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U.K. service PMI falls in November to worst reading in 40 monthsExternal Link

The flash reading of the IHS Markit/CIPS flash U.K. services purchasing managers index fell to a 40-month low in November of 48.6, from 50 in October. The manufacturing PMI meanwhile slipped to a two-month low of 48.3 versus 49.6 in October. "The weak survey data puts the economy on course for a 0.2% drop in GDP in the fourth quarter, and also pushes the PMI further into territory that would normally be associated with the Bank of England adding more stimulus to the economy," said Chris Williamson, chief business economist at IHS Markit. "While Brexit issues such as stock-building and car factory closures have led to volatile GDP data so far this year, making monetary policymaking especially difficult and encouraging the Bank of England to sit on its hands until the fog clears, the PMI surveys are not only warning that the underlying trend in the economy is deteriorating markedly, but also that the labour market is cooling."

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 22 Nov 2019 09:34:31 GMT
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Eurozone flash manufacturing PMI limps up to 3-month high in NovemberExternal Link

The flash reading of the eurozone manufacturing purchasing managers index rose to a 3-month high of 46.6 in November, up from 45.9 in October. The PMI was slightly above the FactSet-compiled economist consensus for a 46.4 consensus, but below the 50 level, indicating purchasing managers were reporting contractionary conditions. The flash services PMI meanwhile fell to a 10-month low of 51.5 in November from 52.2, which was below economist expectations for a 52.4 reading. "Manufacturing remains in its deepest downturn for six years amid ongoing trade woes, and November saw further signs of the weakness spilling over to services, notably via slower employment growth," said Chris Williamson, chief business economist at IHS Markit, in a statement. The flash estimate is typically based on approximately 85% of the final number of replies received each month.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 22 Nov 2019 09:07:02 GMT
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ECB President Lagarde calls for 'new European policy mix' External Link

Christine Lagarde, the new European Central Bank president, on Friday called for a "new European policy mix" to drive the eurozone economy forward. She said the ECB will undertake a "strategic review" in the near future, and said monetary policy could achieve its goal faster with fewer side effects if other policies were supporting it. Lagarde called for help from fiscal policy, not just at aggregate level but with a "more productive, more digital and greener" stance. Lagarde also called for completing the digital single market, the capital markets union and the single market in services. The euro , also impacted by new PMI data, rose to $1.1074 from $1.1061 on Thursday.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 22 Nov 2019 08:52:55 GMT
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Microsoft granted approval to resume sales to Huawei: reportExternal Link

Microsoft Corp. says it has been granted an exemption from a U.S. blacklist, and can resume selling "mass-market" software to Chinese telecom giant Huawei Technologies Co., Reuters reported Thursday. Reuters said Microsoft confirmed its approval for an export license in an email. The Commerce Department said Wednesday that it had started approving applications by almost 300 U.S. companies to export products that do not pose national-security risks to Huawei, though no specific companies were named. It is assumed that a number of major chip makers such as Intel Corp. , Qualcomm Inc. and Micron Technology Inc. applied for exemptions, hoping to resume lucrative business deals with Huawei. Reuters said Huawei is eagerly awaiting approval of Alphabet's Google, so it can access its Play Store for apps, but the Google had no comment Thursday as to its status.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Thu, 21 Nov 2019 23:33:43 GMT
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Powerbar maker Bellring Brands' Q4 sales fallExternal Link

In its first financial results release as a publicly traded company, Bellring Brands Inc. late Thursday reported rising profit but falling sales for its fourth quarter. The maker of ready-to-drink shakes and the Powerbar protein bar, a spinoff of cereal maker Post Holdings Inc. , debuted on equity markets last month. Bellring said it earned $26.7 million in the fourth quarter, compared with earnings of $26.4 million in the year-ago period. Adjusted for one-time items, Bellring earned $28.7 million; no non-GAAP adjustments were made to net earnings in the fourth quarter of 2018, the company said. Sales fell 2.5% to $214.5 million mostly as a result of promotional activity, Bellring said. The company did not provide a per-share earnings breakdown for the quarter. Analysts polled by FactSet had expected sales of $214.6 million. Bellring priced its initial public offering in mid-October at $14 a share. Post Holdings Inc. held about 71% of Bellring then. The stock was flat in the extended session after ending the regular trading day down 2.3%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Thu, 21 Nov 2019 22:33:56 GMT
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