Friday, October 11 12:48:55
The ISEQ was flat this morning with talks underway in the US on the fiscal impasse and despite mounting signs that Ireland's recovery is gathering strength.
By 12:45, the ISEQ was up 0.61 of a point to 4,264.21.
Economists at Davy today said that the Irish recovery is gaining momentum and revised up their GDP forecast for next year but said that this year's growth would be slightly weaker that previously forecast. The brokers' new forecasts for the Irish economy are for 1pc GDP growth in 2013, accelerating to 2.5pc in 2014. Economist, Conall Mac Coille said he expects employment growth of 1.8pc in 2013 will accelerate to 2.2pc in 2014 so that the unemployment rate falls to 12.8pc next year.
SMEs expect further improvements in trading conditions over the coming year and say that employment prospects are the best since before the recession in 2007. That's according to the latest Quarterly SME Business Trends Survey for Q3 from ISME, which also found that SMEs in general expect further improvements in trading conditions over the coming year.
Yesterday afternoon, Aer Lingus released a statement with an update on the pension issue. IASS trustees proposed a benefit adjustment to address concerns raised by the Pensions Board (for example, introduction of mandatory lump sum commutation, cessation of IASS benefit accrual and increases in the scheme's normal retirement age). Following the submission of a proposal to, and acceptance by, the Pensions Board, the implementation of the Labour Court recommendations remains dependent on a series of further steps. Aer Lingus shares were unmoved at E1.43.