Capital Markets, Financial

BGC Partners eyes new platform to trade US Treasuries

BGC Partners plans to launch a new platform to trade US Treasuries early next year, in a bid to return to a market in the middle of evolution, according to people familiar with the plans.  The company, spun out of Howard Lutnick’s Cantor Fitzgerald in 2004, sold eSpeed, the second-largest interdealer platform for trading Treasuries, […]

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Financial

Sales in Rocket Internet’s portfolio companies rise 30%

Revenues at Rocket Internet rose strongly at its portfolio companies in the first nine months of the year as the German tech group said it was making strides on the “path towards profitability”. Sales at its main companies increased 30.6 per cent to €1.58bn while losses narrowed. Rocket said the adjusted margin for earnings before […]

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Currencies

Renminbi strengthens further despite gains by dollar

The renminbi on track for a fourth day of firming against the dollar on Wednesday after China’s central bank once again pushed the currency’s trading band (marginally) stronger. The onshore exchange rate (CNY) for the reniminbi was 0.28 per cent stronger at Rmb6.8855 in afternoon trade, bringing it 0.53 per cent firmer since it last […]

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Currencies

Nomura rounds up markets’ biggest misses in 2016

Forecasting markets a year in advance is never easy, but with “year-ahead investment themes” season well underway, Nomura has provided a handy reminder of quite how difficult it is, with an overview of markets’ biggest hits and misses (OK, mostly misses) from the start of 2016. The biggest miss among analysts, according to Nomura’s Sam […]

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Property

Spanish construction rebuilds after market collapse

Property developer Olivier Crambade founded Therus Invest in Madrid in 2004 to build offices and retail space. For five years business went quite well, and Therus developed and sold more than €300m of properties. Then Spain’s economy imploded, taking property with it, and Mr Crambade spent six years tending to Dhamma Energy, a solar energy […]

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Categorized | Economy

German service sector growth points to higher Q4 GDP


Posted on November 23, 2016

Germany’s dominant services sector grew at a healthy clip in November, according to a closely-watched business survey, which suggests Europe’s largest economy will pick up from an unexpected slump in growth in the third quarter.

Services, which make up nearly 70 per cent of the German economy, reported higher levels of activity this month, pushing IHS Markit’s purchasing managers’ index (PMI) to a six-month high in November.

The survey, which measures output, employment and expectations in the private sector, hit 55 in November, climbing from October’s 54.2 and better than economists had forecast.

November’s PMI figures point towards more robust growth in the German economy after growth slowed unexpectedly to a pace of 0.2 per cent in the third quarter having started the year at an impressive rate of 0.7 per cent.

Growth was pushed down by a slowdown in foreign trade in the three months to September and fell below the eurozone average of 0.3 per cent in the third quarter.

Markit’s manufacturing index for Germany fell this month compared to October’s 33-month high but at 54.4 it remains well above the 50 level that separates growth from contraction.

With Germany’s unemployment level at a post-reunification low, the survey reported another healthy month for private sector job creation which has expanded for the last three years.

The overall composite PMI for Germany slipped slightly to 54.9 from 55.1 – a two-month low.

“The latest survey results highlight that Germany’s private sector economy remains in good shape in November”, said Oliver Kolodseike at IHS Markit

“The data suggest that economic growth has picked up from the meagre 0.2 per cent rate in the third quarter,” said Mr Kolodseike.

Chart courtesy of Bloomberg