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11th of December 2010
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News Tag: October

December 10, 2010

Mortgage lending to remain “stable but small”

by Gill Montia
”Mortgage
New mortgage lending showed a month-on-month fall of 4% in October, with 46,000 loans for house purchases advanced, according to the Council of Mortgage Lenders (CML). At £6.7 billion, the value of the advances was down 6% on September and 12% on October 2009, although last year's figure was bolstered by buyers taking advantage of the stamp duty holiday. There were 17,000 ...




December 9, 2010

UK trade deficit widens in October

by Kay Murchie
”UK
The Office for National Statistics (ONS) has today revealed the UK’s trade deficit unexpectedly widened in October. According to the ONS, the goods trade gap widened to £8.5 billion in October, up from an upwardly revised deficit of £8.3 billion the previous month. Analysts had expected a deficit of £8.05 billion. The ONS said exports rose strongly boosted by oil sales, while ...




December 8, 2010

German industrial output beats expectations

by Kay Murchie
”German
The good news just keeps on coming for Europe’s largest economy after the Economy Ministry today revealed industrial production rose by 2.9% in October - almost treble the 1% economists had expected. Economists described it as “a good start to the fourth quarter”. The figures indicate that Germany continues to drive the recovery of the euro zone after experiencing record economic growth. Meanwhile, data ...




German exports down, imports pick up

by Kay Murchie
”German
Germany’s statistics office, Destatis, today revealed exports unexpectedly fell 1.1% in October to €86.8 billion. However, imports picked up pace to €72.6 billion, rising by 0.3% on the month. Export demand helped to bring Germany out of recession in the second quarter of last year – much sooner than many of its counterparts throughout the world. The recovery has been led by exports but ...




December 7, 2010

German factory orders grow 1.6% in October

by Kay Murchie
”German
There is further evidence of a strong recovery in Germany today after the Economy Ministry revealed industrial orders grew by 1.6% in October compared with September. Domestic orders increased 2.4% in the month, fuelled by a 3.9% surge in demand for investment goods. Meanwhile, export orders grew 0.8% and this was due to high demand from outside the euro area. Orders from ...




UK manufacturing output up in October

by Kay Murchie
”UK
The Office for National Statistics (ONS) has today revealed UK manufacturing output grew by 0.6% in October compared with September – the biggest gain since March. It was also better than the 0.3% rise expected by analysts. Meanwhile, overall industrial production, which also includes utilities, mining and quarrying, fell 0.2% on the month - the weakest since June. Out of 13 categories of manufacturing ...




December 3, 2010

Euro zone retail sales pick up in October

by Kay Murchie
Euro zone retail sales pick up in October
Eurostat has today revealed a rise in euro zone retail sales for the month of October, after two months of declines. Retail sales grew 0.5% in October on the month and were 1.8% higher on an annual basis, according to the European statistics office. The increase also beat analysts’ expectations of a 0.2% rise. Europe’s largest economy, Germany, recorded the highest monthly ...




November 29, 2010

BoE: Mortgage approvals continue downward trend

by Kay Murchie
BoE: Mortgage approvals continue downward trend
The Bank of England has today revealed mortgage approvals fell again in October - to an eight-month low. According to the Bank, there were 47,185 loans approved in the month – the lowest level since February, albeit in line with expectations of 47,000. The figure is less than half the level reached at the height of the housing boom in 2007. There is little ...




November 26, 2010

Land Registry reports 0.8% fall in October house prices

by Kay Murchie
Land Registry reports 0.8% fall in October house prices
According to the Land Registry, house prices fell by 0.8% in October compared with September, putting the average cost of a home at £165,505 in England and Wales. It must be noted that the Land Registry compiles its data from completed transactions and therefore lags behind other monitors of the housing market but is generally regarded as the most ...




November 24, 2010

HMRC: House sales down in October

by Kay Murchie
HMRC: House sales down in October
HM Revenue & Customs (HMRC) has revealed a slump in the number of homes sold in October in the UK. According to HMRC, 79,000 homes worth at least £40,000 or more were sold in the month, a fall of 11% on an annual basis. While it was 1,000 higher from September’s figure, it is evident that the housing market is in ...




November 23, 2010

NAR reports fall in US homes sales in October

by Kay Murchie
NAR reports fall in US homes sales in October
The National Association of Realtors (NAR) has today revealed sales of previously owned homes fell more than expected in October, following two months of strong gains. The industry body said sales fell 2.2% to a seasonally adjusted annual unit rate of 4.43 million units, down from September's 4.53 million units. Commenting on today’s figures, Lawrence Yun, chief economist for the ...




BBA: Mortgage approvals continue downward trend

by Kay Murchie
BBA: Mortgage approvals continue downward trend
The British Bankers’ Association (BBA) has today revealed a further fall in the number of new mortgages approved by the major banks in October. According to the BBA, the number of new mortgages approved in the month fell to 30,766, down from 31,058 in September - representing the lowest level since March 2009 - when the country was in the midst of ...




November 18, 2010

UK car production up in October

by Kay Murchie
”UK
Figures published today by the Society of Motor Manufacturers and Traders (SMMT) revealed a rise in UK car production for the month of October. UK car production rose 6% versus the same month a year ago, the SMMT said with the total number of cars produced at 112,798. For the year-to-date, car production is 31% higher than in the same period last ...




October public borrowing rises to £10.3bn

by Kay Murchie
”October
The Office for National Statistics (ONS) has today revealed public sector net borrowing totalled £10.3 billion in October – a record high for the month. However, the figure was roughly in line with expectations of a £9.6 billion figure but is up from the £10.1 billion in October last year. The increase comes despite a rise in Government income through taxes and lower ...




CML: Mortgage lending remains subdued in October

by Kay Murchie
CML: Mortgage lending remains subdued in October
The Council of Mortgage Lenders (CML) has today reported mortgage lending remained weak in October. 44,000 loans for home purchase were approved with gross mortgage lending totalling £12.4 billion - unchanged from the previous month and 9% lower on year ago levels. It also represented the lowest October figure since 2000. Commenting on today’s figures, the CML said: "The month-on-month annual comparison ...




UK retail sales exceed expectations in October

by Kay Murchie
”UK
According to the Office for National Statistics (ONS), UK retail sales grew in October for the first time in three months. The ONS said sales rose 0.5% in October on a monthly basis - beating analysts expectations of a 0.4% gain. Stripping out volatile fuel prices, retail sales grew 0.3% in the month. However, on an annual basis, retail sales were down 0.1%. Many ...




November 17, 2010

US housing starts dive in October

by Kay Murchie
US housing starts dive in October
The Commerce Department has revealed a severe decline in US housing starts for the month of October - falling to a near record low. According to the Commerce Department, construction of new US homes fell 11.7% on a monthly basis to a seasonally adjusted annual rate of 519,000 units – the lowest since April 2009 when an all-time low of 477,000 was ...




November 16, 2010

UK inflation rises to 3.2% in October

by Kay Murchie
”UK
The Office for National Statistics (ONS) has today announced Consumer Price Inflation (CPI) rose to an annual rate of 3.2% in October, up from 3.1% in September. The latest figure represents the eleventh consecutive month that inflation has been above the target of 2% and will prompt the Governor of the Bank of England, Mervyn King, to write a letter ...




US retail sales surge in October

by Kay Murchie
”US
The Commerce Department has revealed US retail sales grew by a better than expected 1.2% last month - this followed an increase of 0.7% in September. The rise, which was the fourth consecutive monthly gain, was fuelled by an increase in car sales. Retail sales figures are closely watched because consumer spending accounts for approximately two-thirds of economic output in the US. On ...




November 15, 2010

UK inflation to hold steady at 3.1% in October

by Kay Murchie
”UK
The Office for National Statistics (ONS) is scheduled to announce the UK inflation rate for October tomorrow morning, with analysts expecting the annual rate to hold steady at 3.1%. With inflation way above the 2% target, the Governor of the Bank of England, Mervyn King, will be forced to write a letter to Chancellor George Osborne (his fourth this ...




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