remained cautious on the outlook. The 125-year-old M&S, which sells clothes, homewares and food from over 600 stores in Britain and about 285 abroad, said sales at UK stores open
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Top Federal Reserve officials said on Tuesday the central bank should not rush to raise interest rates or remove other accommodative policies as soon as the U.S. economy climbs out of recession. In fact, given prospects for a very slow recovery marked by high unemployment, the Fed's key interest rate could stay near zero for
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Turkey has to implement fully the Additional Protocol to the Association Agreement in a non-discriminatory manner, Czech Foreign Minister Jan Kohout, whose country holds the rotating presidency of the EU, has said. Kohout was speaking during an intergovernmental accession conference with Turkey, during which the EU and Turkey agreed to open Chapter 16 on Taxation,
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