Recession Risks Recede
Taking Stock on Monday 5th February 2024
Recession Risks Recede
UK services activity rises at fastest pace in 8 months: PMI
British services businesses started 2024 on a robust footing, with a solid inflow of new orders and the fastest hiring in six months, as the prospect of lower interest rates made customers more willing to spend, a survey showed on Monday.
The S&P Global services PMI for Britain rose to 54.3 in January from 53.4 in December, its highest reading since May 2023 and stronger than an initial estimate of 53.8.
"New orders have also rebounded this winter as receding recession risks and looser financial conditions led to greater willingness-to-spend among clients," Tim Moore, economics director at S&P Global Market Intelligence, said.
Companies mentioned on, "Taking Stock" today:
03:45 Metals One #MET1
04:00 Helium One #HE1
06:10 Team17 #TM17
06:15 Bushveld Minerals #BMN
09:08 Bidstack #BIDS
14:08 Upland Resources #UPL
17:16 Argo Blockchain #ARB
18:43 & 29:05 Serica Energy #SQZ
20:25 Atlantic Lithium #ALL
21:00 Aptamer #APTA
22:00 Gaming Realms #GMR
24:29 t42 IoT Tracking Solutions #TRAC
25:28 Smartec247 #S247
26:45 On The Beach #OTB
29:22 Land Securities #LAND
31:20 Kromek #KMK
32:50 Journeo #JNEO
TOP BUSINESS STORIES
One million electric cars sold in the UK since 2002
The UK registered its one millionth electric car last month, despite a big drop in sales, new figures suggest.
New EV registrations by private buyers fell by a quarter in January, threatening to undermine the UK's net zero promises.
Overall new car sales to private customers fell by 16% in the same period, the Society of Motor Manufacturers and Traders (SMMT) said.
The figures have sparked more calls for tax cuts to boost uptake among buyers.
More than 20,000 battery electric cars (BEVs) were registered in January, up by a fifth year on year and helped by generous tax incentives for company car users.
leet buyers - companies purchasing more than 25 units in one go - have been entirely behind the increase, with demand for BEVs growing by more than 40%.
Electric cars accounted for 14.7% of all new vehicles sold in the UK in January. Although that was an increase over the same month the year before, it was still well below the market share of 16.5% achieved for the whole of 2023.
Unemployment rate may be much lower than estimated, official figures show
The UK's jobless rate may have been much lower than estimates suggested at the end of last year, according to data that could bolster pressure on the Bank of England to hold off on interest rate cuts.
The Office for National Statistics (ONS) said new experimental results from its Labour Force Survey, which is used to determine the official unemployment rate, showed a rate of 3.9% for the three months to November.
It had previously been measured at 4.2%.
Russian oil getting into UK via refinery loophole, reports claim
Millions of barrels of fuel made from Russian oil are still being imported to the UK despite sanctions imposed over the war in Ukraine, research claims.
A so-called "loophole" means Russian crude is refined in countries such as India and the products sold to the UK.
This is not illegal and does not breach the UK's Russian oil ban, but critics say it undermines sanctions aimed at restricting Russia's war funds.
The UK government denied there had been any imports of Russian oil since 2022.
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