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The number of Americans filing for unemployment benefits fell to a near 45-year low last week, pointing to strong job growth in February and solid momentum in the economy. Labor market strength should continue to underpin consumer spending, despite a drop in retail sales in January. Initial claims for state unemployment benefits dropped 7,000 to a seasonally adjusted 222,000 for the week ended Feb. 17, the Labor Department said on Thursday.
U.S. home sales unexpectedly fell in January, leading to the biggest year-on-year decline in more than three years, as a chronic shortage of houses lifted prices and kept first-time buyers out of the market. The supply squeeze and rising mortgage interest rates are stoking fears of a lackluster spring selling season. "There may be some headwinds ahead for home resales with rising mortgage costs affecting how much the buyer can afford and this could put a damper on existing home sales and take some of the wind out of the economy's sails," said Chris Rupkey, chief economist at MUFG in New York.
British shares were mixed on Monday as weak results from Reckitt Benckiser (Xetra: A0M1W6 - news) underlined the murky growth outlook for big consumer goods makers. Banks extended last week's gains on the back of rising bond yields. The UK's top share index was little changed at 7,296 points at 1000 GMT, with Reckitt and other consumer staples makers the biggest drag on the FTSE, offset by gains in banks and in energy producers after oil prices hit their highest in nearly three weeks.
U.S. producer prices accelerated in January, boosted by strong gains in the cost of gasoline and healthcare, offering more evidence that inflation pressures were building up. While other data on Thursday showed an increase in the number of Americans filing for unemployment benefits, claims continued to point to a tightening labor market. Economists were also unfazed by an unexpected dip in industrial production last month, citing strong business sentiment surveys.
The chairman of Halfords is being lined up to spearhead the £1bn-plus flotation of MRH GB, one of Britain's largest independent fuel retailers. Sky News has learnt that Dennis Millard has been appointed as MRH GB's chairman, weeks before it plans to pull the trigger on a stock market listing. Mr Millard, who is also on the boards of clothing retailer Superdry and Pets at Home Group, has chaired Halfords since 2009, meaning that he is likely to step down from that role within about 18 months.
U.S. consumer prices rose more than expected in January as Americans paid more for gasoline, rental accommodation and healthcare, raising pressure on new Federal Reserve chief Jerome Powell to prevent a possible overheating of the economy. The report from the Labor Department on Wednesday, however, likely overstates the inflation picture given that some of the price gains, especially for apparel and motor vehicle insurance, are seen by economists as unsustainable.
U.S. consumer prices likely increased solidly in January, boosted by rising gasoline and rents, but annual inflation growth is expected to have slowed as the large price gains from last year drop out of the calculation. Despite the anticipated moderation in the annual inflation rates, Wednesday's report from the Labor Department will probably not change expectations for an acceleration in price pressures this year. A surge in annual wage growth in January ignited inflation concerns, sparking a sell-off on Wall Street and lifting benchmark U.S. Treasury yields to a four-year high.
** Shares in online delivery platform Delivery Hero up 4.1 pct ** JPMorgan raises PT by 9.3 pct to 59 euros ** JPMorgan continues to see Delivery Hero as a top pick in the Internet space, along with Just ...
Britain received strong demand from investors when it sold several billion pounds of 30-year inflation-protected debt on Tuesday, as global market ructions sparked by fears of faster U.S. inflation deepened. ...
Soho House, one of the world's biggest networks of private members' clubs, is plotting a flotation in New York that will value the company at about $2bn (£1.4bn). Sky News can reveal that UK-based Soho House, which opened its original venue in central London in 1995, is drawing up plans for the listing, with an announcement expected around the middle of this year. The Wall Street investment banks Goldman Sachs (NYSE: GS-PB - news) and JPMorgan (LSE: JPIU.L - news) have been hired to oversee the initial public offering, which is likely to involve raising hundreds of millions of dollars to fund its ongoing international expansion.
Frazzled by rising U.S. Treasury yields, emerging stocks were on track for the first weekly loss since early December on Friday while currencies wobbled despite a frail dollar with South Africa's rand weakening 1 percent on political woes. Losses in Asia weighed heavy on the benchmark, with South Korea seeing its stocks tumble 1.7 percent. MSCI (Frankfurt: 3HM.F - news) 's emerging market index fell 0.8 percent on the day and looked to end the week nearly 3 percent lower.
JPMorgan (LSE: JPIU.L - news) could move more than 4,000 jobs out of Britain if Brexit talks result in a divergence of regulations and trade agreements between Britain and the European Union, the U.S. banking giant's chief executive said on Thursday. "If they determine you can't have reciprocal trade practices, reciprocal regulations ... It would be more than 4,000," CEO Jamie Dimon said in a BBC interview on the sidelines of the World Economic Forum in Davos, Switzerland. In the short term the bank will move between 500 and 1,000 jobs, he said, after Britain's formal exit from the EU, scheduled for March 29, 2019.
Britain's economy has fared better than the gloomy expectations made at the time of the 2016 Brexit vote, but it has been helped mainly by a strong pick-up in global growth and many of its peers are growing more quickly. Britain is at risk, along with Japan and Italy, of being the slowest growing economy among the Group of Seven nations in 2018, Reuters polls of economists showed last week. Following is a summary of how Britain's economic performance compares with that of other rich nations.
JPMorgan (LSE: JPIU.L - news) could move more than 4,000 jobs out of Britain if Brexit talks result in a divergence of regulations and trade agreements between Britain and the European Union, the U.S. banking giant's Chief Executive Jamie Dimon said on Thursday. "If they determine you can't have reciprocal trade practices, reciprocal regulations ... It would be more than 4,000," Dimon said in a BBC interview on the sidelines of the World Economic Forum meeting in Davos, Switzerland. Dimon has wavered in the past over how many jobs JP Morgan would move, as his estimates take into account the changing prospects of Britain securing a deal that gives its financial firms continued access to European markets.
JPMorgan Chase & Co plans to expand its African presence into countries including Ghana and Kenya, Chief Executive Jamie Dimon said in an interview on Wednesday. "You'll see us open in some countries ...
Lloyds Banking Group aims to get its Berlin branch ready for business in Europe by the end of the year ahead of Britain leaving the European Union, according to a person with knowledge of the matter. Lloyds this month filed an application with Germany's financial regulators to convert its local branch into a subsidiary, the person said, which will enable it to keep its continental operations within the EU, unaffected by Brexit.
Despite Friday's preliminary coalition deal between Angela Merkel's conservatives and the rival SPD, it may not be all plain sailing towards her third government. Grassroots SPD members made very clear at the weekend they feel short-changed by the accord and want substantial improvements in return for their backing at a congress set for next weekend. SPD leader Martin Schulz is due to make a statement tonight after party talks in Dortmund.
Emerging market stocks surged almost one percent on Friday and were set for a fifth straight week of gains after a mid-week spike in U.S. Treasury yields abated and oil prices held near 3-year highs. MSCI's ...
Siam Commercial Bank Pcl , Thailand's second largest bank by assets, and Prudential Life Assurance , a unit of UK-based Prudential Plc, have signed a bancassurance partnership deal aimed at the lender's ...
Deutsche Bank (IOB: 0H7D.IL - news) 's warning last week of a third year of losses has prompted some investors to question whether John Cryan should be given more time to turn around the bank, after less than three years as chief executive. After the initial shock of Friday's announcement by Deutsche Bank that it would post a third consecutive annual loss in 2017, some shareholders are now airing their impatience.
Motor Fuel Group (MFG), one of Britain's biggest independent petrol retailers, is hatching plans for a £2.5bn merger with MRH GB, a rival operator. Sky News has learnt that MFG, which is backed by the private equity firm Clayton Dubilier & Rice (CDR), is preparing to table a takeover bid next week for MRH. MFG is likely to face competition to buy MRH, which is also pursuing plans for a stock market listing later this year, according to City sources.
** Military electronics maker falls 6.8 pct, on course for its biggest percentage drop since its profit warning in November, in heavy volume ** UK defence review delayed by political counterattack, according ...
The New Year surge in world equities rolls on, much like 2017, as the boom in the world economy looks set to resound into 2018. After its biggest one-day gain in more than two weeks on Tuesday in the wake ...
LONDON, Dec (Shanghai: 600875.SS - news) 29 (Reuters) - Robust economic growth, a soft dollar and subdued borrowing costs helped emerging stocks race towards the 2017 finishing line on Friday as the year's best performing asset class, while many currencies also looked back on solid gains. MSCI (Frankfurt: 3HM.F - news) 's emerging equity benchmark rose 0.4 percent on the year's last trading day, having added 34 percent since January – their best annual performance since 2009. Most gains came from Asia, where MSCI China has soared 50 percent and Korea jumped 43 percent.
LONDON, Dec (Shanghai: 600875.SS - news) 20 (Reuters) - The price of aluminium has struggled in recent months as authorities in top producer China have failed to fully implement temporary winter smelter closures to slash pollution. Lukewarm demand and new smelter projects in China are also poised to lead to more metal piling up, with inventories in the country already at record highs. China has seen sizzling growth in aluminium production over the past decade and now accounts for around half of global output.