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Economics

Services sector: The Chartered Institute of Purchasing and Supply/ Markit purchasing managers’ index fell at a record rate in November to 40.1, down from 42.4 in October. This was the seventh month that the index was below the growth threshold of 50.

Inflation: Figures from the British Retail Consortium showed that annual shop price inflation eased to 2.7 per cent in November, from 3 per cent in October. Food price nflation eased to 7.1 per cent in November from 7.5 per cent in October, while clothes, shoes and electrical goods have fallen in price since November last year.

Eurozone services sector: The Markit Eurozone Purchasing Managers Index for services companies, which range from banks to bars, was revised down to 42.5 in November from 45.8 in October.

Eurozone retail sales: Data from the Eurostat agency showed that eurozone retail sales fell by 0.8 per cent in October, taking the annual decline in the volume of sales to 2.1 per cent over one year, down from the 1.4 per cent annual fall recorded in September.

US services sector: The Institute for Supply Management said its nonmanufacturing index fell to a record low of 37.3 in November, from 44.4 in October. Economists said this reading was consistent with a 3 per cent annual contraction in GDP, indicating that the US recession is set to deepen.

US unemployment: The ADP National Employment Report showed that US private sector companies cut 250,000 jobs in November, the largest decline in six years, after cutting 179,000 workers in October. This was up from September’s decline of 26,000.

Banking & finance

Anglo Irish Bank: The lender, whose shares have fallen over 90 per cent on the year, has scrapped its final dividend and taken a €500 million (£428.7 million) provision against future bad debts as it reported a 29 per cent rise in full-year core pretax profits to €1.77 billion, but with a 34 per cent fall in earnings per share to 88.4 cents.

Northern Rock: The nationalised mortgage lender has joined a growing list of banks agreeing to help struggling homeowners by delaying the issue of repossession orders by six months. Last month it emerged that Northern Rock had seized 4,201 homes by the end of September, almost double its rate at the end of last year. last night, with a deal under which he cedes control to bankers and leaves shareholders with virtually nothing.

Resolution: Clive Cowdery’s reinvented investment vehicle, is expecting a flurry of last-minute interest in its flotation that could result in it raising as much as £600 million ahead of next week’s listing.Standard Life, Legal & General, M&G and Insight Investments are expected to have placed orders for the shares.

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