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September 27, 2007
by Kay Murchie
The recent problems at Northern Rock and the credit squeeze will push down demand for new homes and could result in price falls, warned Barratt’s, Britain's biggest housebuilder.
Barratt’s chief executive, Mark Clare, commented that they have noted that mortgage lenders are much more cautious. Lenders are tightening their lending resulting in a huge shock to the market. Mr Clare added that demand ...
September 26, 2007
by Elaine Frei
Prices for US Treasury bonds were a bit higher on Wednesday after an auction of two-year bonds attracted a respectable demand and after equities markets declined from early highs.
Two-year Treasury bonds yielded 3.98 percent, down from 4 percent on Tuesday afternoon, while five-year issues were yielding 4.26 percent.
Ten-year paper was at a yield of 4.62 percent, while thirty-year bond yields ...
by Elaine Frei
Crude oil prices in New York were higher at the close of trade after having traded lower for much of the day on Wednesday, while Brent crude was lower on the session.
West Texas Intermediate crude for November delivery ended the floor session with a gain of 82 cents to $80.35 per barrel on the New York Mercantile Exchange, while Brent crude ...
by Elaine Frei
Markets were mixed in the Asia-Pacific region on Wednesday. Among gainers, India’s Sensex was up 0.13 percent to 16,921.39 at the close, but it rose to a new record high of 17,073.87 during the session. In Taiwan, the Taiex added 1.67 percent to 9,257.47 on its first day back after a two-day holiday break. Australia’s markets were mixed. ...
by Stewart Douglas
The UK economy has grown at a faster rate than analysts had expected over the second quarter on an annual basis, according to official figures released today.
The figures released by the Office of National Statistics this morning reflected growth of 0.8% in the second quarter of 2007, taking the annual growth rate up to 3.1%, beyond initial forecasts of a 3% growth ...
by Stewart Douglas
French President Nicolas Sarkozy has today unveiled his first national budget, with an emphasis on economic growth and increasing tax revenue to fund commercially considered policy.
The budget opened a chain of new measures designed to promote and nurture business and economic growth within France as part of Sarkozy's wider agenda for economic reform, which has seen the French economy post a ...
by Stewart Douglas
The Japanese trade surplus has shown growth to its widest level in almost 25 years in August, as a result of strong continuing trade with neighbouring Asian nations and Europe, according to official figures released today.
The monthly trade surplus reflects the difference between exports and imports within the economy, and is taken as a symbol of economic health and wellbeing. ...
by Stewart Douglas
The value of the dollar has fallen yet again to a new all-time record low against the euro, after ongoing unrest within the US economy has led to more widespread sell offs on international currency exchanges.
With US consumer confidence down to its lowest point in over two years, and average US house price plummeting off the back of a ...
by Stewart Douglas
German consumer confidence has fallen amidst growing fears of the fallout from the worldwide credit crisis and rising food and drink prices within the economy, according to a survey published today by analysts GfK.
In the survey released by GfK, higher food and drink prices along with unrest as a result of the global credit crisis were shown to be likely to have ...
by Stewart Douglas
The Indian Sensex stock exchange has closed at a record high, breaking the 17,000 mark for the first time in its history as a reflection of the ongoing economic growth India has experienced over the last few years.
The leading Indian exchange gained 0.7% on the day to break 17,013, which saw a gain of 1,000 points over the last week alone off the ...
by Kay Murchie
Bank of Ireland, which owns Bristol & West Mortgages, has announced that the turmoil in the credit markets has only had a modest impact on profits.
The bank said £4 in every £5 of loans were covered by savers’ deposits, therefore, it will not face the same problems as Northern Rock.
A spokesperson for broker Collins Stewart does ...
by Kay Murchie
The crackdown on consumer credit by anxious banks has affected sales at ScS, the furniture retailer. David Knight, the chief executive, said that customers who were able to get loans 12 months ago are now being denied, knocking sales of expensive items.
Pre-tax profits in the 10 months to the end of July declined to £7.5 million from £16.8 million in the previous ...
September 25, 2007
by Stewart Douglas
The price of homes in the US's top ten largest cities has fallen over the course of July by the steepest margin in nearly two decades, according to a survey published today, reflecting the growing depression in the US housing sector that has so badly plagued its economy in recent years.
The figures, derived from the S&P/Case-Shiller house price index saw the ...
by Stewart Douglas
China has today become the subject of a formal investigation by the World Trade Organisation on behalf of the US, following a number of high profile complaints of piracy and copyright infringement, particularly in manufacturing sectors.
The US authorities have officially alleged that China is not doing enough to tackle the problems of piracy and counterfeiting of branded goods, many ...
by Stewart Douglas
A report by the BBC has uncovered widespread mal-practice in UK sub-prime mortgage lending, which it is predicted could lead to a mirror image problem of the US sub-prime lending crisis according to industry insiders and expert mortgage analysts.
The study into lending habits conducted through candid interviews with industry experts highlighted a popular trend towards encourage exaggeration on ...
by Stewart Douglas
US consumer confidence has fallen beyond analyst expectations over the month of September, to some of its lowest levels over the last two years as the continued sub-prime sector fallout hinders market performance.
The US Conference Board Confidence Index reflected a downturn in investor confidence over the course of the last month, a phenomenon it attributed to a strained global credit environment ...
by Stewart Douglas
Consumer spending in France has risen beyond analyst expectations over the last two months fuelling speculation that inflation could soon become a significant problem, according to official figures released today.
In figures released by statistics office INSEE, French consumer spending over July and August was around 1%, vastly exceeding earlier analyst expectations of 0.2% and 0.3% respectively for the same period.
The figures, when aggregated ...
by Stewart Douglas
World stock markets faced a day of largely downward trading, after negative signals from within the US economy prompted analysts to sell off in European markets.
The news of a fall in US investor confidence was sufficient to revive some of the market jitters of European markets over the last few weeks, for fear that the stock markets may continue to feel ...
by Elaine Frei
The US dollar hit a new low against the euro for the fourth session in a row on Tuesday, trading at $1.4153 versus the shared currency at one point in the session and at $1.4146 in late afternoon in New York.
The decline came on the heels of two housing reports that showed that existing home sales were lower in August and that ...
by Elaine Frei
Base metals prices were lower on Tuesday.
December copper was 2 cents lower to $3.63 per pound in New York on new data indicating that the housing slump in the US is getting worse.
Meanwhile in London, three-month copper was down $45 to $7,995 per tonne.
Among other base metals, zinc dropped 0.1 percent to $2,922 per tonne, while lead was down 2.5 percent to ...
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