Eurozone services sector in a pretty decent shape
• Growth of business activity remained firmly driven by the big-two nations of France and Germany. Italy and Ireland also reported growth, whereas business activity fell slightly in Spain.
• Business confidence improved in Germany (highest since December 2003), Italy (three-month peak) and Ireland (highest since June), but eased in France (13-month low) and Spain.
UK showing signs of slowdown – first manufacturing PMI now services
• The services sector, a massive source of business in the United Kingdom seems to be slowing the pace of expansion as the Markit Economics Services PMI turns out worse than expected.
• The Services PMI indicator was released at 53.1 last month. Amidst expectations of a slight drop to 52.8, the indicator took a dive all the way down to 51.3.
European consumers refuse to open up their purses
• European Union retail trade barely increased in July, data released Friday showed, indicating that the region's recent upswing in growth is not being matched by a rise in consumer spending.
• In Germany - often criticized for holding down domestic consumption while concentrating on exports - retail sales fell by 0.3 per cent on a monthly basis.
• Over the same period, they were up by 2.2 per cent in France and by 1.1 per cent in Britain, while in crisis-hit Spain they were down by 3 per cent.
US employment says that economy is NOT collapsing
• August's payroll report is reassuring, suggesting that while economic growth may have slowed, it is not collapsing.
• One apparent piece of good news was the private sector's ability to create a better-than-expected 67,000 jobs in August.
• Unfortunately, the economy isn't growing fast enough to create the number of extra jobs required to bring the unemployment rate down.
US services sector keeps falling – no bounce back like manufacturing here
• Growth of the key US services sector fell to its lowest level in seven months in August amid a weakening economic recovery, a survey report said Friday.
• The drop in the new orders index to an 8-month low of 52.4, from 56.7, is probably the biggest concern.
Argentine wheat mixed due to patchy rains-exchange
• Dry weather is affecting more than a third of Argentine wheat, but rains have improved the condition of crops in the most-important growing areas, Buenos Aires Grains Exchange said on Thursday.
• Argentina is one of the world's leading wheat suppliers and attention has shifted to dry conditions affecting 2010/11 crops in recent days, especially as the country is seen as helping plug the supply gap left by drought-hit Russia.
Putin says no grain exports before 2011 harvest
• Russia abruptly signaled on Thursday it would extend a grain export ban until late 2011 and ordered authorities to prevent speculators driving up food prices after the worst harvest in years.
• Prime Minister Vladimir Putin's surprise statement on the export ban -- which had been due for review after Dec. 31 -- puzzled analysts and helped send benchmark Chicago wheat prices higher.
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