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Markets News Afternoon: US services sector grew in February at its fastest pace in more than two years; Shares rise in Europe and US
By Finfacts Team
Mar 3, 2010 - 4:36:08 PM
Greek Prime Minister George Papandreou speaking to members of his PASOK parliamentary party group in Athens, Tuesday, March 02, 2010
The US services sector grew in February at its fastest pace in more than two years, according to an industry report issued Wednesday.
Anthony Nieves, chair of the Institute for Supply Management Non-Manufacturing Business Survey Committee; and senior vice president supply management for Hilton Worldwide said: "The NMI (Non-Manufacturing Index) registered 53% in February, 2.5 percentage points higher than the seasonally adjusted 50.5% registered in January, indicating growth in the non-manufacturing sector. The Non-Manufacturing Business Activity Index increased 2.6 percentage points to 54.8 %, reflecting growth for the third consecutive month. The New Orders Index increased 0.3 percentage point to 55 %, and the Employment Index increased 4 percentage points to 48.6 %. The Prices Index decreased 0.8 percentage point to 60.4 % in February, indicating an increase in prices paid from January. According to the NMI, nine non-manufacturing industries reported growth in February. Respondents' comments vary by industry and company about business conditions."
The nine industries reporting growth in February based on the NMI composite index - - listed in order - - are: Information; Arts, Entertainment & Recreation; Transportation & Warehousing; Public Administration; Professional, Scientific & Technical Services; Other Services; Retail Trade; Wholesale Trade; and Finance & Insurance. The eight industries reporting contraction in February — listed in order — are: Educational Services; Health Care & Social Assistance; Management of Companies & Support Services; Construction; Utilities; Accommodation & Food Services; Real Estate, Rental & Leasing; and Mining.
McDonalds:McDonald’s Restaurants of Ireland announced today that the company is to invest €12 million in its Irish operation with the opening of four new restaurants this year, creating 250 jobs.
The four new restaurants, which will be open by the end of 2010, will bring the number of stores to 82. Three of the new restaurants will open in the Greater Dublin area, starting with a new drive-thru restaurant in Finglas and there will be one regional opening. The 250 positions will be filled by the end of the current year, bringing the number of employees in Ireland to 3,850, up from 3,600 in 2009. The company plans further new openings in 2011 and 2012. Recruitment for the 250 positions will commence in July of this year.
McDonald’s also announced details of an economic analysis prepared by Indecon International Economic Consultants. The overall impact of McDonald’s Irish operations, comprising of labour (wages and salaries) and non labour contributions amounts to €198.7 million annually, based on analysis of 2008 data. In addition, the company is facilitating exports of Irish-origin food produce of €396.4 million to McDonald’s internationally.
"The Eurozone economy is still struggling to come out of recession," but it's not as bad as some forecasts suggest, Bob McKee from Independent Strategy told CNBC Wednesday. "There hasn't been much of a consumer recovery," he added.
Australian Company Probiotec Limited to create 70 new jobs: Dundalk has been selected as European Manufacturing Headquarters by "leading" Australian company: The Tánaiste and Minister for Enterprise, Trade and Employment Mary Coughlan, announced today that Australian healthcare company Probiotec Limited is to establish its
European manufacturing headquarters in Dundalk, Co Louth where it will produce its range of weight management and other food products. This investment is expected to create 70 new jobs and generate sales of over €30m over the next three years. The facility will be the strategic production centre for Probiotec to drive their continued growth in the European market. It is a highly significant investment for Probiotec and reaffirms Ireland’s reputation for excellence in the food ingredient sector and as a primary location of choice for international food companies.
Investors focus for the next couple of days will be on Greece and its new austerity measures, Andrew Freris from BNP Paribas Wealth Management said Wednesday. He discusses how Greece is affecting the euro:
US markets
Nonfarm US private employment fell 20,000 from January to February 2010 on a seasonally adjusted basis, according to the ADP National Employment Report. The estimated change of employment from December 2009 to January 2010 was revised down, from a decline of 22,000 to a decline of 60,000. The February employment decline was the smallest since employment began falling in February of 2008.
On the New York Mercantile Exchange, oil for April 2010 delivery is trading at $80.69, up $1.01 from Tuesday's close. In London, Brent crude for April delivery is trading at $79.03 a barrel.
Currencies
The euro is trading at $1.3719 and at £0.9087.
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.
