BERLIN German industrial output edged down in August due to a weaker construction sector, Economy Ministry data showed on Monday, suggesting that Europe’s largest economy is weathering the euro zone crisis relatively well. Industrial production in Germany slipped by 0.5 percent on the month in August. That compared with the consensus forecast in a Reuters poll of 42 economists for a 0.8 percent drop. Activity in the construction sector fell by 2.8 percent and factories churned out 1.3 percent fewer intermediate goods, dragging overall output down. Energy output, which rose by 1.5 percent, was the main bright spot. “The trend [...]
BEIJING China’s retail sales growth slowed during the Golden Week holiday, local media said on Sunday, providing a snapshot of increasingly important sources of demand in the world’s second-largest economy. Overall retail sales revenue grew 15 percent to hit 800.6 billion yuan ($ 127.4 billion) during the National Day holiday, which coincided with the Mid-Autumn Festival to provide a rare eight-day break, China’s state television China Central Television said. That marked a cooldown from the 17.5 percent growth last year during a seven-day holiday. No further details were given, The Golden Week holiday, when millions of people take time out [...]
LONDON The Ifo index, a gauge of German business confidence, declined more than forecast in September. The Munich-based institute recorded a reading of 101.4 for the month against a forecast of 102.3. The Ifo expectations part of the index, which tracks outlooks by German business managers for the next six months, hit 93.2 in September versus a reading of 94. 2 for the month of August. The Ifo is based on a survey of 7,000 firms in manufacturing, wholesaling and retailing. The index’s decline marked its fifth successive fall. Hans-Werner Sinn, president of the Ifo Institute, said in a note [...]
SAN FRANCISCO Facebook Inc.’s shares dipped to $ 19 on Friday, hitting a new all-time low, which also represented a 50% drop from its initial public offering price. Facebook’s had its public trading debut in May with an IPO price of $ 38. The stock shed 4.1% to close at $ 19.05 on Friday, and was down 12.6% for the week. The social networking giant’s stock took a hit Thursday when the lock-up for about 271 million shares expired. More than 1.3 billion shares are expected to be made available to the market before the end of the year as their lock-up deadlines also expire.