The Standard & Poor’s/Case-Shiller composite index of 20 metropolitan areas fell in January – the seventh consecutive monthly decline. According to the index, house prices were 0.2% lower in January with prices at their lowest for 11 years in four cities. The S&P/Case-Shiller index for 20 main US cities fell by 3.1% on an annual [...]
Official data from the Department for Communities and Local Government (DCLG) today revealed UK house prices fell by 1.4% in January compared with December, with the average UK home costing £208,552. On an annual basis, house prices are now 0.5% lower - compared with 3.8% in December - the eighth month in a row in [...]
The Council of Mortgage Lenders (CML) has today reported mortgage lending plunged in January. Mortgage lending fell by 29% in January on a monthly basis, while lending was also 12% down on the year. There were just 28,500 approvals during the month - the lowest level since February 2009. The Council highlights that traditionally December [...]
The US trade deficit swelled in January to a seven month high of $46.3 billion (£28.8 billion) - much higher than expected. The widening was attributed to higher prices for imported oil, the Commerce Department reported today. Imports continued to surge - rising for the fourth consecutive month in January by 5.2% on a monthly [...]
Statistics office Destatis has today revealed German exports unexpectedly fell 1% in January on the month after a 0.5% rise in December. However, on an annual basis, exports were up 24.2%. Germany is the world’s second largest exporter after China and export demand helped to bring Germany out of recession in the second quarter of [...]
The Office for National Statistics (ONS) has today revealed UK manufacturing output bounced back in January after December’s weather related fall. According to the ONS, manufacturing output rose 1% in January - its fastest monthly pace in 10 months. It also beat analysts expectations who forecast a rise of 0.8%. In the meantime, output was [...]
The Office for National Statistics (ONS) has today revealed the UK’s trade deficit narrowed more than expected in January, as exports surged. According to the ONS, the global goods trade gap narrowed to £7.09 billion in the month from £9.69 billion in December. The deficit represents the smallest in almost a year and economists had [...]
Japanese core private-sector machinery orders – a highly volatile series seen as an indicator of corporate spending – rose 4.2% in January on a monthly basis - easily beating expectations of a 3.1% increase. The increase in orders represented the second consecutive monthly rise, according to the Cabinet Office, and follows December’s 1.7% rise and [...]
Federal Statistical Office, Destatis, has today revealed German retail sales grew for a second consecutive month in January. According to Destatis, retail sales rose 2.6% in January on an annual basis - boosted by falling unemployment. Earlier this week, the Federal Labour Office said there was a further fall in the number of people out [...]
The Bank of England has today revealed mortgage approvals rose in January. According to the Bank, there were 45,723 loans approved in the month, up from December’s 42,719 - a month when the country was hit by the coldest weather in more than a century. The level of approvals easily beat analysts forecasts of a [...]
The National Association of Realtors (NAR) today said its Pending Home Sales Index fell in January. On a monthly basis, the index fell to 88.9, from a downwardly revised 91.5 in the previous month and was lower than the reading of 89.5 expected by economists. The data reflects contracts and not closings, which normally occur [...]
The Commerce Department has reported a further rise in consumer spending in the US for the month of January, albeit slower than expected. Spending grew 0.2% in the month after rising by 0.5% in December. While it represented the seventh consecutive monthly rise, it was the weakest pace since June. Consumer spending is closely monitored [...]
The European Union’s statistics office Eurostat has today revealed inflation in the euro zone rose to 2.3% in January - albeit lower than an earlier projection of 2.4% and compares with 2.2% in December. However, the rate remains above the European Central Bank’s target of just below 2%. The ECB has previously suggested inflation in [...]
According to the Land Registry, house prices rose by 0.2% in January compared with December, putting the average cost of a home at £163,177 in England and Wales. However, on an annual basis, the Registry said prices fell 0.9% in January - the first negative reading since October 2009. It must be noted that the [...]
The Trade Ministry has today reported a further rise in Japanese industrial output. Output grew 2.4% in January on a monthly basis - its third consecutive rise and compares with a 3.3% increase in December. According to the Ministry, growth was fuelled by demand for transport equipment, machinery and metals. However, January’s figure was slightly [...]
The Commerce Department has today revealed a sharp fall in sales of new homes in the US for the month of January. According to the Commerce Department, new single-family home sales fell 12.6% on a monthly basis to an annual rate of 248,000 units. On an annual basis, January sales were down 18.6%. However, the [...]
The National Association of Realtors (NAR) has revealed sales of previously owned homes in the US rose in January. The industry body said sales grew 2.7% in January to a seasonally adjusted annual rate of 5.36 million units – beating forecasts of 5.23 million units. Sales were also up 5.3% compared with January 2010 levels. [...]
HM Revenue & Customs (HMRC) has revealed a slump in the number of homes sold in January in the UK. According to HMRC, just 54,000 homes worth at least £40,000 or more were sold in the month – the lowest number since January 2010. The figures are revealed as the British Bankers’ Association (BBA) reported [...]
The British Bankers’ Association (BBA) has today revealed a further fall in the number of new mortgages approved by the major banks in January. According to the BBA, the number of new mortgages approved in the month stood at 28,932 - marginally better than December’s levels but 29% lower compared with January 2010. The figures [...]
The Office for National Statistics (ONS) has today revealed UK public sector net borrowing switched to a surplus in January - boosted by a sharp increase in income tax receipts and corporation tax inflows. According to the ONS, public sector net borrowing registered a surplus of £3.735 billion - representing the biggest surplus since July [...]
European equities markets were higher Tuesday as banks came back from big declines on Monday, helped by a statement from Societe Generale’s (Euronext: GLE) CEO that his bank is healthy. The FTSE 100 was up 0.87 percent to 5,174.25 in London, while the FTSE 250 added 0.27 percent to 10,011, with banks the best performers [...]
Rics: Housing market remains in the doldrums
The Royal Institution of Chartered Surveyors (Rics) has today reported that the UK housing market remained weak in August with house prices falling further. According to the Institution, homeowners remain reluctant to put their properties up for sale, while buyers continue to struggle to secure a mortgage and remain uncertain about the economic climate. The [...]
CML: Mortgage lending edges higher in July
The Council of Mortgage Lenders (CML) has reported the number of loans for house purchase rose in July. According to the Council, there were 48,400 loans advanced for house purchase in the month – up by 1,000 from June’s figure but almost 7,000 lower when compared with July 2010. Commenting on today’s figures, Paul Smee, [...]
UK inflation edges higher in August
The Office for National Statistics (ONS) today announced Consumer Price Inflation (CPI) rose to annual rate of 4.5% last month from July’s rate of 4.4%. However, the figure was in line with analysts’ expectations. Higher inflation continues to be led by rising food costs but the main reason behind last month’s rise was a 5.1% [...]
Fresnillo down on silver prices
European equities markets were lower Monday on the possibility that Greece could default soon and on speculation that Moody’s Investors Service could cut its rating on several big banks with holdings tied to Greece. The FTSE 100 was down 1.63 percent to 5,129.62 in London, while the FTSE 250 dropped 1.65 percent to 9,983.75 as [...]
IFS warns of tough times for UK households
A report by the Institute for Fiscal Studies (IFS) has warned that households will be squeezed for the next decade as they suffer from the harsh spending cuts introduced by the Government. It said households are suffering one of the worst attacks on their finances since the Second World War and that the impact of [...]
ICB final report recommends ring-fencing
The Independent Commission on Banking’s (ICB) final report has been published today and is recommending that UK banks should ring-fence their retail banking operations. According to the report, ring-fencing would protect banks from riskier investment banking divisions and would “make it easier and less costly to resolve banks that get into trouble”. The ICB, which [...]
Tullow Oil leads 100 in London
European equities markets were significantly lower Friday on an increased possibility that Greece could default on its debt as soon as this weekend, raising the concern level over the European region’s debt problems and ratcheting up worries that the economic recovery is faltering. Additionally, markets reacted to the resignation of European Central Bank board member [...]
SMMT: UK car sales rise in August
The Society of Motor Manufacturers and Traders (SMMT) have revealed UK car sales saw their first rise in 14 months in August. According to the trade body, car sales rose by 7.3% in August compared with the same month in 2010, with sales of smaller cars rising by more than 30%. The Ford Fiesta remained [...]
Factory gate inflation higher than expected in August
The Office for National Statistics (ONS) has today revealed UK producer output prices held steady in August – remaining at the highest annual rate since October 2008. According to the ONS, output prices (factory gate) annual inflation for all manufactured products held steady at July’s upwardly revised reading of 6.1% in August. The figures were [...]
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