UK house prices: Mortgage lending has strongest start to the year since 2008 February 18, 2016 Mortgage lending had its strongest start to the year for eight years, according to figures released this morning. Gross mortgage lending hit £17.9bn in January, 21 per cent higher than the same month last year, the Council of Mortgage Lenders said. It is the largest amount of mortgage lending conducted in January since 2008 when £25.2bn [...]
Oil price rises again as Brent crude climbs – but Tullow Oil share price is hit February 18, 2016 Oil prices climbed again in early trading today, after Iran "welcomed" (but made no commitments to) a deal between Russia and Saudi Arabia to keep a lid on production. Brent crude climbed to $34.44 per barrel today, while WTI crude, the US benchmark, rose to $31.14. That puts Brent crude just shy of 25 per [...]
Chinese businesses say economic growth is still subdued February 17, 2016 China's economy is barely growing, according to business survey data published today. World Economics’ sales managers index (SMI) posted a score 51.2 in February, only slightly above the 50 mark that indicates no change in economic activity on the previous month. The figure “continues to suggest ongoing, albeit modest growth in economic activity and an [...]
Federal Reserve policy makers highlight increased uncertainty and growing risks in January meeting February 17, 2016 Interest rate setters at the US Federal Reserve said it was premature to alter their economic outlook given strong financial market turbulence this year. However, they had become more cautious, emphasising that risks had increased. "Domestic financial conditions tightened over the inter-meeting period, as turmoil in Chinese financial markets and lower oil prices contributed to [...]
At the close: FTSE storms over 6,000 in shock four day nine per cent rally as share prices stay volatile February 17, 2016 The FTSE 100 has smashed through the 6,000 barrier, less than a week after falling to lows of just over 5,500. The top share index closed at 6,030.32, up 2.9 per cent on the day, adding over nine per cent in the last four trading sessions. The rebound comes amid recent extreme market volatility across Europe's stock markets, [...]
US industrial production starts 2016 in better shape as manufacturing and utilities pick up February 17, 2016 US industrial production was 0.7 per cent lower in the January than in the same month last year, according to figures released by the Federal Reserve today. While the data shows a third month of annual contraction, it is a slower rate than December's 1.8 per cent. Manufacturing, the biggest sub-sector of industrial production, climbed 1.2 [...]
UK housing crisis: The next problem area will be retirement homes February 17, 2016 Talk of the housing crisis conjures up images of first time buyers trapped by sky high prices, as their income is syphoned off into rent. But alongside the cash-strapped "generation rent", there's another age group at risk: the next crisis may well be in retirement homes. At the heart of the difficulties in residential care lies [...]
Oil production freeze: Iran rebuffs Opec petition for an output cut February 17, 2016 Iran has reportedly rejected requests from oil cartel Opec to cut its production, shortly after oil ministers from Saudi Arabia, Iraq, Qatar, and Venezuela landed in the country to carry out talks. Iranian oil minister Bijan Zanganeh said Iran would resist any plan to rein in its oil output, Reuters reported. Venezuelan's Eulogio Del Pino, Iraq's [...]
Morgan Stanley: Negative interest rates are a dangerous experiment that will hit bank lending February 17, 2016 Negative interest rates are a “dangerous experiment” that will punish banks and cause lending to contract, Morgan Stanley has warned today. Analysts at the investment bank warned the pressure on lending margins could make borrowing more expensive. "With rates set to remain lower for longer, margin pressure is set to be one of the biggest [...]
Eurozone construction falls one per cent over 2015 February 17, 2016 Construction activity in the Eurozone fell sharply in December, confirming the sector shrank over 2015. Output in the construction sector dropped 0.6 per cent from November to December, according to figures released this morning by Eurostat, the statistical office of the EU. The amount of construction undertaken in the Eurozone throughout 2015 was one per cent lower [...]