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☆ Sterling slips after BoE's Mann warns of risks for the pound
▼ + stars: | 2023-03-07 | by ( Joice Alves | ) www.reuters.com time to read: +2 min

LONDON, March 7 (Reuters) - Sterling slipped against the U.S. dollar on Tuesday, after a Bank of England (BoE) rate-setter warned that the pound could be vulnerable to Federal Reserve and European Central Bank (ECB) outlooks. The pound could depreciate if investors have not yet fully priced in hawkish messages from central bank peers, Catherine Mann told Bloomberg Television in an interview. "The important question for me with regard to the pound is how much of that existing hawkish tone is already priced into the pound," she said. Traders are also attaching a 93% chance of a 25-basis-point rate increase when the central bank meets to decide policy on March 23. There's no probability priced in that the bank could raise rates by more than that.

☆ Canada's Trudeau to bring up asylum-seeker pact during Biden visit
▼ + stars: | 2023-02-23 | by ( Ismail Shakil | ) www.reuters.com time to read: +1 min

OTTAWA, Feb 23 (Reuters) - Canadian Prime Minister Justin Trudeau said on Thursday he will discuss re-negotiating a border pact that makes it difficult to turn back asylum seekers entering through unofficial crossings when U.S. President Joe Biden visits Ottawa in March. Asked about the STCA on Thursday, Trudeau said he has told Biden in past conversations that reworking the agreement was a "shared priority to ensure the safety of our shared border." Biden will make his first visit to Canada in March since taking office two years ago. The movement of asylum-seekers into Canada from the United States has picked up since Canada lifted COVID-19 pandemic restrictions in late 2021. More than 39,000 refugees entered Canada last year via unofficial crossings, the vast majority via Roxham Road.

☆ Lloyds full-year profit flat as bad loan charge weighs
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

LONDON, Feb 22 (Reuters) - Lloyds Banking Group (LLOY.L) reported flat annual profit for 2022 on Wednesday, as a jump in income driven by higher interest rates was offset by mounting bad loan provisions. Britain's biggest mortgage lender reported pretax profit of 6.9 billion pounds ($8.4 billion), unchanged on the prior year and in line with analyst forecasts compiled by the bank. The bank announced it would pay a 1.6 pence per share final dividend and a share buyback of up to 2 billion pounds, taking total shareholder returns for 2022 up to 3.6 billion pounds. Lloyds set aside 1.5 billion pounds over the year to cover potential defaults, compared to a 1.4 billion pound release of provisions in 2021 as the economy rebounded from COVID-19 lockdowns. Lloyds' revenue leapt 14% to 18 billion pounds and it raised its medium and long-term outlook for returns.

Lloyds set aside 1.5 billion pounds in 2022 to cover potential loan distress, a year after releasing 1.4 billion pounds of provisions as the economy rebounded from COVID-19. The bank reported pre-tax profit of 6.9 billion pounds ($8.4 billion) for 2022, unchanged on the previous year and in line with analyst forecasts it had compiled. It plans to pay a 1.6 pence per share final dividend and a share buyback of up to 2 billion pounds, taking total shareholder returns for 2022 up to 3.6 billion pounds. Expenses also rose 6% to 8.8 billion, partly due to rising wage bills as Lloyds boosted its staff bonus pool by 12% to 446 million pounds. Lloyds also said it had bought Tusker, a vehicle leasing company that provides electric vehicles via salary sacrifice schemes, for 300 million pounds.

☆ Morning Bid: Market to ChatGPT: what's Powell gotta say?
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +2 min

[1/2] ChatGPT logo and rising stock graph are seen in this illustration taken, February 3, 2023. Google owner Alphabet (GOOGL.O) unveiled a rival to super popular ChatGPT, saying it will launch a chatbot service named 'Bard'. Asian shares held their ground while the rally in the U.S. dollar took a breather on Tuesday. Reuters GraphicsMeanwhile, a deadly earthquake killed more than 3,700 people across a swathe of Turkey and northwest Syria, sending Turkey's lira to a record low. Before Powell takes centre stage and hogs the limelight, Bank of England's Huw Pill is also due to speak and his comments on monetary policy will likely move markets.

☆ UK house prices stabilise after four-month fall, Halifax says
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 7 (Reuters) - British house prices were unchanged in January after falling in month-on-month terms in each of the previous four months after borrowing costs rose, mortgage lender Halifax said on Tuesday. The annual rate of house price growth slowed to 1.9%, the weakest increase in three years, Halifax said. Kim Kinnaird, a director at Halifax Mortgages, said the trend of higher borrowing costs hitting demand was likely to continue in 2023. "Lower house prices and the potential for interest rates to peak below the level being anticipated last year should lead to an improvement in home-buying affordability over time." Rival mortgage lender Nationwide said last week its measure of house prices dropped by a bigger-than-expected 0.6% in January and was 3.2% below its peak in August.

☆ Asking prices for UK homes rise after "mini-budget" shock, Rightmove says
▼ + stars: | 2023-01-16 | by ( Suban Abdulla | ) www.reuters.com time to read: +2 min

LONDON, Jan 16 (Reuters) - Asking prices for British homes rose for the first time in two months as the housing market showed signs of calming after the turmoil triggered by former prime minister Liz Truss's "mini-budget", property website Rightmove (RMV.L) said on Monday. Asking prices for residential properties increased by 0.9%, or 3,301 pounds ($4,032.50) in the Dec. 4-Jan. 7 period from a month earlier, after a 2.1% fall over the previous month, Rightmove said. However, average asking prices were still 2% below their October 2022 peak. Two- and five-year fixed rates have fallen for a second month to 5.8% and 5.6% respectively, according to data from website Moneyfacts. In annual terms, property prices rose 6.3% in January, up from a rise of 5.6% the month before.

☆ Analysis: UK housebuilders may cut dividends as surging rates deter buyers
▼ + stars: | 2023-01-09 | by ( Ajose Koilparambil | ) www.reuters.com time to read: +5 min

The big, listed UK housebuilders have paid dividends worth 2.2 billion pounds ($2.6 billion) for their respective last financial years. Potential cuts in dividends would weigh down on shares of housebuilders, after the sector index (.FTNMX402020) slumped more than 44% in 2022. Among the FTSE 100 builders, analysts are now forecasting dividend cuts from many firms, particularly those whose payouts are linked to earnings growth. High-end housebuilder Berkeley (BKGH.L) stuck to its cash-return plans, but cut its earnings estimates for the 2024 and 2025 fiscal years. Barratt, Persimmon and Berkeley have said they would be more cautious with land purchases, in a bid to reduce outgoings as falling property prices squeeze margins.

☆ UK construction activity falls by most since May 2020 -PMI
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +2 min

LONDON, Jan 6 (Reuters) - British construction activity fell last month at its sharpest rate since May 2020, as new orders dried up in the face of rising interest rates and broader cost pressures, a survey showed on Friday. "The UK's construction sector registered a relatively poor finish to 2022, with business activity falling into decline following a three-month growth sequence amid the fastest contraction in new work since the initial pandemic period in May 2020," S&P economist Lewis Cooper said. Britain's construction sector had been performing strongly earlier in 2022, with output up 7.4% in the year to October according to official data. However, Bank of England interest rates have been rising steeply - hitting a 14-year high of 3.5% in December - and house prices have recently started to fall. The construction PMI showed falls in both house building and civil engineering work.

☆ UK house prices post biggest quarterly drop since 2009: Halifax
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +1 min

LONDON, Jan 6 (Reuters) - British house prices slid again in December, capping the largest quarterly drop since the financial crisis more than 10 years ago, data from mortgage lender Halifax showed on Friday. The average house price fell 1.5% month-on-month in December, following a 2.4% fall in November and marking the fourth consecutive monthly decline, Halifax said. In quarterly terms, house prices fell 2.5% - the biggest drop since the three months to February 2009. Halifax expects house prices to drop 8% in 2023 - although Kinnaird noted that this would only mean a return to levels last seen in April 2021. House prices surged during the COVID-19 pandemic as people rushed to buy bigger homes with gardens, fuelled by temporary tax incentives.

☆ UK housing market stalls, credit card borrowing accelerates: BoE data
▼ + stars: | 2023-01-04 | by ( Andy Bruce | ) www.reuters.com time to read: +2 min

LONDON, Jan 4 (Reuters) - Britain's housing market slowed dramatically in November and people ramped up borrowing on credit cards, according to Bank of England data on Wednesday that underscored the effects of rising interest rates and the cost-of-living crisis. British lenders approved 46,075 mortgages in November, down from 57,875 in October and marking the lowest level since June 2020, when the housing market slowed to a crawl following the onset of the COVID-19 pandemic. Other gauges of the housing market show a sharp slowdown underway after house prices surged by around a quarter during the pandemic. The BoE said lending to consumers rose in net terms by 1.5 billion pounds ($1.8 billion) in November - driven by a 1.2 billion jump in credit card borrowing, the largest such increase since March 2004. "November's money and credit figures showed further signs that higher interest rates are dampening activity, particularly in the housing market.

☆ UK's Nationwide forecasts 5% house price fall for 2023
▼ + stars: | 2022-12-20 | by ( David Milliken | ) www.reuters.com time to read: +2 min

British house prices rose by more than a quarter in the two years after the onset of the COVID-19 pandemic as people sought more space to live and took advantage of low borrowing costs and tax incentives. However, prices have now started to fall, with Nationwide reporting three consecutive monthly drops in average house prices for the first time since 2008. Financial market turmoil in late September and early October added to the slowdown, as many lenders temporarily withdrew mortgage offers until market interest rates stabilised. "Financial market conditions have now settled with long-term interest rates returning to the levels prevailing before the mini-Budget. However, mortgage rates are taking longer to normalise and activity levels in the housing market have shown few signs of recovery," Nationwide's Gardner said.

☆ UK extends support for high loan-to-value mortgages
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +2 min

The Mortgage Guarantee Scheme was launched in April 2021 and had been due to stop at the end of this year but instead will continue until the end of 2023. The extension comes as lenders report falling house prices in the face of rising mortgage interest rates and a squeeze on buyers' disposable income. Last week mortgage lender Halifax forecast house prices would drop 8% next year, and in November it recorded the largest monthly drop in house prices since 2008. Under the mortgage guarantee scheme, the government receives a fee from lenders in exchange for covering almost all the extra risk of a 95% loan-to-value mortgage, compared to one that is made at 80% loan-to-value. The mortgage guarantee scheme can be used to finance house purchases costing up to 600,000 pounds ($731,000).

☆ Sunak scraps Energy Supply Taskforce introduced by Truss- Sky News
▼ + stars: | 2022-12-17 | by ( ) www.reuters.com time to read: 1 min

Halifax says UK house prices set to fall next year by around 8%, article with imageUnited Kingdom category · December 16, 2022Mortgage lender Halifax said on Friday it expected British house prices to fall next year by around 8% as the increasing cost of living put more pressure on household finances and rising interest rates continued to push up mortgage costs.

☆ UK lenders see 23% slide in mortgages for home-buyers in 2023
▼ + stars: | 2022-12-12 | by ( David Milliken | ) www.reuters.com time to read: +2 min

Trade body UK Finance forecast on Monday that gross mortgage lending for house purchase would fall to 131 billion pounds ($161 billion) in 2023 from 171 billion pounds this year and a peak of 189 billion pounds in 2021, when pandemic-related tax incentives were in force. "Amid challenging times for the UK economy, we expect cost of living pressures and rising interest rates to reduce demand for house purchases," it said. Recent weeks have brought growing signs that British house prices are starting to drop in the face of an incipient recession and higher interest rates. UK Finance noted that many home-owners who bought properties with two-year fixed-rate mortgages last year would soon have to pay much higher interest rates. Last week mortgage lender Halifax reported a 2.3% decline in house prices for November, the largest monthly drop in its data since 2008 and one which reduced the annual house price rise to 4.7% from 8.2%.

☆ A 'California girl' settled down in a remote Canadian city with her husband. They were finally able to buy a home and have a slice of the American dream.
▼ + stars: | 2022-12-09 | by ( Bill Murphy Jr. | ) www.businessinsider.com time to read: +9 min

Erin Ventura had no intention of leaving Los Angeles — until she met her Canadian husband, Justin Chiang. Erin Ventura grew up in Los Angeles, and she describes herself as "a California girl" through and through. But since Chiang was a Canadian citizen and Ventura was American, they had to choose which country to live in. Ventura said her husband was making a bit over 60,000 Canadian dollars a year playing in the military band. But I think in this case it's more of a 'big city, small city' kind of thing.

☆ UK sees most widespread house price falls since May 2020: RICS
▼ + stars: | 2022-12-08 | by ( David Milliken | ) www.reuters.com time to read: +2 min

The Royal Institution of Chartered Surveyors (RICS) said that its house price net balance - which measures the difference between the percentage of surveyors seeing rises and falls in house prices - sank to -25 in November. Price falls were particularly common in southeast and southwest England, while prices continued to rise modestly in Scotland and Northern Ireland. The RICS survey matches other measures of house price weakness from British mortgage lenders. Halifax reported on Wednesday that house prices recorded their biggest monthly drop since 2008 in November, falling by 2.8%, while Nationwide measured its biggest fall since June 2020. A Reuters poll of economists and property market analysts last month forecast house prices would drop around 5% next year, having risen about 24% since early 2020, according to official data.

☆ Morning Bid: Hat-trick
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +3 min

For the euro zone, commentary by officials is hinting at a peak in rates but anaemic growth and stubbornly high inflation are haunting investors. ECB policymaker Constantinos Herodotou said on Tuesday that interest rates will go up again but are now "very near" their neutral level. Markets will focus on industrial output data due from Germany, while euro zone third-quarter GDP and employment numbers, and UK house prices are among the other economic indicators for the day. Euro zone government bond yields dropped for the first time in three days on Tuesday in the run-up to a raft of major central bank decisions next week. The central bank has made conservative estimates on inflation despite Russia cutting gas supplies to Europe in response to Western sanctions over its invasion of Ukraine.

☆ UK house prices show biggest drop since 2008: Halifax
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

LONDON, Dec 7 (Reuters) - British house prices slid last month by the most since the global financial crisis as the slowdown in the housing market intensified, mortgage lender Halifax said on Wednesday. House prices fell 2.3% month-on-month in November, the biggest drop since October 2008 and following a 0.4% decline in October. Other gauges of house prices have also pointed to a slowdown underway, with household budgets squeezed by soaring inflation and rising borrowing costs. Halifax said the month-on-month drop "reflects the worst of the market volatility over recent months". A Reuters poll of economists and property market analysts last week forecast house prices would drop around 5% next year, having risen about 24% since early 2020, according to official data.

☆ UK's FTSE boosted higher by healthcare sector
▼ + stars: | 2022-12-07 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

SummarySummary Companies FTSE 100 rose 0.1%, FTSE 250 falls 0.2%GSK escapes U.S. lawsuit on Zantac allegationsMoonpig drops to bottom of FTMCDec 7 (Reuters) - UK's export-oriented FTSE 100 climbed on Wednesday as the healthcare sector was boosted by shares of GSK after the drugmaker escaped U.S. lawsuits over its heartburn drug Zantac. The blue-chip FTSE 100 (.FTSE) edged 0.1% higher by 0930 GMT. The pharmaceutical sector (.FTNMX201030) rose 3.3% in its biggest one-day percentage gain since late February. A nearly 10% jump in shares of GSK Plc (GSK.L) boosted the index after the drugmaker was spared thousands of U.S. lawsuits claiming that Zantac caused cancer. The real estate sector (.FTUB3510) fell 0.2% and is down 34% year-to-date and is heading towards its biggest fall since 2008.

[1/2] British Chancellor of the Exchequer Jeremy Hunt talks to a television crew outside the BBC headquarters in London, Britain November 18, 2022. REUTERS/Henry Nicholls/File PhotoLONDON, Dec 7 (Reuters) - Britain's financial watchdog laid out options on Wednesday it said banks should offer customers finding it difficult to make payments on mortgages during the cost of living crisis. Prices slid last month by the most since the global financial crisis, mortgage lender Halifax said on Wednesday. In its draft guidance, the FCA also said firms may offer payment concessions where they agree to accept less than the contractual monthly instalment - resulting in a payment shortfall. "We will consider if there are further steps we can take to help firms to support their borrowers, including at scale."

☆ Fact Check-Country singer Jake Flint’s death not caused by COVID vaccine
▼ + stars: | 2022-12-06 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

Representatives for country music singer Jake Flint said the singer did not die due to complications from the COVID-19 vaccine, contrary to false claims shared by social media users online. “I can verify from them, and from my own personal knowledge, that Jake Flint’s sudden and tragic death was not related in any way to the COVID-19 vaccine,” Clif Dolay, publicist for Flint, told Reuters via email. On April 21, 2021, Flint had posted his COVID-19 vaccination card on his Instagram account (here) with the text: “Fully Vaxed to the max and ready to make some tracks to Halifax or wherever else. There is no evidence that country music singer Jake Flint died due to the COVID-19 vaccine. His publicist said that his death was unrelated to the vaccine.

☆ Ukraine says will look into video allegedly showing its soldiers shooting Russians
▼ + stars: | 2022-11-21 | by ( The Associated Press | ) www.nbcnews.com time to read: +5 min

“HRMMU is aware of the video and is looking into it,” it said in a statement to The Associated Press. “We have received credible allegations of summary executions of persons hors de combat, and several cases of torture and ill-treatment, reportedly committed by members of the Ukrainian armed forces,” Bogner said. Ukrainian forces often wear bits of yellow, blue or green to identify themselves on the battlefields. At least two other armed men wearing glimpses of yellow also appear to be watching the apparent surrender. Ukrainian forces claimed to have regained control of the front-line village earlier this month.

☆ Morning Bid: Markets defy COVID blues
▼ + stars: | 2022-11-07 | by ( Clyde Russell | ) www.reuters.com time to read: +2 min

Elsewhere, The Guardian reported that British Finance Minister Jeremy Hunt is set to outline up to 60 billion pounds of tax rises and spending cuts next week, including at least 35 billion pounds ($39.56 billion) in cuts in the backdrop of the Bank of England's recession warning. Stock markets in the region chalked up gains across-the-board, underpinning Friday's rise in global shares after jobs data came in stronger than expected but also hinted at some slack in the tight American labor market. And staying on what the world's richest man is up to, Elon Musk laid out Twitter's mission, sparking debate on content accuracy. Twitter also updated its app to begin charging $8 for its sought-after blue check verification marks as it seeks to shore up revenue. China stocksReuters Graphics Reuters GraphicsKey developments that could influence markets on Monday:Economic data: Germany Sep industrial output, UK Halifax Oct house prices, Euro zone Oct PMISpeakers: ECB Board member Fabio Panetta speaksEuropean earnings: RyanairReporting by Anshuman DagaOur Standards: The Thomson Reuters Trust Principles.

☆ Miners, energy stocks drag FTSE 100 as China upholds COVID policy
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies FTSE 100 down 0.5%, FTSE 250 off 0.1%Nov 7 (Reuters) - UK's export-oriented FTSE 100 started the week on a lacklustre note, dragged down by energy and mining stocks, as China dampened hopes of a rebound in commodity demand after it reiterated its zero-COVID policy to curb outbreaks. The blue-chip FTSE 100 (.FTSE) fell 0.5% on Monday, while the mid-cap FTSE 250 (.FTMC) was down 0.1% by 0808 GMT. Energy stocks (.FTNMX601010) and miners (.FTNMX551030) were off 1.1% and 0.2%, respectively, tracking commodity prices that were hit as stringent COVID-19 curbs darkened demand outlook from China. METL/Mortgage lender Halifax said British house prices fell in October at the fastest monthly rate since February 2021. Reporting by Johann M Cherian in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

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