GBP
Growth across British construction companies rebounded unexpectedly in January
after a slow end to 2014, boosted by improving order books and rising
confidence, a business survey showed on Tuesday. The  construction
purchasing managers’ index (PMI) rose to 59.1 from December’s 17-month low of
57.6, topping all forecasts and far above the 50 mark that signifies
growth. While official data last week showed construction output shrank at

GBP
Growth across British construction companies rebounded unexpectedly in January
after a slow end to 2014, boosted by improving order books and rising
confidence, a business survey showed on Tuesday. The  construction
purchasing managers’ index (PMI) rose to 59.1 from December’s 17-month low of
57.6, topping all forecasts and far above the 50 mark that signifies
growth. While official data last week showed construction output shrank at
the end of last year at the fastest pace since 2012, Tuesday’s PMI pointed to
better months ahead.

Growth strengthened across housing, commercial and civil engineering as new
orders piled in at the fastest rate in three months. Optimism about the next
year increased for the first time in three months, albeit from only a little from
December’s 16-month low. Construction, which accounts for just over 6
percent of Britain’s economy, was hit hard by Britain’s recession following the
global financial crisis, and the sector’s output is still around 8 percent
below its level in early 2008.

EUR
The number of unemployed registered in Spain has increased in January 2015 to
77,980 people and places the total at 4,525,691 people. Although January is a
month that has always increased unemployment, this month is the smallest
increase since 2007.  In the last seven years, the registered unemployment
in January had grown by an average of 144,000 people. In seasonally adjusted
terms, unemployment decreased by 42,723 people, the best figure in January
historical series. With the exception of July 2014, the number of unemployed in
seasonally adjusted terms has been declining every month since May. 

USD
New orders for U.S. factory goods fell for a fifth straight month in December,
but a smaller than previously reported drop in business spending plans
supported views of a rebound in the months ahead. The Commerce Department said
on Tuesday new orders for manufactured goods declined 3.4 percent as demand
fell across a broad sector of industries. 

Manufacturing is slowing, constrained by weakening global demand and falling
crude oil prices, which have caused some companies in the energy sector to
either delay or cut back on capital expenditure projects.  Business
spending on equipment in the fourth quarter was the weakest since mid-2009. The
soft trend in business investment likely persisted early into the first
quarter, with a report on Monday showing a manufacturing sector gauge falling
in January.

Factory activity has also been hampered by an ongoing labour dispute at the
nation’s West Coast ports, which has caused shipment delays. However,
 there is cautious optimism that firming domestic demand will limit the
slowdown in manufacturing. In December, factory orders excluding the
volatile transportation category fell 2.3 percent, the biggest drop since March
2013, after declining 1.3 percent in November. 

Key
Announcements:
GBP – 09:30 : UK Services PMI (Jan) expected to be higher to
56.3 from 55.8  
USD – 13:30 : US  ISM Non-Manufacturing PMI   expected to rise
to 56.6 from 56.2

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