Weekly Trading Report 13 September 2010 - Last Week's Trading Highlights
The Bank of England maintained UK interest rates at 0.5% for an 18th consecutive month on Thursday, based on prolonged concerns over the economic recovery and despite inflation remaining above target.
The MPC also confirmed it was continuing with the £200 billion quantitative easing programme. On Wednesday official data showed the manufacturing sector remains in growth, after output rose 0.3% month-on-month in July, as expected.
A further boost for UK manufacturing came on Monday, after the Engineering Employers Federation forecast overseas demand would see output increase by 3.7% this year and 3.2% the following year.
Figures for the UK motor industry were not so positive, after new car sales in August dropped by 17.5% to 55,305 year-on-year.
In the US, fears of a slowdown in the economic recovery were raised midweek after the influential Fed Beige Book said the US economy had displayed obvious signs of ‘deceleration’.
Housing sales, construction and manufacturing all experienced slowing growth in the six weeks to the end of August. The Fed’s analysis was also mirrored by the OECD, which said ‘great uncertainty’ is undermining the global economic picture. As a result it lowered its GDP forecast for the leading world economies from 1.75% to 1.5%.
On Wednesday the Halifax housing survey found the cost of the average UK home rose by 0.2% in August, lowering the annual increase to 4.6%, but still 16% below the peak in August 2007. On Thursday house builder Redrow reported a return to profit, with pre-tax numbers of £700,000 against a pre-tax loss of £44.2 million a year earlier.
Employment prospects were the focus of much attention last week; on Thursday defence giant BAE Systems announced plans to shed up to 1000 jobs throughout the country.
On Friday Connaught, which had fallen into administration on Tuesday, was rescued after building company Morgan Sindall agreed to pay £28 million for the social housing group’s assets.
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Weekly Trading Report 13 September 2010 - The Week Ahead
Indicators
August CPI and RPI figures are out in the UK on Tuesday, while important retail sales figures are expected on Thursday.
Across the Atlantic it’s a week for polled opinions, with the Empire State manufacturing survey expected on Wednesday, the Philadelphia Fed manufacturing survey on Thursday and the University of Michigan consumer sentiment survey closing the week out on Friday.
Company Results and Reports
In the UK keep an eye on six-month figures from retailers French Connection and Next on Wednesday and Kingfisher on Thursday.
In the US retailer Best Buy Co releases second-quarter numbers on Tuesday, while logistics giant FedEx and IT company Oracle report first-quarter data on Thursday.
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For previous weeks see below.
Note - Spread Betting carries a high level of risk to your capital and you can lose more than your initial investment, it may not be suitable for all investors. Ensure you only speculate with money that you can afford to lose and that you fully understand the risks involved and seek independent financial advice where necessary.
'Financial Spread Betting 13 September 2010', Review by D. Jones, last update: 13-Sep-10
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