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

To: maceng2 who wrote (18996)	12/20/2004 10:06:44 AM
From: mishedlo	Respond to of 116555

UK Nov mortgage lending falls 4th month in a row - CML UPDATE Monday, December 20, 2004 9:59:28 AM afxpress.com LONDON (AFX) - UK November mortgage lending fell for the fourth month running -- in a clear indication that the slowdown in the sector continues, according to data from the Council of Mortgage Lenders Loans for house purchases fell to levels not seen since the traditionally quiet month of February, recording a rise of just 9.3 bln stg compared with 10.3 bln stg in October. Additionally, the number of loans for house purchases fell to the lowest level since February 2003; to 85,000 in November from 91,000 the previous month Over recent months, the largest fall in the number of loans has been in London and the South East. Lending in Scotland, Wales and Northern Ireland have levelled off, but not fallen to the same extent as in Southern England, CML said The CML survey also found that the number of mortgage approvals in November suggest a continued decline in lending in the new year Remortgaging, however remained strong, rising by 10.6 bln stg in November, compared with 10.2 bln in October and 10.8 bln stg in November 2003 Loans to first-time buyers made up 30 pct of loans for house purchase, down from 32 pct in October but a little above the average over the last two years Commenting on the figures, CML Director General Michael Coogan said: "January and February are traditionally weaker months for lending, and so we expect the figures to reflect a market slowdown until the spring. What is is apprarent is a picture of a slowing market, but one that should remain stable as we return to more normal volumes of lending over 2005 as a whole." forexstreet.com

To: maceng2 who wrote (18996)	12/20/2004 10:08:50 AM
From: mishedlo	Read Replies (1) \| Respond to of 116555

UK Nov M4 money supply up 0.4 pct from Oct, up 8.5 pct yr-on-yr; Below forecasts Monday, December 20, 2004 9:58:17 AM afxpress.com LONDON (AFX) - M4 money supply was up 0.4 pct in November from the previous month on a seasonally adjusted basis, the Bank of England said in its provisional M4 release The rise was below analysts' expectations for a 0.6 pct gain and compares with a 0.8 pct increase in October On a year-on-year basis, M4 increased 8.5 pct, down on October's 9.8 pct and expectations of 9.1 pct growth M4 refers to "broad money," which includes cash and coins in circulation, bank deposits, and money market paper In its provisional M4 release, the Bank also reported that M4 lending expanded a seasonally adjusted 7.7 bln stg, well down on the 13.5 bln predicted and up 0.5 pct from October The 12-month growth rate fell to 10.9 pct from 11.4 pct in October, the BoE said Excluding the effects of securitisations, M4 lending rose 8.1 bln stg in November M4 lending refers to sterling loans made by the central bank, banks, and building societies to the private sector The full M4 release will be posted at the following website: www.bankofengland.co.uk jkm/jc