Slump In UK Household Finances Eases In January: Markit


An index of personal finances of U.K. households declined at a slower pace in January, helped mainly by improved perceptions about inflation, job security and credit availability, data from a survey by Markit Economics showed Monday.



The seasonally adjusted household finance index, which is designed to anticipate changing consumer behavior, moved up to 37.7 in January from 36.8 in December, which was the lowest reading in seven months.



Around 31 percent of respondents noted a deterioration in their financial situation, compared to 6 percent that saw an improvement. An index reading below 50 indicates decline in confidence, while one above suggests improvement.



The measure of households' intention to make major purchases fell at the slowest pace since October 2010, while job security dropped the least since the survey began in early 2009.



The outlook component of the index showed that British households are the least pessimistic about prospects for their personal finances in the next twelve months. At the same time, sentiment regarding ease of access to unsecured credit turned the least downbeat in the four-year survey history.



"The unfavorable economic backdrop and squeezed incomes are clearly making it difficult to keep household finances on an even keel," Markit Senior Economist Tim Moore said.



"Overall, however, households are having to making hay while the sun isn't shining, and January's upturn from the lows of 2012 suggests that some gradual financial improvements are being made in spite of fragile conditions across the UK economy."





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2013-1-21 09:34

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Modest Gain In Eurozone PMI Revives Recovery Hopes


An indicator of Eurozone's private sector activity improved more than expected in May, renewing hopes that the economy is inching towards a recovery. Nonetheless, the indicator remained in negative territory, signaling sharp deterioration in overall business activity.



The composite output index, which measures the performance of the both manufacturing and service sectors, rose to a three-month high of 47.7 in May from 46.9 in April, flash results of a survey by Markit Economics showed Thursday.



Readings below 50 indicates contraction in activity. Economists had predicted an increase in the index to 47.2.



New orders across the private sector fell sharply again in May and for the twenty-second successive month. The rate of decline was unchanged from that seen in April, Markit said.



The modest improvement in May raises hopes that overall Eurozone economic activity is inching towards stabilization, said Howard Archer, Chief European and UK Economist at IHS Global Insight.



"It is worrying to see that the decline in new orders was unchanged at a significant level in May, so a seventh successive quarter of Eurozone GDP decline, albeit modest, remains very possible in the second quarter," Archer said.



The purchasing managers' index, a gauge of activity in the manufacturing sector, rose to 47.8 from April's score of 46.7. This was forecast to rise to 47. The manufacturing output index rose to a four-month high of 48.2 from 46.5 in April.



The services activity index edged up to 47.5 in May from 47 in the previous month, while expectations were for a modest increase to 47.2.



Eurozone's economic downturn eased in the first quarter with the gross domestic product falling at a slower pace of 0.2 percent quarter-on-quarter.

In May, the European Commission cut its economic forecast for euro area and said the economy will contract 0.4 percent in 2013. The economy is expected to start recovering from its record-long recession in 2014.



"May's euro-zone PMI survey adds to the recent run of slightly more encouraging news from the region, but there is little sign that the region is about to emerge from recession," said Ben May, an economist at Capital Economics.



Earlier in the month, the European Central Bank reduced the main refinancing rate by 25 basis points to a record low 0.50 percent to support the economy. ECB Chief Mario Draghi has said that the monetary policy will remain accommodative "as long as needed."



Markit said that the employment at Eurozone's private sector firms fell for the seventeenth consecutive month, with the rate of job losses rising to the highest since February.



The survey found strong divergences between the region's two largest economies. Business activity declined for a second successive month in Germany, but the downturn was only very marginal. Meanwhile, a steep rate of decline in French activity was reported in May.





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2013-05-23 16:28

German Private Sector Activity Contracts In April


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.





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2013-04-23 12:42

Swiss March Producer And Import Prices Fall As Expected


Switzerland's producer and imports prices decreased from last year in March, and the rate of fall matched economists' forecast, latest data from the statistical office showed Tuesday.



The producer and import price index dropped 0.3 percent year-on-year in March, in line with economists' expectations.



The producer price index, which shows the price development of domestically produced products, increased 0.3 percent year-on-year in March, while the import price index dropped by 1.5 percent.



Compared to February, the producer and import price index stayed unchanged during the month. This was in line with economists expectations.



The producer price index was unchanged month-on-month, while the import price index edged down 0.1 percent, data showed.





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2013-04-16 12:42

Australia Consumer Sentiment Highest Since December 2010


Confidence among Australian consumers rose to its highest level in more than two years in March with the effects of the past interest rate cuts by the Reserve Bank becoming more visible.



A survey by Westpac and the Melbourne Institute showed Wednesday that the consumer sentiment index rose 2 percent in March to 110.5 from 108.3 in February. This is the highest level of the index since December 2010.



"This is a strong result," Westpac's Chief Economist Bill Evans said. It is the fifth consecutive month that the index has registered above 100, he noted.



Evans said that in recent months, the accumulation of the cuts appeared to be genuinely boosting confidence. Since October last year, the confidence index has increased 11.5 percent.



The Reserve Bank of Australia kept the cash rate unchanged at 3 percent in February and March, but said there is scope to ease policy further, if necessary, to support demand.



The central bank has reduced cash rate six times since it started its easing cycle in November 2011.



Also, "equity markets and the associated signals that global economic prospects are improving are the other key driver of this improved confidence," Evans said.



Data released by the Australian Bureau of Statistics on Wednesday showed that home loans declined unexpectedly in January. The number of dwelling commitments for owner occupied housing fell 1.5 percent month-on-month to 44,383.



Economists had forecast an increase of 0.5 percent following 2.1 percent fall in December. Lending has now declined for four consecutive months. Meanwhile, investment lending rose 4.4 percent from the previous month.





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2013-03-13 11:14

UK Output Price Inflation Slows In January


UK output price inflation eased to 2 percent in January from 2.2 percent in December, data released by the Office for National Statistics showed Tuesday.



On a monthly basis, the output price index rose 0.2 percent. Both the figures matched economists' forecasts.



Core producer price index, which exclude food, alcohol, tobacco and petroleum, rose 0.2 percent month-on-month.



Input prices increased 1.8 percent year-on-year in January, faster than a 0.5 percent increase in the previous month. This was also higher than the 1 percent rise expected by economists.



On a monthly basis, the input price index rose 1.3 percent, faster than the expected 0.9 percent increase.





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2013-02-12 14:15

New Zealand ANZ-Roy Morgan Consumer Confidence Ticks Up In January


Confidence among New Zealand consumers increased in January as they remained upbeat about the general economic conditions, a survey by ANZ and Roy Morgan revealed Thursday.



The consumer confidence index rose to 118.3 in January from 114.7 in December. Readings above the 100 mark are taken as a net positive.



The current conditions index rose 8 points to 117, while future conditions index increased at the margin to 119, its highest level since mid 2011.



Consumers feel marginally less worse off financially than a year earlier with the corresponding index rising to -5 from -7 in the previous month.



The indicator measuring households' expectations regarding their own financial prospects in the year ahead fell marginally to 29 from 31 in December. However, the sentiment is still regarded as positive, the survey report said.



Consumers' outlook on the general economy one year ahead are better. Sentiment towards the economy five years out remains solid at 21, though down on the month prior, the report said.





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2013-01-17 07:46