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Time of India
5 days ago
- Business
- Time of India
Gold edges higher as soft US data lifts safe-haven demand
Gold prices nudged higher on Thursday, as weaker-than-expected U.S. economic data spurred demand for safe-haven assets , while market participants also assessed persistent global economic and political uncertainties. FUNDAMENTALS by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo * Spot gold was up 0.1% at $3,377.79 an ounce, as of 0007 GMT. U.S. gold futures also climbed 0.1% to $3,401.20. * The ADP National Employment Report showed that U.S. private employers added in May the fewest number of workers in more than two years, with investors awaiting Friday's nonfarm payrolls report for further clues on the labor market. * The U.S. services sector contracted in May for the first time in nearly a year, as businesses faced higher input costs amid growing fears of stagflation . Live Events * Gold gained support after the Federal Reserve reported a slowdown in U.S. economic activity, citing rising costs and prices driven by increased tariff rates since the last policy meeting. * Bullion found additional momentum after U.S. President Donald Trump urged Fed Chair Jerome Powell on Wednesday to cut interest rates , pointing to slower job growth highlighted in the latest ADP employment report. * Trump's doubling of tariffs on steel and aluminum imports took effect, with his administration seeking "best offers" from trade partners to avoid further levies slated for July. * Trump described Chinese President Xi Jinping as "extremely hard to make a deal with," highlighting tensions ahead of a long-awaited call between the two leaders this week. * Gold, a safe-haven asset during times of political and economic uncertainty, tends to thrive in a low-interest-rate environment. * Elsewhere, spot silver gained 1.3% to $34.50 an ounce, platinum rose 0.6% to $1,090.81 and palladium shed 0.2% to $998.70. DATA/EVENTS (GMT) 0145 China Caixin Services PMI May 0600 Germany Industrial Orders MM April 0600 Germany Manufacturing O/P Cur Price, Consumer Goods SA April 0830 US S&P Global PMI: MSC Composite - Output May 1215 EU ECB Refinancing, Deposit Rate June 1230 US International Trade $ April 1230 US Initial Jobless Claim 31 May, w/e 1430 US EIA-Nat Gas Chg Bcf, Nat Gas-EIA Implied Flow 30 May.
Fibre2Fashion
22-05-2025
- Business
- Fibre2Fashion
Pressure on UK labour market; demand weakens, staff costs up: S&P GMI
S&P Global purchasing managers' index (PMI) data showed UK employment falling for a seventh straight month in April this year, signalling a sustained deterioration in the country's labour market conditions. The country's performance on the jobs front at the start of the second quarter (Q2) this year was the weakest among all the major economies covered by the PMI data, led by a steep reduction in manufacturing workforce numbers, according to a commentary by S&P Global Market Intelligence (S&P GMI). S&P Global PMI data showed UK employment falling for a seventh straight month in April, signalling a sustained deterioration in the country's labour market conditions. The country's performance on the jobs front at the start of Q2 2025 was the weakest among all the major economies covered by the data. Tariff-related concerns and uncertainty have weighed heavily on UK business confidence. Rising labour costs in recent months have been exacerbated by tariff-related concerns and uncertainty, which have weighed heavily on business confidence, paving the way for further job losses in the coming months unless growth expectations improve materially from the current depressed level, it noted. Following growth across the UK economy in Q1 2025, PMI data for April showed a marked loss of momentum and renewed risks of an economic downturn. The PMI data have also shown a period of persistent weakness in underlying demand conditions facing UK firms, with inflows of new business having fallen in each month since December last year amid reports of fragile consumer confidence, tighter budgets, increased scrutiny around spending and heightened geopolitical uncertainty. April's decrease in new business was in fact the steepest recorded since the sharp drop in demand associated with the fallout from the Liz Truss 'mini budget' in late 2022. This backdrop of weakened demand has contributed to companies adopting a more cautious approach to hiring, the commentary observed. Besides weak demand, another key factor driving a cutback in recruitment has been last October's Autumn Budget. Changes to employers' National Insurance contributions—a form of tax—and a higher minimum wage have led many businesses to reassess their workforce needs, according to anecdotal evidence collected in the PMI surveys. This ongoing cutback in payroll numbers is a clear shift from the strong employment growth seen in the early post-pandemic months. In fact, the reduction in workforce numbers observed in February this year was the most pronounced since November 2020. While salary cost pressures have significantly diminished since their peak in 2022, they continue to run above the long-run average and have even reaccelerated, with data from October 2024 onward indicating monthly increases in these pressures. Fibre2Fashion News Desk (DS)
Al Etihad
05-05-2025
- Business
- Al Etihad
Hiring picks up in UAE's non-oil economy as April PMI stays at 54.0
5 May 2025 09:22 REDDY (ABU DHABI)The non-oil private sector of the UAE's economy continued its expansion in April with the seasonally-adjusted S&P Global UAE Purchasing Managers' Index (PMI) remaining unchanged at 54.0, way above the 50.0 mark. PMI is an economic indicator that measures the business activity in the manufacturing and services sectors. It is based on surveys of company executives and reflects trends in new orders, production, employment, supplier deliveries, and inventory levels. A PMI above 50 indicates expansion, while below 50 signals contraction.'Non-oil private sector businesses in the UAE increased employment levels at a stronger pace at the start of the second quarter,' the S&P Global PMI report said. Output continued to expand sharply even as backlogs accumulated at a slightly softer across the non-oil economy rose at the sharpest rate in 11 months. The report noted this followed a relatively subdued period of job creation, especially since the final quarter of last businesses typically related higher employment to a growing need to address workloads, which survey data indicated were elevated since early latest figures showed the rate of backlog accumulation easing to a six-month low, albeit remaining steep overall, the report said."The headline PMI's reading of 54.0, which was unchanged from March, signals that underlying business conditions are still improving robustly,' David Owen, Senior Economist at S&P Global Market Intelligence, are hopeful that elevated demand levels and strong pipelines should propel activity higher in the coming months, Owen said. 'The April PMI results signalled a notable uptick in hiring activity across the non-oil private sector. After several months of mild increases in payroll numbers, job creation rose to its highest level in 11 months,' Owen new orders rose sharply, with the rate of growth accelerating from March. 'This was partly due to the strongest upturn in international demand while companies also reported gaining domestic clients,' the PMI report said. Input purchases at non-oil firms increased, as panellists reported growing demand for materials and components. The rate of growth was sharp, but softened from March's 68-month peak, the report said. The survey data also indicated a stronger improvement in supplier performance at the start of the second quarter. Firms mainly attributed this to efforts by vendors to increase their capacity, the report said. Input prices in the non-oil economy increased again during April. Prices charged were also raised, but at a slower pace than in March, as many panellists cited efforts to offer lower prices to customers amid strong ahead, surveyed firms remained confident that sales pipelines and resilient market conditions would support activity going forward. The degree of confidence ticked up for the third month running and was the best recorded in 2025 so far, the report said. Dubai PMIThe latest survey data for Dubai signalled a softer upturn in operating conditions across the non-oil private sector during April. This was mainly due to a weaker increase in new business inflows. Order book volumes continued to rise sharply overall, contributing to another robust expansion in business activity. Employment expanded during April, overturning a brief reduction in March, as firms reportedly looked to boost their capacity. The report has not given out a definitive PMI number for Dubai non-oil economy for month of April.
Business Mayor
27-04-2025
- Business
- Business Mayor
British retail sales unexpectedly rose 0.4% in March
Unlock the White House Watch newsletter for free Your guide to what Trump's second term means for Washington, business and the world British retail sales unexpectedly rose 0.4 per cent in March, before Donald Trump announced sweeping tariffs on US trading partners, with sunny weather helping sales in clothing and outdoor shops. Friday's monthly data from the Office for National Statistics showed that the volume of goods bought exceeded expectations of economists polled by Reuters, who had predicted a 0.4 per cent contraction. Clothing and outdoor retailers reported that good weather boosted sales, though the increases were in part offset by falls in supermarket sales. The figure followed a 0.7 per cent increase in February and a 1.4 per cent rise in January. However, the latest retail sales data does not take in the impact from Trump's tariff shock in April and the rise in business and household costs taking effect this month. Separate figures published on Friday by research company GfK showed that consumer confidence fell four points to minus 23 this month, the lowest level for well over a year. Earlier in the week, the S&P Global PMI indices showed that US tariffs and rising costs had also hit business morale. 'Retail sales were ticking along just fine before President Trump's tariffs hit consumers' confidence,' said Rob Wood, economist at the consultancy Pantheon Macroeconomics. Alex Kerr, economist at the consultancy Capital Economics, said the retail sales figure would add 0.1 per cent points to GDP in the first three months of the year. 'But while today's retail sales data confirmed that households spent a bit more freely than expected in Q1, that may not last,' he added. 'The drop in consumer confidence in April after the US tariff chaos suggests that households may start to spend more cautiously in the coming months.' The UK economy performed better than expected at the start of the year, with a 0.5 per cent rise in GDP in February pointing to faster growth across the first quarter than the 0.25 per cent forecast by the Bank of England. The Met Office reported that the UK had its third-sunniest March on record, helping sales. Sales in non-food stores, including department stores, clothing and household stores, rose by 1.7 per cent over the month, pushing them to the highest level since March 2022. Recommended In the three months to March, a less volatile measure of spending, sales were up 1.6 per cent compared with the previous three months, the fastest pace since mid-2021. However, the data relates to the period before the US president announced steep 'reciprocal' tariffs on dozens of America's trading partners in early April, and a 10 per cent duty on the UK, in a move that convulsed global markets. The costs of many utilities for UK consumers also rose in April, with road and stamp duty tax es also rising. 'We had been upbeat about UK consumer prospects before the US lurch to tariffs,' said Wood. 'Now the question is how much rising uncertainty will hit consumers.' Read More What Happens To Neiman Marcus After The Saks Merger?
Trade Arabia
05-03-2025
- Business
- Trade Arabia
UAE, Saudi PMI data shows sustained as costs rise
The UAE and Saudi Arabia continue to demonstrate robust economic performance in their non-oil sectors, with recent PMI data highlighting sustained growth and business optimism despite rising costs. In the UAE, the S&P Global PMI held steady at 55.0 in February, well above the neutral 50.0 threshold, signaling strong expansion. Meanwhile, Saudi Arabia's Riyad Bank PMI, though cooling slightly from January's decade-high reading, remained firmly in growth territory at 58.4, down form 60.5 previously. The UAE's non-oil private sector maintained its strong performance in February, with the S&P Global Purchasing Managers' Index (PMI) holding steady at 55.0, well above the neutral 50.0 threshold that separates contraction from expansion. This marks a continuation of robust growth, with the year-to-date average exceeding the long-term trend of 54.4, reinforcing expectations that the non-oil economy will expand by 5.0% in 2024, consistent with earlier forecasts, said an Emirates NBD report. Output growth accelerated in February, with nearly 30% of surveyed businesses reporting increased activity. However, new order growth slowed to its weakest pace since October, though it remained indicative of a healthy pipeline of business. Domestic demand continued to drive the expansion, while new export orders grew at a slower pace than overall orders, albeit slightly faster than in January. Business costs rose at the sharpest rate since November, marking the first acceleration in seven months. This was primarily driven by higher purchase prices, while staff costs increased only marginally. In response, businesses raised their output prices for the second consecutive month, with the rate of increase hitting the fastest pace since September. Despite rising costs, business sentiment improved slightly in February, with around 10% of firms expecting output to expand over the next year, compared to just 1% anticipating a decline. Dubai PMI dips to 3-month low In Dubai, the S&P Global PMI fell to a three-month low of 54.3 in February, down from 55.3 in January. The decline was largely driven by a sharp slowdown in employment growth, which accounts for 20% of the overall index. Employment levels dropped to just above the neutral mark after two months of strong gains. Conversely, output surged to its highest level since October 2021, highlighting a mixed performance across sectors. Input costs rose at the fastest pace since December 2021, prompting firms to pass some of these increases on to consumers, though the rate of price hikes slowed compared to January. Business optimism improved marginally, reflecting cautious confidence in the emirate's economic prospects. All three major sectors tracked in the survey — construction, travel and tourism, and wholesale and retail trade — saw declines in February. Construction remained the weakest performer, with a headline reading of 53.4, down from 54.0 in January. While output accelerated and business optimism improved, employment in the sector turned negative for the first time since February 2022. Travel and tourism fell to 53.7, with new order growth at its slowest since September 2021. However, business optimism improved, and employment levels edged up slightly. Wholesale and retail trade also softened to 55.1, with slower new order growth and a modest dip in output. Employment in the sector grew slightly, but business optimism deteriorated, and output prices turned negative as firms sought to remain competitive. Saudi Arabia's non-oil sector remains strong In Saudi Arabia, the Riyad Bank PMI cooled slightly from January's decade-high reading but remained firmly in expansion territory at 58.4, down from 60.5. The figure is well above the neutral 50.0 mark, supporting forecasts for non-oil GDP growth of 4.5% in 2024, up from a preliminary estimate of 4.3% for the year. Nearly a third of respondents reported increased output in February, while only 2% saw a decline. New order growth remained robust, though softer than the near-record levels seen in January. Domestic demand was bolstered by a rise in expatriate workers, while new export orders softened to a three-month low but continued to expand strongly. Business optimism strengthened for the third consecutive month, reaching its highest level since late 2023, as firms anticipated robust economic growth ahead. Hiring activity accelerated, with the employment index hitting a 16-month high. Businesses also continued to build inventories, though the pace of purchases slowed from January. Input costs rose at a faster pace than the series average, driven by both purchase and staff costs. Firms reported raising salaries to retain workers, and some of these higher costs were passed on to customers, with output prices increasing for the fifth consecutive month. However, the rise in prices was modest, as competitive pressures limited firms' pricing power. - TradeArabia News Service
