DIRS.INFO The most relevant business & tech news

☆ UK construction activity falls by most since May 2020 -PMI
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +2 min

LONDON, Jan 6 (Reuters) - British construction activity fell last month at its sharpest rate since May 2020, as new orders dried up in the face of rising interest rates and broader cost pressures, a survey showed on Friday. "The UK's construction sector registered a relatively poor finish to 2022, with business activity falling into decline following a three-month growth sequence amid the fastest contraction in new work since the initial pandemic period in May 2020," S&P economist Lewis Cooper said. Britain's construction sector had been performing strongly earlier in 2022, with output up 7.4% in the year to October according to official data. However, Bank of England interest rates have been rising steeply - hitting a 14-year high of 3.5% in December - and house prices have recently started to fall. The construction PMI showed falls in both house building and civil engineering work.

☆ UK factories face tough 2023 after December weakness
▼ + stars: | 2023-01-03 | by ( David Milliken | ) www.reuters.com time to read: +3 min

[1/3] A member of staff works on the production line at Jaguar Land Rover’s factory in Solihull, Britain, December 15, 2022. "Output contracted at one of the quickest rates during the past 14 years, as new order inflows weakened," S&P director Rob Dobson said. The figures broadly chime with a gloomy outlook issued last month by trade association Make UK, who forecast output in the sector would fall 3.2% in 2023. "These results are the latest in a series of weak indicators ... which suggest that GDP likely fell again in Q4 2022. But factories still cut jobs by the most since October 2020, as orders fell from both domestic customers and clients in China, the United States, mainland Europe and Ireland.

☆ UK construction growth ebbs away as economy falters: PMI
▼ + stars: | 2022-12-06 | by ( Kaori Kaneko | Kantaro Komiya | ) www.reuters.com time to read: +1 min

LONDON, Dec 6 (Reuters) - Growth in Britain's construction industry slowed to a crawl in November as high borrowing costs and the gloomy economic outlook crimped building work, a survey showed on Tuesday. The S&P Global/CIPS UK Construction Purchasing Managers' Index (PMI) fell to a three-month low of 50.4 from 53.2 in October, barely above the 50 dividing line between growth and contraction. The survey's gauge of future activity sank to its lowest level since the onset of the COVID-19 pandemic, consistent with recession. With demand fading from the economy, various measures of price pressures from consumers and businesses have started to ease - including in Thursday's survey. The construction PMI's index of input prices fell in November to its lowest level since January 2021.

☆ UK PMI sticks near 21-month low as orders weaken
▼ + stars: | 2022-11-23 | by ( David Milliken | ) www.reuters.com time to read: +2 min

PMI readings below 50 represent economic contraction, and economists polled by Reuters had expected the flash PMI to fall again this month to 47.5. IHS Markit said that aside from the pandemic, the UK PMI was now pointing to the biggest quarterly fall in economic output since early 2009, during the global financial crisis, with a drop of 0.4%. The PMI showed new orders fell at the fastest rate since January 2021 and that employment growth had slowed. However, firms reported the weakest inflation pressures in more than a year, although they remained high by historic standards. Reporting by David Milliken; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

☆ Wheat eases from 2-week top on Black Sea supplies; soy, corn down
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +3 min

Soybeans and corn lost ground after closing higher on Monday with a rapid pace of U.S. harvest weighing on prices. * Losses in the wheat market were curbed by dryness hitting the U.S. winter crop. For corn, the harvest was 76% complete, ahead of the average analyst estimate of 75% and the five-year average of 64%. * Commodity funds were net buyers of CBOT wheat, soybean, corn, soyoil and soymeal futures contracts on Monday, traders said. DATA/EVENTS (GMT)0030 Japan JibunkBK Mfg PMI Final SA Oct0145 China Caixin Mfg PMI Final Oct0330 Australia RBA Cash Rate Nov0700 UK Nationwide house price MM, YY Oct0930 UK S&P GLBL/CIPS Mfg PMI Final Oct1345 US S&P Global Mfg PMI Final Oct1400 US ISM Manufacturing PMI OctU.S. Federal Reserve's Federal Open Market Committeestarts its two-day meeting on interest ratesReporting by Naveen Thukral; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Political chaos tips British firms into deeper slide - PMIs
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +3 min

LONDON, Oct 24 (Reuters) - British businesses are suffering their worst month since January 2021, when they were under a COVID-19 lockdown, as the country's political upheavals compound concerns about inflation and rising interest rates, a survey showed on Monday. German business activity declined at a faster rate than in Britain, although France fared better than both. "More evidence of economic weakness, combined with signs of less heated inflationary pressures, should, all else equal, tone down the (BoE's) appetite to raise interest rates substantially in its November meeting," Beck said. Truss has said she will resign once her successor is chosen at the end of this week. "As night follows day, investment and employment will suffer in the months ahead as companies adjust to the increasingly challenging environment," Williamson said.

☆ Bank of England acutely aware of impact of rising rates, Ramsden says
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +1 min

LONDON, Oct 24 (Reuters) - Bank of England Deputy Governor Dave Ramsden said the central bank was "acutely aware" of the impact that its interest rate increases were having on borrowers but the BoE would take the steps needed to get inflation back to target. "I have every confidence that we will take the actions necessary," Ramsden told the Treasury Committee in Britain's parliament on Monday. "We are acutely aware of the impact of the actions that we have already taken." He said rates would be "only have to be as high for as long as they have to be high for." Register now for FREE unlimited access to Reuters.com RegisterReporting by William Schomberg; editing by William JamesOur Standards: The Thomson Reuters Trust Principles.

☆ UK downturn deepens, raising recession risk -flash PMI
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +3 min

Released just as finance minister Kwasi Kwarteng was due to flesh out the economic agenda of new Prime Minister Liz Truss, the S&P Global/CIPS flash Composite Purchasing Managers' Index (PMI) fell to 48.4 from 49.6 in August. It marked the lowest reading since the COVID-19 lockdown of January last year. The PMI for the services sector fell to 49.2 in September from 50.9 in August, the weakest reading since January 2021. While the manufacturing PMI rose to 48.5 from 47.3, much of the improvement reflected a worsening supply chain performance, which in normal times reflects shortages due to strong demand but not this time. Despite the pound falling to 37-year lows against the dollar, export orders contracted in both the manufacturing and service sectors, S&P Global said.

☆ FTSE slides as UK's mini budget fails to soothe recession worries
▼ + stars: | 2022-09-23 | by ( Sruthi Shankar | ) www.reuters.com time to read: +3 min

The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. read moreThe internationally focussed FTSE 100 (.FTSE) extended losses, falling 1.6% to its lowest since July 15, while the domestically focussed FTSE 250 index (.FTMC) dropped 1.1% to hit near two-year lows. It is among UK's worst performing sectors this year as rising rates sparked worries about affordability. read moreOil (.FTNMX601010) and mining (.FTNMX551020) majors were the biggest drags on the FTSE 100 as commodity prices weakened against a strong dollar. read moreSmiths Group (SMIN.L) rose 4.1% after the industrial technology group provided upbeat full-year 2023 forecast.

Search resuls for: "CIPS"

9 mentions found