Before the open – 23/08 August 23, 2013 The FTSE is expected to open slightly up after avoiding a fourth consecutive day of losses yesterday. Kit Juckes, Societe Generale on today's session: There's a bit of TGIF feel to all this: The overnight session is quieter, with equity markets and EM currencies bouncing, nominally on the back of yesterday’s crop of stronger economic [...]
Before the open – 21/08 August 21, 2013 Traders are expecting European markets to open lower after a mixed US session as it goes ex dividend today. The big action in today's markets will come at 19.00 as the Federal Open Market Committee publishes its minutes. #FTSE called around 5 points lower. #EURUSD bedding in above 1.3400 – release of #FOMC minutes [...]
Persimmon profits up as Help to Buy boosts mortgage market August 20, 2013 Housebuiler Persimmon has seen pre tax profits up from £96.5m to £132.9m in the six months to June from the same period last year (release). The firm said that Help to Buy had boosted mortgage approvals "providing the necessary medium term support to demand in the UK housing market". Our economics reporter Michael Bird: There [...]
Most London homebuyers pay stamp duty of more than £7,500 August 5, 2013 TWO THIRDS of London home sales attract stamp duty of more than £7,500, according to research based on Land Registry data out today from the TaxPayers’ Alliance (TPA). Figures from the Nationwide show the average price of a London house hit £318,214 in July, meaning potential purchasers must be able to pay £9,500 in cash to the [...]
Business mulls one year of FLS July 31, 2013 ONE YEAR ago today, the Bank of England launched its funding for lending scheme (FLS), with the intention of spurring loan activity. Aside from a boost to the mortgage market, which has been partly attributed to FLS, lending to firms remains anaemic. Though interest rates have dropped, Vicky Redwood, chief UK economist at Capital Economics, [...]
Surprise weakness in June lending despite growth July 29, 2013 LENDING figures for June dipped below expectations yesterday, with a smaller rise in consumer credit than expected, despite the fledgling recovery indicated by recent growth. The Bank of England recorded a £489m increase in consumer credit, compared to £781m of additional lending in May. The average monthly rise in 2013 has been around £700m, suggesting [...]
UK lending misses expectations July 29, 2013 The Bank of England released three key pieces of data this morning, and it's not looking good. First, consumer credit was £489m in June, the smallest rise since January, and down from an upwardly revised £781m in May. Economists had expected to see net growth of £700m. Meanwhile, mortgage approvals fell unexpectedly to 57,667, after [...]
Before the open – 29/07 – Asian stocks down, FTSE seen opening higher July 29, 2013 Asian stocks traded lower last night as weak Chinese manufacturing data heightened fears of a hard landing and investors showed caution ahead of the US Federal Open Market Committee (FOMC) policy statement later this week. The Nikkei fell below the 14,000 mark for the first time in nearly a month as the yen strengthened against [...]
London Report: UK’s corporate calendar packed in results season July 28, 2013 THE CORPORATE calendar is packed this week, as businesses including ITV, BP, Lloyds, Barclays and Royal Bank of Scotland update the market amid a swathe of other results. The week begins with figures from Fidessa Group, Hammerson, InterContinental Hotels Group, Intertek Group, JKX Oil & Gas, Keller Group, Senior, Vernalis, Reckitt Benckiser Group, National Grid, [...]
Hooked on help to buy July 23, 2013 THE GOVERNMENT’S commitment to underwrite hundreds of thousands of mortgages is “like a drug” that will artificially inflate house prices, critics have warned. George Osborne yesterday confirmed details of the next stage of his Help to Buy scheme, which will guarantee £130bn worth of mortgages from January 2014. Buyers will need a deposit of just [...]