Business news: Markets rebound, manufacturing increases
By Jenny McCall
13:51, 1 December 2021
Key points
- UK manufacturing activity increased to a three-month high in November, but the spectres of soaring costs and struggling supply chains continued to loom large.
- Eurozone manufacturing activity stabilised in November following several months of slowing growth, a survey of purchasing managers showed. However, higher factory gate prices suggest consumer inflation has further to rise, a sign unlikely to ease the concerns of policymakers at the European Central Bank.
- The Confederation of British Industry (CBI) announced today that private sector activity in the UK has climbed in the three months to November despite chronic supply chain anxieties. The CBI Growth Indicator rose 32% over the last quarter compared to 29% in the previous three months.
- Forecasts by asset manager Schroders has shown that the global economy is expected to continue on a path of recovery during 2022 with equities in both the US and Europe set for growth
Confederation of British Industry (CBI) figures show that costs in the services sector are rising at the fastest rate in over 20 years
— BTG Advisory (@BTG_Advisory) December 1, 2021
Business and economic news
Indian equity indices ended higher Wednesday boosted by economic data that assuaged coronavirus concerns and restored risk appetite.
According to data published by Destatis, German retail data fell in October. The data showed that turnover – adjusted for price increases – fell 0.3% on the previous month.
Markets
Stocks: European share futures rose Wednesday as the markets took back some of the previous days loses. US futures pointed to a higher open.
Oil: Brent crude is up more than 2% to around $71 per barrel while West Texas Intermediate rose 1.5% at almost $68 per barrel.
Gold: The Covid-19 Omicron variant continues to boost gold’s appeal. The precious metal is up Wednesday.
Forex: Russian rouble firmed past 74 against the dollar on Wednesday after hitting a more than one-week high.
Crypto: Bitcoin was down 1.11% today and Ethereum was up 2.39% in afternoon trading.
What to watch today
Pharmaceutical giant, Merck’s Covid-19 pill Molnupiravir has been recommended for emergency by a US Food and Drug Administration (FDA) advisory committee. The FDA will now decide whether to follow the recommendation. Merck shares are flat in pre-market trading.
Read more: German retail sales fall as higher prices weigh
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