More weak housing data from the UK
Last night we saw data come out from The Royal Institution of Chartered Surveyors showing the house price balance has fallen in the first 3 months of the year to -95.1 from -79.4 in March.
Monthly volumes of sales has also dropped to 18.1 from March's 22.2. This news was badly received by Sterling which fell to 1.9486 against the US Dollar and 1.2550 against the Euro.
Alliance and Leicester in a trading statement this morning announced a further writedown of £192 million.
Although a large amount to have written down their outlook remains very positive and they confirm that they have strong medium term funds secured into the second quarter of 2009.
Meanwhile, HSBC have been downgraded from Neutral to Sell by Merrill Lynch on the back of their short term earnings risk.
UK CPI this morning at 9:30 BST will give a taster of what will follow in tomorrow's Bank of England Inflation Report. Given the frailty of Sterling at present, a weaker currency on the back of the figures has to be a better bet in the short term.
News that Spain's annualised CPI has risen to 4.2% YoY has been largely ignored by the market although the repercussions for the ECB must occur sooner rather than later.
Bernanke is one of several scheduled Fed speakers today so any clues on the Board's current thinking will be looked for. As most of the speeches occur after our close, overnight moves will be the order of the day.
The contents of this blog are for information purposes only. It is not intended as a recommendation to trade or a solicitation for funds. The Wise Money Blog cannot be held responsible for any loss or damages arising from any action taken following consideration of this information.
Monthly volumes of sales has also dropped to 18.1 from March's 22.2. This news was badly received by Sterling which fell to 1.9486 against the US Dollar and 1.2550 against the Euro.
Alliance and Leicester in a trading statement this morning announced a further writedown of £192 million.
Although a large amount to have written down their outlook remains very positive and they confirm that they have strong medium term funds secured into the second quarter of 2009.
Meanwhile, HSBC have been downgraded from Neutral to Sell by Merrill Lynch on the back of their short term earnings risk.
UK CPI this morning at 9:30 BST will give a taster of what will follow in tomorrow's Bank of England Inflation Report. Given the frailty of Sterling at present, a weaker currency on the back of the figures has to be a better bet in the short term.
News that Spain's annualised CPI has risen to 4.2% YoY has been largely ignored by the market although the repercussions for the ECB must occur sooner rather than later.
Bernanke is one of several scheduled Fed speakers today so any clues on the Board's current thinking will be looked for. As most of the speeches occur after our close, overnight moves will be the order of the day.
The contents of this blog are for information purposes only. It is not intended as a recommendation to trade or a solicitation for funds. The Wise Money Blog cannot be held responsible for any loss or damages arising from any action taken following consideration of this information.
Labels: ECB, economic data, home loans, UK inflation
posted by Wise Money @ 8:47 AM
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