U.S. Markets open in 8 hrs 9 mins

UK Industrial Production Beats Expectations for No Change

Benjamin Spier

THE TAKEAWAY: UK industrial production rises 0.1% in April, better than expected -> PMI for manufacturing recently reached a 14-month high -> Pound trading unchanged


UK industrial production increased at the slowest rate in three months in April, according to the UK Office for National Statistics. Production rose 0.1% over the month, beating expectations for no change and less than the 0.7% industrial production increase seen in March. Industrial production declined 0.6% from April 2012, and manufacturing declined 0.2% on a monthly basis.


The most recent manufacturing Purchasing Managers’ Index for May was reported at a 14-month high of 51.3 in May, as all three PMI’s for the month indicated expanded activity. The UK economy avoided a triple dip recession in the first quarter of this year, when the economy expanded 0.3%. Signs of improved economic growth for the second quarter are Pound positive.


However, the Pound did not react significantly in Forex markets to the better than expected industrial production. GBP/USD is trading slightly above 1.5550 at the time of this writing, and resistance might continue to be provided around 1.5595, by the 50% retracement of the decline from the January high to the March low.


(How does a Currency War affect your FX trading? Take our free course to find out!)


GBPUSDDaily: June 11, 2013


UK_Industrial_Production_Beats_Expectations_for_No_Change__body_gbpusd.png, UK Industrial Production Beats Expectations for No Change

Chart created by Benjamin Spier using Marketscope 2.0


-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to bbspier@fxcm.com .







DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

  • Why Tilray's Tumble Continued Today
    Business
    Motley Fool

    Why Tilray's Tumble Continued Today

    Shares of Tilray Inc. (NASDAQ: TLRY) were down 11.6% as of 11:09 a.m. EDT on Tuesday. Tilray's share price plunged 15.6% on Monday, along with major declines for several other Canadian marijuana stocks. Tilray and many of its peers enjoyed huge runs leading up to the opening of Canada's recreational marijuana market on Oct. 17.

  • Mega Millions $1.6 Billion Jackpot Also Comes With a Mega Millions Tax Bill
    Finance
    Fortune

    Mega Millions $1.6 Billion Jackpot Also Comes With a Mega Millions Tax Bill

    With a jackpot of $1.6 billion, tonight’s Mega Millions lottery drawing is the biggest in history. The Mega Millions drawing will be held Tuesday night at 11 p.m. ET—and the odds are categorically against you. The Mega Millions tax bite, though, is pretty solid.

  • Companies Say They're Ready to Move Supply Chains From China
    News
    Bloomberg

    Companies Say They're Ready to Move Supply Chains From China

    A common theme is that they are ready to relocate supply chains if the cost of importing Chinese goods becomes prohibitive. "If there was a broad-based tariff on apparel, I think you could see a bit more of an acceleration of the migration out of China into other regions for apparel sourcing," Mitch Butier, chief executive officer of the California label producer, said during an Oct. 23 earnings call. A number of them have already moved out of China," Jean-Jacques Ruest, CEO of the Canadian railway company, said during an Oct. 23 earnings call.

  • McDonald's Earnings in 5 Key Metrics
    Business
    Motley Fool

    McDonald's Earnings in 5 Key Metrics

    Fast-food giant McDonald's (NYSE: MCD) has rebounded nicely from a period more than three years ago when it suffered declines in global comparable sales. For 13 quarters in a row, McDonald's has reported positive global comparable sales. On Tuesday, however, McDonald's addressed investor worries with an acceleration in comparable-sales growth and better-than-expected revenue and earnings per share.

  • The stock market's 'dead cat bounce' is over and the rolling bear market is making a comeback, Morgan Stanley says
    Business
    Business Insider

    The stock market's 'dead cat bounce' is over and the rolling bear market is making a comeback, Morgan Stanley says

    The stock market may have bounced back from its sharp sell-off at the beginning of October, but Morgan Stanley says the selling will pick back up soon. The firm expects the S&P 500 to slide back below the 200-day moving average, a key technical level. Tread carefully in tech and consumer discretionary, Morgan Stanley warns.

  • 2 More Marijuana Stocks Are Moving to the NYSE
    Business
    Motley Fool

    2 More Marijuana Stocks Are Moving to the NYSE

    This year, we've witnessed GW Pharmaceuticals gain approval in the U.S. for the first cannabis-derived drug, and we watched as Vermont legalized recreational marijuana use entirely through the legislative process. This began with Cronos Group at the end of February, when it chose to list its shares on the Nasdaq. It was followed just a few months later by Canopy Growth Corp., which became the first marijuana stock to list on the NYSE.

  • Tesla shares surge as stock short-seller goes long
    Business
    AFP

    Tesla shares surge as stock short-seller goes long

    In a complete U-turn, Citron Research released a note to investors outlining reasons it thought the smart move is to be "long" and own Tesla shares -- which were up 12.7 percent to $294.14 at the end of the Nasdaq trading day. "Tesla appears to be the only company that can actually produce and sell electric cars," the note said. Acknowledging its dramatic change of course, Citron Research wrote that following significant analysis, it believes the affordable Tesla Model 3 is a hit and is not concerned by previous warning signs.

  • Why Investors Are Paying a Premium for These 3 Biotech Stocks
    Business
    Motley Fool

    Why Investors Are Paying a Premium for These 3 Biotech Stocks

    Amarin stock exploded in September because it looks like Vascepa will become the next go-to drug for this enormous population. During the 8,179-patient Reduce-It trial, patients given Vascepa in addition to their normal statin treatments were 25% less likely to suffer a major cardiovascular event such as a heart attack. Over the past year, Amarin Corporation actually lost $92 million because sales of Vascepa just haven't kept pace with operating expenses.

  • Why Tesla Pushed Up Q3 Earnings Report
    Business
    Bloomberg

    Why Tesla Pushed Up Q3 Earnings Report

    Oct.23 -- Tesla Inc.’s pulled forward its third-quarter earnings release to post-market on Oct. 24. Bloomberg Businessweek's Max Chafkin and Pierre Ferragu, analyst at New Street research, discuss the factors behind the decision and outlook for the electric automaker on "Bloomberg Technology,"

  • Suze Orman missed the point of retirement, and that’s why she went back to work
    News
    MarketWatch

    Suze Orman missed the point of retirement, and that’s why she went back to work

    Suze Orman did a smackdown of the FIRE (Financial Independence/Retire Early) movement on Paula Pant’s podcast. Coach Carson posted a balanced, informative response, appreciating Suze’s admonition to be sure you have enough for a risk-free retirement. Suze enumerated a string “what can go wrong” scenarios as evidence that early retirement (on less than $10 million) leaves you vulnerable when life hands you lemons — a whole tree of lemons.

  • News
    CNBC

    Here's how much money you should have saved by 50

    Fidelity, the nation's largest retirement-plan provider, recommends having the equivalent of six times your annual salary saved. To get to that number, Fidelity recommends saving 15 percent of your annual income. Make sure to invest these funds instead of leaving them in a traditional low-interest savings account.

  • AT&T and Comcast earnings: What to watch for this week
    News
    MarketWatch

    AT&T and Comcast earnings: What to watch for this week

    Telecommunications companies like AT&T Inc. (T) and Comcast Corp. (CMCSA) are grappling with an ever-growing challenge from streaming giant Netflix Inc. AT&T, which announces third-quarter earnings on Wednesday morning, completed an $81 billion acquisition of Time Warner, now known as WarnerMedia, in June. In September, Comcast secured a majority stake in Sky PLC (UK:SKY) after bidding $39 billion in a blind auction, besting 21st Century Fox Inc. (FOXA) The company, which announces third-quarter earnings Thursday morning, also agreed to buy Fox's 39.1% stake in Sky for $15.1 billion.

  • 5 Deeply Discounted Value Stocks That Haven't Been This Cheap in at Least a Decade
    Business
    Motley Fool

    5 Deeply Discounted Value Stocks That Haven't Been This Cheap in at Least a Decade

    October has been a wake-up call for investors that the stock market won't go up in a straight line, even if we'd like it to. Sure, Bank of America (NYSE: BAC) has seen its stock catapult higher from its Great Recession lows, but its forward P/E of 9.8 would represent a more-than-decade low for the stock.

  • MARKETS: Here's why stocks are selling off right now and what a bottom would look like
    Business
    Yahoo Finance Video

    MARKETS: Here's why stocks are selling off right now and what a bottom would look like

    Live from the floor of the New York Stock Exchange, Yahoo Finance's Jared Blikre joins Seana Smith to discuss the latest market moves.

  • Trump’s Tax Push to Help Middle Class Could Help Top Earners Too
    Politics
    Bloomberg

    Trump’s Tax Push to Help Middle Class Could Help Top Earners Too

    It’s still unclear how Trump will propose to reduce the tax burden on middle-class Americans, but one of the most straightforward ways would be to lower rates by 10 percent for single filers making up to $82,500. U.S. income tax rates are graduated and income dollars get taxed in chunks as they move up through the brackets -- which means wealthy Americans would also get to apply the reduced rate on their first dollars of income. “A millionaire gets the same size tax cut,” said Kyle Pomerleau, an economist at the conservative Tax Foundation.

  • The $1.6B Lottery Jackpot Is Still Up for Grabs — but the Tax Bill for the Winner Will Be Massive
    Finance
    GoBankingRates

    The $1.6B Lottery Jackpot Is Still Up for Grabs — but the Tax Bill for the Winner Will Be Massive

    Whoever wins the Mega Millions lottery could face over 40 percent in taxes. Lines are growing at convenience stores and gas stations as the Mega Millions lottery grows to its biggest prize ever. The cash option is $904 million, which gives you a lot of options of how to spend it until you take taxes into consideration.

  • Why Nektar Therapeutics Crashed 17.2% Today
    Business
    Motley Fool

    Why Nektar Therapeutics Crashed 17.2% Today

    After delivering a disappointing update on NKTR-214 in cancer patients this summer, Nektar Therapeutics' (NASDAQ: NKTR) shares have been struggling. The company didn't report any news today, so a negative report issued by Plainview LLC this month may be to blamed for its 17.2% tumble today. In February, Bristol-Myers Squibb (NYSE: BMY) inked a blockbuster deal to license rights to NKTR-214 following positive data last year for NKTR-214's use alongside Bristol-Myers' Opdivo.

  • Banks vs. Big Tech: 4 to Buy, 4 to Sell
    Finance
    InvestorPlace

    Banks vs. Big Tech: 4 to Buy, 4 to Sell

    Investors on Wall Street continue to contend with a choppy and uncertain trading environment, even among popular sectors like tech stocks. A growing chorus on Wall Street is sounding the alarm, with analysts at Morgan Stanley warning that the large-cap stocks in the S&P 500 are the only holdout from a “rolling bear market’ that has already savaged pretty much every other asset class, including small-cap stocks, high-yield bonds, and emerging market assets. The fact that the S&P 500 is once again below its 200-day moving average supports this thesis, weighed down by bank stocks.

  • Why Tesla Stock Jumped Tuesday
    Business
    Motley Fool

    Why Tesla Stock Jumped Tuesday

    Shares of electric-car company Tesla (NASDAQ: TSLA) popped on Tuesday, rising as much as 7.5%. The stock's rise comes after the electric-car company scheduled its earnings report about a week earlier than usual with just two days' notice, leading to some speculation that the automaker may have achieved its goal to become profitable during the quarter. Citron Research, which had previously encouraged investors to short Tesla stock, is now reversing its stance on the stock.

  • 4 Things Aurora Cannabis Did Right Before Its NYSE Debut
    Business
    Motley Fool

    4 Things Aurora Cannabis Did Right Before Its NYSE Debut

    Aurora Cannabis (NASDAQOTH: ACBFF) (TSX: ACB) has sought to make it even easier for U.S. investors to buy its shares by arranging to have its shares listed on the New York Stock Exchange. Beginning tomorrow, Oct. 23, Aurora will join the elite group of cannabis companies whose shares trade on major U.S. exchanges. Getting ready for the increased exposure that a NYSE listing brings takes time and effort, and Aurora Cannabis hasn't wasted any time.

  • S&P 500 closes down for fifth day as stocks retreat in wake of China selloff
    News
    MarketWatch

    S&P 500 closes down for fifth day as stocks retreat in wake of China selloff

    U.S. stocks bounced off intraday lows and major indexes trimmed early losses Tuesday, but the S&P 500 still finished lower for a fifth session as a big drop in the Chinese market revived fresh questions about the global economy. The Dow Jones Industrial Average (DJIA) fell 125.98, or 0.5%, to 25,191.43 after being down more than 500 points earlier. (DJIA)On Monday, Dow industrials and the S&P 500 closed lower while the Nasdaq bucked the trend to edge higher.

  • Why These 3 Top Marijuana Stocks Slumped Today
    Business
    Motley Fool

    Why These 3 Top Marijuana Stocks Slumped Today

    With earnings season hitting a crescendo this week, investors are looking closely at the specific prospects for certain corners of the market, and that's contributing to disparities among the various major benchmarks followed most often by investors. Amid the crosscurrents, marijuana stocks took particularly hard hits, and New Age Beverages (NASDAQ: NBEV), Tilray (NASDAQ: TLRY), and Canopy Growth (NYSE: CGC) were among the worst performers on the day. All three of these stocks have given back some of their gains following the long-awaited legalization of recreational cannabis in the Canadian market last week. In the month leading up to the Oct. 17 start date for legal cannabis sales, New Age Beverages tripled in value, while Tilray had more than doubled since the end of August, and Canopy Growth had seen more modest gains of between 10% and 20%.

  • Finance
    CNBC

    Here's the tax bite on $1.6 billion Mega Millions and $620 million Powerball jackpots

    Strategies can be employed to reduce the amount of your win that is taxed, although they are best explored with the help of an experienced tax advisor. While it's anyone's guess who will end up winning the Mega Millions and Powerball jackpots, there's at least one guaranteed recipient of a chunk of the loot — the IRS. With the Mega Millions jackpot at $1.6 billion and Powerball's top prize at $620 million, that tax bill will be hefty even if the winner employs strategies to reduce their taxable income.

  • AMD earnings: Trade wars could harm assault on Intel
    News
    MarketWatch

    AMD earnings: Trade wars could harm assault on Intel

    As shares of Advanced Micro Devices Inc. fall back toward earth, investors have the opportunity to decide whether the current trade-war climate had impinged upon the chip maker’s ability to capitalize of the misfortunes of its main rival. AMD (AMD) is scheduled to report earnings after the market close on Wednesday. AMD’s stock approached its peak for the year in September, following the launch of the company’s Radeon Pro V340 server card in late August and a slew of price upgrades from analysts, but has since fallen into a correction.

  • Watch out for ‘dead cat bounce’ in stocks because there’s more pain ahead: Morgan Stanley’s Wilson
    News
    MarketWatch

    Watch out for ‘dead cat bounce’ in stocks because there’s more pain ahead: Morgan Stanley’s Wilson

    October is living up to its infamous reputation as a volatile month for stocks with major indexes down sharply and there is likely more pain ahead for investors, according to one prominent Wall Street analyst. The recent rebound “was a dead cat bounce,” said Michael Wilson, an equity strategist at Morgan Stanley, in a report. After eking out gains last week, the S&P 500 (SPX) is trading below the 200 DMA of 2,768 thus far this week as stocks remain under pressure with third-quarter earnings cycle picking up pace.