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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (14128)	10/27/2004 8:44:48 AM
From: mishedlo	Respond to of 116555

UK net mortgage lending set to be relatively weaker in next few months - BBA Wednesday, October 27, 2004 9:03:45 AM afxpress.com LONDON (AFX) - Further signs of a slowdown in the UK housing market emerged today as the British Bankers' Association warned of a further decline in mortgage lending over the coming months The BBA said it would "seem likely" that underlying net mortgage lending will continue to be "relatively weaker" in the next few months in the wake of data suggesting that net approvals in September continued to slow The BBA reported that the number of loans approved for house purchases in September fell 6.4 pct from August and 28.8 pct from the same period last year Of the total 195,100 loans approved in September, with a total value of 15 bln, the number of loans approved for house purchases represented 31 pct of all approvals, slightly down on August's 32 pct In addition, the BBA said the average approval for house purchases fell for the third successive months to 111,100 stg The BBA's findings echo other surveys into the sector and are set to be confirmed this Friday when the Bank of England publishes its official data Overall, the BBA reported that gross mortgage lending was 16.3 bln stg in September, 3.8 pct down on the same period last year -- the first year-on-year fall since November 2000 However, net lending, which constitutes gross lending minus repayments, was inflated by intra-company accounting worth around 1 bln stg within one group, the BBA said After adjusting for this, the BBA said the underlying seasonally adjusted rise of around 4.4 bln stg was very similar to August, reflecting little change in demand Elsewhere, the BBA said the 0.8 bln stg growth in seasonally-adjusted net consumer credit was weaker than August, partly reflecting slower growth of only 0.3 bln stg in credit card borrowing. pp/ra For more information and to contact AFX: www.afxnews.com and www.afxpress.com

To: mishedlo who wrote (14128)	10/27/2004 8:49:50 AM
From: Haim R. Branisteanu	Respond to of 116555

all those statements from Schroeder and retailers did not affect the FX rates - IMHO it is all fixated on election and FX markets bet on a republican victory – e.g. weaker USD - contrary to the US stock markets

To: mishedlo who wrote (14128)	10/27/2004 8:56:11 AM
From: zonder	Read Replies (1) \| Respond to of 116555

Durable goods orders inched up 0.2% in Sept., but the increase was due to a 26.5% increase in defense spending. Non-defense spending was down 0.9%. The nondefense capital goods shipments were down in Sept, suggesting a slight drag on 3Q GDP, but orders were up, so, 4Q looks good. On balance, this was a ho hum number with a lot of softness. [Dow Jones} Economist Steve Stanley of RBSGC says Sept durable goods was a mixed bag. He says "Excluding defense and aircraft, durable goods bookings slipped by 0.4%" and the breakdown by category was all over the place. [Market News International]

To: mishedlo who wrote (14128)	10/27/2004 9:05:49 AM
From: mishedlo	Read Replies (2) \| Respond to of 116555

U.S. durables report stronger than it looks: economists By Rex Nutting WASHINGTON (CBS.MW) -- Forward-looking details of the U.S. September durable-goods orders report are much stronger than the 0.2 percent headline number suggests, economists said Wednesday. "Outside of the transportation sector order decline, this is a very strong report, suggestive of a meaningful pickup in business investment activity in the fourth quarter," said Mat Johnson, chief economist for ThinkEquity Partners. However, the shipments data in the same report were weaker than expected, causing Action Economics to lower its third-quarter gross domestic product estimate from 4.7 percent to 4.4 percent. Action said hurricanes cut into production, but not orders, in September.

To: mishedlo who wrote (14128)	10/27/2004 3:05:33 PM
From: mishedlo	Respond to of 116555

Euro zone Q2 labour costs up 2.1 pct yr-on-yr vs 2.2 pct provisional Wednesday, October 27, 2004 9:15:28 AM afxpress.com BRUSSELS (AFX) - Euro zone labour costs in the second quarter were up 2.1 pct from a year earlier, revised down from a provisional increase of 2.2 pct, EU statistics office Eurostat said. Eurostat said the revision resulted from the inclusion of data for Spain and Finland, and a revision to figures for the Netherlands. Economists polled by AFX News had forecast that the second quarter figure would be left unchanged at 2.2 pct. Growth in labour costs slowed markedly in the second quarter after a first quarter increase of 2.7 pct year-on-year