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You can find the current article at its original source at http://www.theguardian.com/business/live/2015/apr/01/greece-bailout-deal-eurozone-officials-pmi-growth
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| Greece claims bailout deal could come next week - live updates | Greece claims bailout deal could come next week - live updates |
| (35 minutes later) | |
| 8.49am BST08:49 | |
| Finally some good economic news for #Italy As its manufacturing #PMI rises to 53.3 http://t.co/4I79ddcDIF #ECB #QE #Euro | |
| 8.49am BST08:49 | |
| Good news from Italy too -- factory output has hit an 11-month high last month. | |
| Data firm Markit reports that the Italian manufacturing PMI jumped to 53.3, from 51.9, showing that the sector expanded. Growth is “gathering momentum”, it says, with firms hiring staff at the fastest rate since February 2011. | |
| Here’s the key points: | |
| 8.41am BST08:41 | |
| Spanish factory recovery accelerates | |
| Spain’s economic recovery continues to pick up pace, as the weaker euro gives Spanish firms a boost. | |
| The Spanish PMI jumped to 54.3 from 54.2, which is another month of solid growth. | |
| Crucially, firms hired staff at the fastest rate since June 2007. | |
| And many reported that new business from abroad was boosted by the relative weakness of the euro, particularly against the US dollar. | |
| Andrew Harker, senior economist at Markit and author of the report, says the trend of “consistently solid growth” continued last month: | |
| The highlight from the latest survey was the strongest rise in employment since mid-2007, as the labour market continues to recover. | |
| Meanwhile, the sharp reductions in input prices seen in the first two months of the year were not repeated at the end of Q1 as the weakness of the euro led to rises in the cost of imported items.” | |
| 8.34am BST08:34 | |
| Turkey’s factory sector has contracted at the fastest rate in almost six years. | |
| Output, new orders, and new export orders all declined, adding to concerns that its economy is slowing down. Firms reported “generally weak domestic and international market conditions”. | |
| Yesterday’s mysterious power cut, which left half the country without energy, won’t have helped -- many factories in the western city of Izmit weren’t able to work, for example. | |
| Turkish manufacturing downturn intensifies in March, #PMI at 48.0 (49.6 in Feb), lowest since April 2009 http://t.co/TZAzecfbof | |
| 8.18am BST08:18 | |
| Russia’s factory sector continued to contract last month. | |
| HSBC’s Russia Manufacturing PMI, measures activity in the sector, fell to 48.1 from 49.7. Any reading below 50 shows a drop in activity. | |
| The sanctions imposed on Russia over the Ukraine conflict may be biting, along with the impact of the lower oil price. Many firms reporting that conditions have deteriorated. | |
| Paul Smith, Senior Economist at Markit, warned that some companies are struggling to get financing too: | |
| “March’s survey data indicated that operating conditions remained challenging overall, with output, new orders and employment all posting modest falls. Access to working capital also remains a hurdle to overcome for a number of manufacturers.” | |
| Updated at 8.23am BST | |
| 8.09am BST08:09 | 8.09am BST08:09 |
| Overnight, an official survey of the Chinese factory sector was a little stronger than expected in March, driving the Shanghai stock market to a new seven-year high. | Overnight, an official survey of the Chinese factory sector was a little stronger than expected in March, driving the Shanghai stock market to a new seven-year high. |
| The official Chinese manufacturing PMI rose to 50.1 from 49.9, showing very marginal growth. But a rival survey was less optimistic, showing a drop in employment and new orders. | |
| More stimulus may still be needed to stop the country’s economy slowing. More here. | |
| Overnight data from China - especially HSBC manufacturing survey - point to a further slowdown in growth. | |
| Updated at 8.26am BST | |
| 7.57am BST07:57 | 7.57am BST07:57 |
| Greek minister: Deal before Orthodox Easter | Greek minister: Deal before Orthodox Easter |
| With a deal before Western Easter looking very unlikely, Greece’s government has now declared that it will reach agreement with its lenders before Orthodox Easter (which falls on 12 April). | With a deal before Western Easter looking very unlikely, Greece’s government has now declared that it will reach agreement with its lenders before Orthodox Easter (which falls on 12 April). |
| Economy Minister George Stathakis has just told Skai TV that the two sides will agree a package of reforms next week, saying: | Economy Minister George Stathakis has just told Skai TV that the two sides will agree a package of reforms next week, saying: |
| “The agreement will close on (Greek Orthodox) Easter week.” | “The agreement will close on (Greek Orthodox) Easter week.” |
| For that to happen, the Greek side will have to produce a credible, detailed programme of reforms. Some officials in Brussels have warned that the current plan is still too much of a ‘wish list’. | For that to happen, the Greek side will have to produce a credible, detailed programme of reforms. Some officials in Brussels have warned that the current plan is still too much of a ‘wish list’. |
| And next week looks rather lively; with the IMF expecting a €450m repayment from Greece on Thursday, April 9th. | And next week looks rather lively; with the IMF expecting a €450m repayment from Greece on Thursday, April 9th. |
| Stathakis also tried to placate critics in his own party, who oppose selling off state assets. He said the government still plans to hold a stake in the country’s largest port, Piraeus, rather than selling the whole thing. | Stathakis also tried to placate critics in his own party, who oppose selling off state assets. He said the government still plans to hold a stake in the country’s largest port, Piraeus, rather than selling the whole thing. |
| “The idea that prevailed is that we will not proceed with a privatisation of the 67 percent stake, which would mean a full privatisation of Piraeus port. We are not discussing this.” | “The idea that prevailed is that we will not proceed with a privatisation of the 67 percent stake, which would mean a full privatisation of Piraeus port. We are not discussing this.” |
| “We are trying to find some kind of joint venture.” | “We are trying to find some kind of joint venture.” |
| (quotes via Reuters) | (quotes via Reuters) |
| 7.50am BST07:50 | 7.50am BST07:50 |
| The agenda: Greek teleconference call, and euro PMIs | The agenda: Greek teleconference call, and euro PMIs |
| Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. | Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. |
| With Greece’s negotiations with its creditors over economic reforms seemingly becalmed, eurozone finance officials will hold a teleconference call today to assess the state of play. | With Greece’s negotiations with its creditors over economic reforms seemingly becalmed, eurozone finance officials will hold a teleconference call today to assess the state of play. |
| The euro working group will discuss the chances of a deal, following five days of talks in Brussels which ended yesterday. | The euro working group will discuss the chances of a deal, following five days of talks in Brussels which ended yesterday. |
| Although the Athens side are making positive noises, there’s no indication yet that we’re close to a breakthrough that would release the bailout funds it desperately needs. | Although the Athens side are making positive noises, there’s no indication yet that we’re close to a breakthrough that would release the bailout funds it desperately needs. |
| No wonder Angela Merkel and Francois Hollande were chivvying Greece to speed things up, at a press conference on Tuesday. | No wonder Angela Merkel and Francois Hollande were chivvying Greece to speed things up, at a press conference on Tuesday. |
| Billionaire investor Warren Buffett waded into the issue last night, telling CNBC that | Billionaire investor Warren Buffett waded into the issue last night, telling CNBC that |
| “If it turns out the Greeks leave, that may not be a bad thing for the euro. | “If it turns out the Greeks leave, that may not be a bad thing for the euro. |
| “If everybody learns that the rules mean something and if they come to general agreement about fiscal policy among members, or something of the sort, that they mean business, that could be a good thing.” | “If everybody learns that the rules mean something and if they come to general agreement about fiscal policy among members, or something of the sort, that they mean business, that could be a good thing.” |
| The European Central Bank is also expected to ponder the Greek crisis today, to decide whether to continue providing emergency liquidity to the Greek banking sector. | The European Central Bank is also expected to ponder the Greek crisis today, to decide whether to continue providing emergency liquidity to the Greek banking sector. |
| That support is effectively keeping Greek banks alive, as worried savers continue to withdraw funds | That support is effectively keeping Greek banks alive, as worried savers continue to withdraw funds |
| The lack of progress in Greece is weighing on Europe’s stock markets; they’re expected to fall again today, adding to yesterday’s tumble. | The lack of progress in Greece is weighing on Europe’s stock markets; they’re expected to fall again today, adding to yesterday’s tumble. |
| #FTSE expected to open around 20 points lower. European stock index futures down on #Greece bailout uncertainty | #FTSE expected to open around 20 points lower. European stock index futures down on #Greece bailout uncertainty |
| And there’s also lots of economic data due this morning, with Markit releasing its Purchasing Managers Index surveys of Europe’s manufacturing sectors. The PMIs are likely to show that eurozone factories continued to grow, but that France lagged behind again. | And there’s also lots of economic data due this morning, with Markit releasing its Purchasing Managers Index surveys of Europe’s manufacturing sectors. The PMIs are likely to show that eurozone factories continued to grow, but that France lagged behind again. |
| Eu #daybook: manufacturing PMI data; ECB policy makers are said to be holding weekly review of Emergency Liquidity Assistance to Greece Wed. | Eu #daybook: manufacturing PMI data; ECB policy makers are said to be holding weekly review of Emergency Liquidity Assistance to Greece Wed. |
| We’ll be tracking all the main events through the day... | We’ll be tracking all the main events through the day... |