French unemployment higher than expectations – and above Eurozone average for the first time since 2007 December 3, 2015 French unemployment has risen to 10.6 per cent in the third quarter – higher than forecast and the first time it has been higher than the Eurozone average since 2007. Unemployment had been expected to come in at 10.4 per cent, but figures from the National Institute of Statistics and Economic Studies (Insee) showed worse-than-expected [...]
London house prices: Buyers need an average deposit of £179,248 December 3, 2015 The average down-payment for a house in London rose five per cent in October compared with September, according to new figures released by a mortgage broker today. Prospective London home buyers need to scrape together an average £179,248 for their deposit, the Mortgage Advice Bureau (MAB) said. The second biggest deposits are in the South East [...]
Fed rate hike: Index sharply lower after Janet Yellen remarks – New York Report December 2, 2015 Hawkish comments from Federal Reserve chair Janet Yellen yesterday which boosted expectations of an interest rate hike pulled US stocks sharply lower. Investors also attributed late-day selling to news coverage of a shooting in southern California, in which 12 people are said to have been killed . The Dow Jones industrial average fell 158.67 points, [...]
London house prices: stamp duty reforms put brakes on the capital’s prime property market December 2, 2015 George Osborne’s tougher stamp duty regime has put the brakes on London’s prime housing market, Knight Frank figures show, as annual price growth slowed to 0.9 per cent in November. The upmarket estate agency said annual growth has fallen to its lowest level since October 2009, with a monthly decline of 0.3 per cent contributing [...]
The US Federal Reserve is on course for a December interest rate hike, hints Janet Yellen December 2, 2015 The Federal Reserve is on course to raise interest rates from record lows this month, the US central bank's chair has signalled, provided there are no economic data surprises over the next two weeks. “Many FOMC participants indicated in September that they anticipated, in light of their economic forecasts at the time, that it would [...]
Atlanta Federal Reserve president Dennis Lockhart backs December US interest rate hike December 2, 2015 The president of the Atlanta branch of the US Federal Reserve has reiterated his current support for a December lift-off in interest rates. “Absent information that drastically changes the economic picture and outlook, I feel the case for liftoff is compelling,” Dennis Lockhart said today. “I think the economy is closing in on full employment.” [...]
Sir Charlie Bean blasts UK’s “outdated” Office for National Statistics December 2, 2015 The UK’s Office for National Statistics has failed to keep up with the times, a new independent report has said today. The ONS needs to make better use of technology, utilise different private and public sector data sources, and reinvest in a London presence, according to the interim review led by Sir Charlie Bean. The [...]
Insecurity of tenure, inadequate legal protection and a lack of publicly available information: The UK’s dysfunctional rental market is due a shake-up December 2, 2015 Insecurity of tenure, inadequate legal protection and a severe lack of publicly available information on individual rental properties are just some of the woes reported by this country’s nine million renters. But for me, by far the worst characteristic is the breath-taking amateurishness which underpins every aspect of the rental experience. The Private Landlords Survey [...]
Hargreaves Lansdown’s Wealth 150: Why exceptional fund managers remain the exception December 2, 2015 Hang onto your hat – 97 per cent of active fund managers aren’t worth their salt. Perhaps surprising coming from someone who makes a living researching actively managed funds, but before you rush for the door, let’s delve a little deeper. This week marks the 12th anniversary of Hargreaves Lansdown’s Wealth 150, which lists the funds [...]
Government housing minister Brandon Lewis has admitted defeat in the face of the housing crisis: Generation Rent can’t make a “judgement call” about where they live December 2, 2015 The government has admitted defeat in the face of the London housing crisis. At least, that was the conclusion I drew yesterday when the housing minister told people hoping to stay in London to make “a judgement call about what you can afford and where is right for you”. By being “up front about the [...]