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Markets News Afternoon: Annual Irish production increased by 2.3% in January 2010; US weekly initial jobless benefit claims fell slightly last week
By Finfacts Team
Mar 11, 2010 - 5:09:52 PM
Annual production for Irish Manufacturing Industries in January 2010 was 2.3% higher than in January 2009. The most significant changes were in the following sectors: Computer, electronic and optical products (-37.2%) and Basic pharmaceutical products and preparations
(+11.8%). The seasonally adjusted volume of industrial production for Manufacturing Industries for the three month period November 2009 to January 2010 was 2.7% lower than in the preceding three month period.
The “Modern” Sector, comprising a number of high-technology and chemical sectors, showed an annual increase in production for January 2010 of 4.8% while a decrease of 3.6% was recorded in the “Traditional” Sector. The seasonally adjusted industrial turnover index for Manufacturing Industries was 1.5% lower in the three month period November 2009 to January 2010 when compared with the preceding three month period. On an annual basis turnover was 8.8% lower when compared with January 2009.
US data:The US international trade deficit fell in 2009, according to the US Bureau of Economic Analysis and the US Census Bureau. The deficit decreased from $695.9 billion in 2008 to $378.6 billion in 2009 (revised), as imports dropped more than exports. The previously published 2009 deficit was $380.7 billion. As a percentage of US gross domestic product, the goods and services deficit was 2.7% in 2009, down from 4.8% in 2008.
The US trade deficit narrowed to $37.29 billion in January. A 1.7% drop in imports outpaced a 0.3% drop in exports as the volume of oil imports hit its lowest level in more than a decade. The 2009 trade gap was $378.6 billion.
Initial jobless claims were at 462,000 in the week ended March 6th from 468,000 in the prior week, the Labor Department said today.
The weekly fall was the second in a row and the four-week average of new claims, which seeks to smooth volatility in the data, rose last week by 5,000 to 475,500 from the previous week's revised 470,500.
The number of continuing claims -- those drawn by workers for more than one week in the week ended Feb. 27th -- increased by 37,000 to 4,558,000 from the preceding week's revised level of 4,521,000.
Sen. Dodd will unveil a financial regulation bill Monday without Republican support. The CNBC news team has the details:
US markets
On Wednesday, the Dow dipped 8 points to 10,560.
The S&P 500 dropped 0.12% and the Nasdaq Composite declined 0.19%.
In Europe, the Dow Jones Stoxx 600 has fallen 0.25% Thursday.
In Dublin, the ISEQ has gained 0.36%.
Elan is up 3.41% and AIB has added 1.82%; BoI has climbed 2.59%.
John Lewis saw profit rise 10% on the year. Richard Perks from Mintel International told CNBC Thursday that "UK retailers have held onto their customers by strengthening their entry level ranges." He sees a gloomy 2010 outlook for the sector as "the consumer is going to be squeezed and squeezed hard.":
On the New York Mercantile Exchange, oil for April 2010 delivery is trading at $81.81 down 28 cents from Wednesday's close. In London, Brent crude for April delivery is trading at $80.13 a barrel.
Currencies
The euro is trading at $1.3680 and at £0.9082.
For live currency updates, check the right-hand column of the Finfacts home page.The dollar traded at a record low $1.6038 per euro on July 15, 2008.
