Las Vegas sign

US initial jobless claims holds firm at 1.4m as continuing claims reverses higher to 17m

Although initial US jobless claims were better than the median forecast of 1.45m, this week’s print of 1,434,000 represented an increase of 12,000 on last week’s revised figure. The message is clear. The US economic recovery is sputtering and stalling and needs an injection of stimulus soon. The top three largest rises in initial claims

Car factory

US transportation sector drives new orders for durable goods 7.3% higher

New orders for durable goods rose 7.3% to $206.9bn in June, driven by a surge in new orders for transportation equipment which increased 20% to $55.3bn. Excluding transportation, however, revealed an increase of only 3.3%, which was lower than May’s figure of 3.6%. New orders for capital goods disappointed, declining by 16.4% to $52.2bn, despite

Barcelona

FTSE 100 closes lower as airlines are buffeted by quarantine rules on arrivals from Spain

The FTSE 100 closed lower 0.31% lower today after the UK government abruptly imposed mandatory quarantine on travellers arriving in the UK from Spain following a spike in Covid-19 cases. While the government is not advising holidaymakers to cut their holidays short, they require that on return travellers provide their ‘journey and contact details’ as

A view of the Gurkin from the ground.

UK Flash PMIs better-than-expected as all sectors return to growth although hiring remains weak

Flash estimates released this morning by IHS Markit revealed forecast-beating results across both manufacturing and services in the UK. The Manufacturing PMI rose to 53.6 in July from 50.1 in June, beating expectations for 52. The Services PMI rose to 56.6 in July from 47.1 in June, beating expectations for 51.1, and marking the first

Skyscrapers in Philadelphia

Labour market recovery progresses as continuing jobless claims collapses by over 1m

Economists and analysts had been expecting this week’s initial jobless claims figure to remain the same as last week’s 1.3m, however, today’s jump to 1,416,000 missed by a wide margin. The initial claims data adds to pressure on legislators to pass a new stimulus package ahead of the summer recess, so as to ensure the

Boston's skyline

US house prices fell month-on-month for the first time in 9 years

Data released today by the Federal Housing Finance Agency showed house prices fell 0.3% from April to May, as Covid-19 shutdowns and stay-at-home orders made selling homes logistically difficult for homeowners. Consensus expectations were for a 0.3% growth in house prices. Today’s announcement marks the first time the index has recorded a month-on-month contraction since

United

S&P 500 closes 0.84% higher as positive vaccine news emerges from Oxford

The S&P 500 closed 0.84% higher, as investors reacted positively to news that a Covid-19 vaccine being developed by a team at the University of Oxford (in partnership with AstraZeneca)”generated robust immune responses”. The results from the trial, which is currently at phase one/two, showed that nearly all of the 1,077 adult participants (aged 18-55)

Wall street sign

Goldman Sachs shares surge after reporting strong 2Q earnings

This Wednesday, Goldman Sachs announced second-quarter earnings that crushed analysts’ expectations and displayed one of their best quarters in years. The investment bank generated $2.42 billion in profit, or $6.26 a share beating analysts’ estimates of $3.96 per share. In a statement, CEO David Solomon stated “the turbulence we have seen in recent months only

Manufacture of steel rails.

Industrial turnover and new orders rebounds strongly in Italy

Encouraging figures out from Italy’s Istituto Nazionale di Statistica showed that the industrial turnover index grew 41.9% in May, while new orders increased 42.2%. This was the first time either of the indices tracking industrial production increased since January. Breaking down the turnover index into home and abroad sales, domestic sales increased by 45.7%, while

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