FTSE buoyed by oil shares after OPEC agrees supply curbs
LONDON Britain's top share index approached a 1-1/2 year high on Thursday, boosted by heavyweight oil companies after a decision by OPEC to curb output for the first time since 2008. [O/R]
LONDON Global manufacturing activity expanded last month for the first time since May, supported by solid output gains in China, the United States and Britain, a business survey showed on Wednesday.
JPMorgan's Global Manufacturing PMI, produced with research and supply management organisations, rose to 50.2 in December from November's 49.6, nudging above the 50-mark that divides growth from contraction for the first time in seven months.
"PMI survey indices for output, new orders and employment continued to lift at the end of 2012, as the global manufacturing sector stabilises following a softer patch in the middle of the year," said David Hensley, director of global economics coordination at JPMorgan.
As output rose for the second straight month, factories increased staffing levels for the first time since June, the survey found.
Earlier data showed U.S. manufacturing ended 2012 on a modest upswing, as increased demand at home and abroad helped the sector to grow in December at its fastest rate in seven months.
But euro zone factories sank deeper into recession with new orders tumbling - a sharp contrast to continuing signs of revival in China.
The index combines survey data from countries including the United States, Japan, Germany, France, Britain, China and Russia.
(Reporting by Jonathan Cable; editing by Stephen Nisbet)
BRUSSELS A planned reform of global banking rules being discussed by the United States, Europe, Japan and other major economies risks negatively affecting European banks and needs to be changed, the EU financial services commissioner said on Thursday.
FRANKFURT Britain will have no choice but to stick with European Union banking laws when it leaves the bloc to avoid blowing a "huge hole" in its regulatory system, a financial industry lobbyist said on Thursday.