New York Report: Obama curbs market gains with debt talk September 16, 2013 US stocks advanced yesterday after former Treasury secretary Lawrence Summers withdrew as a candidate for Federal Reserve chairman, lifting some market uncertainty about what was heading towards a contentious confirmation process. Early enthusiasm faded, however, after President Barack Obama stood firm in warning Republicans in Congress he will not negotiate over an extension of the [...]
Summers exit trumps fears of taper September 16, 2013 But uncertainty surrounding the nomination of the new Fed chair will mean volatility for stocks in the future LARRY Summers, former US Treasury secretary, is out of the race to replace Ben Bernanke as Fed chair. In reaction to the news, the MSCI All-Country World Index rose yesterday by 1.1 per cent to its highest [...]
Analyst Views: Can Kingfisher get back to growth after its latest results? September 11, 2013 KEITH BOWMAN HARGREAVES LANSDOWN The results are broadly in line with forecasts, with management, unlike the chancellor, still cautious and hesitant in proclaiming an economic recovery. Weather volatility has played a major part, whilst divergence in consumer confidence across its geographical footprint continues to impact. JAMES GRZINIC JEFFERIES There is little of surprise from [...]
First time buyer loans swell by nearly a third September 10, 2013 MORTGAGE lending to first time buyers has jumped upward, rising by 31 per cent to £8bn in the year to June, according to Bank of England figures released yesterday. New government schemes to boost activity in the housing market appear to have had the desired effect in the second quarter, as the Funding for Lending [...]
Gross new lending hits record high as Help to Buy kicks in September 10, 2013 Figures published today by the Bank of England (BoE) and Financial Conduct Authority (FCA) show new high for gross new lending and interest rates on gross new lending for the second quarter, since the start of the series in 2007. Mortgage lenders and administrator statistics show record levels; at 1.6 percentage points higher than [...]
New fears house bubble may undermine recovery September 9, 2013 PLANS to pump up the housing market could undo the UK’s progress towards sustained economic growth, economists warned yesterday after the chancellor welcomed the recovery. George Osborne yesterday said the return to growth vindicated his decisions to stick with the deficit reduction plans, and insisted he is working to improve living standards. Analysts praised the [...]
Osborne has defeated Ed Balls – but UK’s economy still fragile September 9, 2013 WITH the economy finally growing much more quickly, it is no surprise that the chancellor chose yesterday to show off about it. He is certainly right to be celebrating having seen off Labour’s Ed Balls, whose strident opposition to modest cuts and claims they would inflict permanent havoc are no longer credible. Osborne is also [...]
Winners and losers from the great bond market crash of 2013 September 5, 2013 DON’T say you weren’t warned. The great bond market crash is upon us and it has further to go. The cost at which the US, UK and some other governments can borrow is shooting up, with the 10-year gilt and the 10-year Treasury bond both breaching the symbolic 3 per cent yesterday. Mark Carney and [...]
Number of first time buyers up by 45 per cent September 5, 2013 THE NUMBER of first time buyers has swelled as the housing market begins to rebound, with LSL Property Services suggesting a 45 per cent increase in the 12 months to July. There were 26,100 people buying homes for the first time in July, up by over 8,000 through the year, with LSL’s figures suggesting that [...]
UK economy continues to accelerate – but dangers loom large September 3, 2013 ECONOMISTS can be divided into two groups: the overly optimistic, and the overly pessimistic. Even less helpfully, they keep changing category, in tandem with the economic cycle. Few saw the recession coming and were subsequently forced to slash their forecasts; most underestimated the depth and duration of the crisis; and today most are being caught [...]