Europe

  • 2016-05-27 07:04


    By Martin Baccardax

    LONDON (MNI) - The European Central Bank's June monetary policy meeting in Vienna highlights an active week for economic data in the region as concerns over the strength of the Eurozone's recovery increase.

    ECB President Mario Draghi and his colleagues will gather in Vienna for the Bank's annual 'offsite' rate decision, this year hosted by Governing Council member Ewald Nowotny and the Austrian central bank.

  • 2016-05-27 02:49


    By Jack Duffy

    PARIS (MNI) - France's consumer confidence rose to the highest level since October 2007 in May, driven by easing concerns about unemployment, the national statistics institute Insee said Friday.

    Insee said its consumer confidence index rose to 98 in May from 94 in April, well above the unchanged level that economists were expecting. The index reached the 98 level in January before slipping back to 94 in March and April.

    Households surveyed in May were were substantially more positive on the outlook for employment, with Insee's sub-index of jobless concerns plunging to 21 in May from 49 in April.

  • 2016-05-26 19:05


    --UK April GfK Consumer Confidence Index -1 vs April -3
    --GfK: Consumers still appear concerned over 'Brexit' issues

    LONDON (MNI) - UK consumer confidence rallied a little in May, bouncing off the 16-month lows seen in April, a survey released Friday found.

    The May GfK Consumer Confidence Index stood at -1, up from the -3 recorded in April. It was the just the second reading below zero since December 2014.

    Consumer confidence had been fairly steady over the past 12 months, before dipping back towards zero in February.

  • 2016-05-26 07:30


    -BOE: Bank buffers should cover global, domestic systemic risks -BOE Carney: higher risks show resilient financial system needed -BOE Carney: FPC to continue to monitor buy-to-let closely -BOE FPC: bank groups on avg. need 13.6% Tier 1 capital

    LONDON (MNI) - The Bank of England Financial Policy Committee, against a backdrop of heightened stability risks, unveiled on Thursday its detailed framework for banks' systemic risk buffers.

    The systemic risk buffers, the SRBs, fit within an overall capital framework under which the FPC reckons UK banking groups will on average hold 13.6% of top quality, or Tier 1, capital. This is more than the 11.6% Tier 1 capital the Independent Commission on Banking recommended.

  • 2016-05-26 04:42


    -UK Q1 GDP +2.0% Y/Y vs +2.1% Previous -UK Q1 Services +0.6% Q/Q vs +0.7% in First Estimate -UK Q1 Business Investment -0.5% q/q vs -2.0% q/q in Q4 -UK Q1 Household Consumption +0.7% vs +0.6% in Q4 -UK Q1 Net Trade Subtracts 0.4 percentage points from total growth

    By Laurie Laird and Jamie Satchithanantham

    London (MNI) - UK growth was confirmed at a below-trend pace over the first quarter, as net trade weighed on total output and service sector growth was revised downward from the first estimate of gross domestic product.

    GDP increased by 0.4% in three months to March, in line with the MNI median forecast, matching the originally-reported gain, but slowing from the 0.6% pace recorded in the final quarter of 2015.

  • 2016-05-26 04:30


    -UK April BBA Mortgage Approvals 40,104 SA Vs 43,854 Mar

    LONDON (MNI) - UK mortgage approvals fell in April, weighed as the tax hike on the buy-to-let sector took effect on April 1, British Bankers Association data showed.

    Major banks' mortgage approvals eased in April to 40,104 from a revised 43,854 in March, the lowest outturn since March 2015.

  • 2016-05-26 04:30


    -UK Q1 GDP +2.0% Y/Y vs +2.1% Previous -UK Q1 Services +0.6% Q/Q vs +0.7% in First Estimate -UK Q1 Business Investment -0.5% q/q vs -2.0% q/q in Q4 -UK Q1 Household Consumption +0.7% vs +0.6% in Q4 -UK Q1 Net Trade Subtracts 0.4 percentage points from total growth

    By Laurie Laird and Jamie Satchithanantham

    London (MNI) - UK growth was confirmed at a below-trend pace over the first quarter, as net trade weighed on total output and service sector growth was revised downward from the first estimate of gross domestic product.

    GDP increased by 0.4% in three months to March, in line with the MNI median forecast, matching the originally-reported gain, but slowing from the 0.6% pace recorded in the final quarter of 2015.

  • 2016-05-25 19:01


    by Jamie Satchithanantham

    LONDON (MNI) - UK median pay deals declined to 1.7% in the three months to April, having previously held steady at 2% for two years, the latest survey from XpertHR shows.

    The XpertHR survey result means the median pay awards were at their lowest since October 2012. The fall in April confirmed the previous month's preliminary data which highlighted the prospect of lower settlements.

    The report underlined the continued disparity between public and private sector pay awards, with the median measure of the latter calculated to 1% higher than that of the former.

  • 2016-05-25 05:37


    By David Barwick

    FRANKFURT (MNI) - The European Central Bank's monetary policy is reaching its limits, Governing Council member Klaas Knot said Wednesday.

    Speaking at the Spring Membership Meeting of the IIF in Madrid, Knot, who heads the Dutch National Bank, said it was "obvious that Europe needs to improve its lacklustre performance," which will require "a mix of instruments."

    "So far, monetary policy has been used extensively," he said.

  • 2016-05-25 02:28


    --Adds Detail in Final Paragraph

    PARIS (MNI) - European Central Bank Governing Council member Francois Villeroy de Galhau said Wednesday the risks from a British vote to leave the European Union were high, both for London's role as a financial centre and for the Eurozone.

    In an interview with the Spanish daily El Pais, Villeroy de Galhau said that a "Leave" vote could create turbulence for British banks.

    "You cannot pretend to leave Europe and, in turn, believe that you can participate in a single financial market and that the role of the City will remain the same.