Fed’s Evans says decision on taper will be tough at December meeting October 21, 2013 IT WILL be “tough” for the Federal Reserve to have sufficient confidence in the strength of the US recovery by its meeting in December to start scaling back its massive bond-buying campaign, one of its senior officials said yesterday. “October is a tough one. December? I think we need a couple of good labour reports and [...]
US existing home sales dip in September October 21, 2013 The number of completed transactions on home sales in the US has fallen 1.9 per cent, with existing home sales index coming in at 5.29m, with prices rising at their slowest pace for five months. The reading follows expectations of 5.30m (revised from 5.37m) and after August's near four-year high of 5.39m (revised from 5.48m). [...]
Banks lent less to businesses in three months to August October 18, 2013 (Bank of England) The Bank of England's latest Trends in Lending survey shows that, whilst bank lending to businesses in the three months to August fell, mortgage approvals for households rose markedly. So did lending to individuals. (Release) Net lending to businesses of all sizes fell by £2.3bn over the period. Net lending to businesses [...]
Tills ring out as retailers record best quarter in over five years October 17, 2013 RETAILERS saw a bumper quarter between July and September, as official statistics yesterday confirmed the best sales of any three-month period since 2008. The quantity of sales in the sector rose by 1.5 per cent in comparison to the second quarter of the year, marking the second-best performance in nine years. The quantity of sales [...]
What you need to know before the open – 16/10 October 16, 2013 US uncertainty still dominates – Asian markets remain cautious as the dollar pared gains yesterday, following a series of meeting that failed to see an agreement reached. The FTSE is expected to have a weak start as European markets are set to open flat this morning – although equities are expected to climb today on [...]
UK housing soars back to pre-financial crash prices October 15, 2013 THE PRICE of an average house in the UK steamed past its previous nominal peak during August, reaching record levels again, according to Office for National Statistics (ONS) figures revealed yesterday. The announcement came as Martin Weale, a member of the Bank of England’s rate-setting monetary policy committee (MPC), voiced his concern over the recent [...]
UK house prices surge to above 2008 levels October 15, 2013 (Office for National Statistics) UK house prices rose by 3.8 per cent in the year to August, exceeding expectations of a 3.6 per cent increase and surpassing its previous peak in January 2008 by 0.3 per cent. The Office for National Statistics reports that house price growth remains stable across the UK, with London prices [...]
Bank of England deputy fears surge in risky loans October 14, 2013 THE HELP to Buy scheme could leave house buyers dangerously overstretched by encouraging them to take out risky mortgages, the incoming Bank of England deputy governor warned yesterday. The mortgage guarantees on offer from the government mean banks will be protected against taking excessive risks, but borrowers could be encouraged to over-reach themselves, Sir Jon [...]
Two thirds of economists oppose Help to Buy October 11, 2013 A Bloomberg News survey of 31 economists has shown a majority oppose the government's controversial Help to Buy scheme. Two thirds of the economists surveyed described the scheme as "bad." The government intervention into the housing market will see taxpayers on the hook for 15 per cent of a home's value, the purpose of which [...]
Business loans up as recovery gets underway October 9, 2013 SMALL businesses are at last benefitting from improved loan availability and better interest rates, Bank of England data revealed yesterday. Banks are also witnessing increased demand from firms as confidence increases and encourages investment plans. A net balance of 8.5 per cent of banks saw demand for loans rising from small firms, compared with a negative [...]