Tuesday, 7 September 2010

Stocks rise to four-week high, UK manufacturing and retail sales grow

Stocks picked up on Monday where they left off on Friday. From Bloomberg:

Global stocks rose to a four-week high and industrial metals rallied amid growing optimism about the prospects for economic growth. European bonds rebounded from three days of losses.

The MSCI World Index of shares in 24 developed markets climbed 0.4 percent at 5 p.m. in New York, where exchanges were closed for the Labor Day holiday. Standard & Poor’s 500 Index futures advanced 0.1 percent in Chicago. Brazil’s Bovespa index advanced. German bunds and U.K. gilts rose, while copper and nickel gained and oil fell.

There were few economic reports on Monday, two of which came from the UK.

Bloomberg reports that UK manufacturing grew at a record pace in the third quarter.

The number of manufacturers saying sales rose in the three months through September exceeded those reporting declines by 33 percent, compared with 30 percent in the second quarter, the EEF and accountancy firm BDO Stoy Hayward LLP said in a quarterly survey released today in London. That’s the highest since the report began in 1995. A gauge of exports also rose to a record.

Reuters reports that UK retail sales growth picked up in August.

Retail sales growth accelerated last month, helped by clothes sales, a survey showed on Tuesday, but discounting played a part in the improvement and consumers remain reluctant to splash out on expensive items.

The British Retail Consortium said retail sales values were 1.0 percent higher than a year ago in August on a like-for-like basis. Total sales, which include new floorspace, were 2.8 percent higher.

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