Week 9 2017

Week 9 2017

27 February – 03 March

 

27 February

 

Orders for long-lasting US goods climbed in January, but a closely-watched gauge of capital spending by American businesses slipped, according to data released on Monday.

 

Israel’s currency has hit its strongest level in more than two years after the country’s central bank held interest rates as expected but warned again that the strong shekel was weighing on exports.

 

The FTSE 100 housebuilder Persimmon increased pre-tax profit by almost a quarter in 2016 as rising sales and margins were underpinned by the government’s Help to Buy scheme for homebuyers.

 

Foreigners buying bonds onshore in China can now hedge the currency risk of doing so in a step forward for China’s efforts to attract international investment in its booming debt markets.

 

28 February

 

India said its economy remained on track in the final quarter of last year, despite the impact of Prime Minister Narendra Modi’s decision to ban most of the country’s circulating cash.

 

The US economy closed out 2016 with steady, albeit unspectacular growth, according to a revised report. The gross domestic product, the country’s total output of goods and services, grew at an annualised pace of 1.9 per cent during the fourth quarter, the Commerce Department reported on Tuesday. That is unchanged from a previous reading.

 

Shares in VietJet, the fast-growing Vietnamese low-cost airline, jumped one-fifth on their debut in Ho Chi Minh City in the country’s largest initial public offering.

 

Aviva will take a £385m hit to its profits because of changes to personal injury compensation rules that were announced yesterday.

 

01 March

 

Germany’s annual inflation rate has accelerated at its fastest pace in more than four years, giving ammunition to hawks in the eurozone’s largest economy who are uneasy at the European Central Bank’s ultra-loose monetary policy.

 

British manufacturing growth was slower than expected in February, according to a closely watched index, but nonetheless marked a seventh consecutive month of expansion

 

The market regulator has proposed big reforms to rules for UK initial public offerings to give investors better and earlier information, as the watchdog seeks to keep Britain “open for business” after Brexit.

 

Barclays has sold a Spanish life savings insurance portfolio to VidaCaixa, as the lender continues to make progress in winding down its non-core assets.

 

02 March

 

Mario Draghi will get a clear message from European Central Bank hawks next week: drop the doom and gloom. The ECB president who once told markets he would do “whatever it takes” to save the euro has been careful to reassure investors that he is ready to act again if the region’s economic recovery veers off track.

 

Gazprom will reveal a financing package for the $11bn gas pipeline to Germany by the end of this month as the Russian energy company seeks to draw a line under the cost of a series of political battles with European regulators.

 

Snap’s founders have rung the opening bell at the New York Stock Exchange, but investors will need to keep waiting for the stock itself to begin trading as market-makers tabulate orders for the hotly anticipated social-media offering.

 

Denmark’s central bank sold DKr4.7bn (€600m) to weaken the krone in February, its latest statistics showed today, confirming suspicions that it’s working hard behind the scenes to keep in check its currency’s peg to the euro.

 

03 March

 

While equity market euphoria at the prospect of President Donald Trump’s spendthrift, deregulatory agenda remains undimmed, bond investors are sending a very different message.

 

Nintendo shares have made a solid start as the company launched its new Switch video game console. A hybrid of a home and handheld device, the Switch launches worldwide today, with lucky gamers in Asia the first to get their calloused thumbs on the console.

 

Alibaba has agreed to invest $177m in the online retail unit of Indian tech group Paytm, giving the Chinese tech group a controlling stake in one of India’s major ecommerce businesses.

 

With its high growth rates and huge potential, battery demand is a key focus for metals markets. If 2016 was all about lithium, then 2017 should see cobalt start to attract greater attention.