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Business - Need to Know

Afternoon Edition

British manufacturing growth hit a seven-month high in February, according to the latest Markit/CIPS UK manufacturing purchasing managers' index.

The reading hit 54.1 in February, up a full point from an upwardly revised January reading and higher than all the forecasts in a Reuters poll.

The survey is the latest evidence that the UK economy started 2015 on a strong footing, albeit one based mostly on domestic demand. Ed Curwen has the story here.

Marc Bolland's plans to transform Marks & Spencer into an international retailer have been dealt a blow - with the announcement that the group plans to close five stores in China. The retailer, though, insists it is sticking by its commitment to expand into other large Chinese cities.

For the latest log on to our Business Now live blog.

Don't forget to follow me on Twitter for regular updates throughout the day - @fletcherr.

Richard Fletcher
Business Editor
The Times
richard.fletcher@thetimes.co.uk

The young are being left out in the cold as the housing market leaves them behind.

The leading index of the UK's biggest listed companies hit a new record high as it closed in on the 7,000 mark. The FTSE 100 rose 0.3 per cent to an intraday high of 6,972.01, 6 per cent higher since the start of the year and surpassing last month's peak.

The Footsie was led by Intertek after the inspection, product testing and certification company, announced a rise in profits, revenue and the dividend.

However, by late morning, the blue chip index was tracking back, losing 2.55 points, 0.04 per cent, to 6,944.11.

Alex Ralph
Business correspondent

This week markets will be squarely focused on data, including private-sector employment figures, factory surveys, and the big report of them all, February's jobs figures. Investors will be keeping a close eye on the Nasdaq as it knocks on the 5,000 level for the first time since the dotcom bust and looking for signs that markets are overheated. We’ll also get the initial results of the Fed’s latest stress tests on financial institutions.

The US Commerce Department issues data at 1.30pm GMT today for personal income for January, which is forecast to show a 1 per cent decline.

The Institute for Supply Management is scheduled to release its index of national factory activity for February at 3pm, while the US Markit manufacturing purchasing managers index for February is out at 2.45pm GMT. US construction spending for January, published at 3pm GMT, is forecast to show a rise of 0.3 per cent.

A federal judge is due to sign off today on a case involving Apple, Google, Intel and Adobe. The tech firms have agreed to pay $390 million to settle accusations that they refrained from poaching each other's workers, thus driving down salaries and violating antitrust laws.

Sotheby’s, the auction house, is expected to report fourth quarter results before markets open today. Wall Street is looking for earnings per share of $1.28, against $1.30 a year ago, and revenue of $338.11 billion. The company has recently been targeted by Marcato Capital, the hedge fund, for putting its capital returns on hold. Marcato is demanding an immediate stock buy back worth $500 million and the removal of Patrick McClymont, the chief financial officer.

Markets: Futures suggest a positive day on Wall Street. The Dow Jones is expected to open up 20 points at 18,147, the S&P to rise 1.75 points to 2,104.50 and the Nasdaq to grow 7 points to 4,449.50.

Alexandra Frean
US Business Editor
@freanie

I like to play but not in handcuffs
Tim Höttges, head of Deutsche Telekom, calls for internet giants like Google and Amazon to be regulated in the same way as telecoms operators
Today's FTSE 100 risers and fallers
Up (%)
Intertek Group 3.63
Kingfisher 2.38
Royal Bank of Scotland 2.01
Barclays 1.88
Hargreaves Lansdown 1.59
* As at noon
Down (%)
Tullow Oil 7.02
Aggreko 1.69
Rolls-Royce Holdings 1.63
Weir Group 1.58
Royal Dutch Shell 1.56
* As at noon
The Markets Today
FTSE 100 6,944.11 -0.04%
FTSE 250 17,287.69 0.08%
Cac 4,923.62 -0.56%
Dax 11,412.66 0.1%
Brent Crude 61.96 -1.88%
Gold 1,216.13 0.29%
GBP/USD 1.5405 -0.17%
GBP/euro 1.3724 -0.46%
10Y Gilt 129.703 0.2%
* As at noon
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