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☆ 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.

☆ 'Mini-budget' fallout hits UK house prices in October - Halifax
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 7 (Reuters) - British house prices fell in October at the fastest monthly rate since February 2021, a fresh sign of weakness in the housing market that reflects the fallout from the September "mini-budget", mortgage lender Halifax said on Monday. House prices dropped 0.4% month-on-month last month, after a 0.1% fall in September, Halifax said. "While a post-pandemic slowdown was expected, there’s no doubt the housing market received a significant shock as a result of the mini-budget which saw a sudden acceleration in mortgage rate increases," said Kim Kinnaird, director of Halifax Mortgages. In annual terms, house prices were 8.3% higher in October, slowing from 9.8% in September. Reporting by Andy Bruce; editing by James DaveyOur Standards: The Thomson Reuters Trust Principles.

☆ Sterling rises but gloomy economic outlook remains in focus
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +3 min

At 1000 GMT, the pound was up 0.61% against the dollar at $1.14405, and 0.35% higher versus the euro at 87.260 pence per euro. But analysts remain gloomy about the prospects for the currency given the economic outlook. "The combination of a highly concerning economic outlook and a forced dovish repricing in rate expectations look set to keep the pound rather unattractive," ING analysts wrote in a note. Quarterly GDP growth figures on Friday will also provide an important signal for the state of the UK economy. Reporting by Lucy Raitano; Editing by Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ USDA announces $759M for high-speed internet in rural areas
▼ + stars: | 2022-10-27 | by ( Associated Press | ) www.nbcnews.com time to read: +2 min

The U.S. Department of Agriculture is making available $759 million in grants and loans to enable rural communities to access high-speed internet, part of the broader $65 billion push for high-speed connectivity from last year’s infrastructure law. Agriculture Secretary Tom Vilsack and White House senior adviser Mitch Landrieu are unveiling the grants in North Carolina on Thursday. “Rural communities are the backbone of our nation, but for too long they’ve been left behind and they have been underrecognized,” Landrieu said. That’s just beyond unacceptable that that’s not available to rural America.”Vilsack said he and Landrieu will “learn firsthand” from people in North Carolina about the opportunities internet access can create. They plan to meet with state and local officials including North Carolina Gov.

LONDON, Oct 27 (Reuters) - Having hiked mortgage rates after political turmoil drove up the cost of borrowing, British banks are now cutting home loan prices, albeit slowly, as markets calm since Liz Truss's government collapsed and Rishi Sunak took power. But as markets have stabilised and borrowing costs have fallen, the trickle of mortgage rate cuts has lagged behind. By contrast, average rates on two-year and five-year fixed-rate mortgages have fallen just 0.16 percentage points, Moneyfacts data shows. Reuters GraphicsFIXED RATESMortgage brokers say fixed-rate mortgage rates typically lag changes in swap rates, a trend which could be exacerbated this time as lenders focus on reintroducing products. Five-year mortgage rates have followed a similar pattern, Moneyfacts data shows.

TORONTO, Oct 26 (Reuters) - Immigrants' share of Canada's population has hit its highest point in the country's 150-year history and the biggest share among G7 countries, new data released by Statistics Canada showed on Wednesday. Twenty-three percent of Canadians were immigrants in 2021, according to the census, and Statistics Canada projects that between 29% and 34% of the population will be immigrants by 2041. India, the Philippines and China were the top three countries respectively for recent immigrants to Canada, according to the census. Newcomers have become the primary driver of Canada’s population growth and the country's economic engine in the context of an aging population. From 2016 to 2021, immigrants accounted for four-fifths of Canada's labour market growth, Statistics Canada said.

☆ UK house price growth slows to weakest since July 2020 - RICS
▼ + stars: | 2022-10-12 | by ( William Schomberg | ) www.reuters.com time to read: +3 min

The RICS house price balance - measuring the difference between the percentage of surveyors reporting price rises and those seeing a fall - fell sharply to +32 in September from +51 in August, signalling a slowdown in price growth. "Looking further out, the picture portrayed by the RICS survey has clearly shifted in a negative direction," he added. After booming during and after the COVID-19 lockdowns as home-owners sought bigger properties, Britain's housing market has cooled recently. Rival lender Nationwide says British house prices failed to rise in monthly terms for the first time since July 2021 in September. A recent cut to Britain's stamp duty tax on property purchases, part of finance minister Kwasi Kwarteng's package of tax cuts, was set to be outweighed by the rise in mortgage costs, RICS said.

☆ Record number of UK mortgage deals pulled in one day as market mayhem takes hold
▼ + stars: | 2022-09-28 | by ( Sophie Kiderlin | ) www.cnbc.com time to read: +2 min

Overall, 935 mortgage products were pulled from the market on Tuesday, according to data from money comparison site Moneyfacts. LONDON – Hundreds of residential mortgage deal offers in the U.K. have been pulled after market chaos sparked concerns about base rates rising as high as 6% next year. Overall, 935 mortgage products were pulled from the market on Tuesday, according to data from money comparison site Moneyfacts. HSBC and Santander are the latest major U.K. lenders to pause their mortgage product offering, while NatWest repriced their products, increasing rates. Earlier in the week, Virgin Money, Halifax and Skipton Building Society temporarily pulled some of their mortgage deals citing market developments.

☆ UK mortgage borrowers are in for a nasty shock from soaring rates
▼ + stars: | 2022-09-27 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN Business —Millions of mortgage borrowers in the United Kingdom are bracing themselves for huge hikes to their monthly payments as a consequence of the run on the pound. Markets had already been expecting the central bank to raise interest rates to 4.75% by next spring. There are 9 million outstanding residential mortgages in the United Kingdom, according to UK Finance, an association of banks and financial services firms. About 20% of those loans are tracker, or variable rate products, that typically become more expensive when the central bank hikes rates. Halifax, owned by Lloyds Bank (LLDTF), removed some of its mortgage products, while Virgin Money stopped taking mortgage applications from new customers until later this week.

☆ The fallout from the pound's crash prompts UK banks to pull mortgage deals as they brace for interest rate hikes
▼ + stars: | 2022-09-27 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Several UK lenders have pulled mortgage deals as they expect interest rates to rise, reports said. Halifax, Virgin Money and Skipton Building Society are among the lenders withdrawing deals, per reports. This is so we can reprice following the market response over recent days," Skipton Building Society told Insider. Several smaller mortgage providers — Clydesdale Bank, Scottish Building Society, Paragon, Leek United Building Society, Skipton Building Society and The Nottingham for Intermediaries — have pulled some deals for now, the Telegraph reported. Mortgage lenders told Insider they will monitor the situation closely, and some plan to launch new product ranges soon.

☆ UK lenders halt mortgage deals to customers after market chaos
▼ + stars: | 2022-09-27 | by ( Sophie Kiderlin | ) www.cnbc.com time to read: +3 min

Oli Scarff | Getty Images News | Getty ImagesLONDON - U.K. lenders Virgin Money, Halifax and Skipton Building Society pulled some of their mortgage deals to customers after the tumult in British bond markets. Virgin Money and Skipton Building Society temporarily paused mortgage offers for new customers, while Halifax — owned by the Lloyds Banking Group — is planning to halt any mortgage products with fees where lower interest rates are usually offered. Skipton Building Society said they had paused their products in order to "reprice following the market response over recent days." Markets have begun pricing in a base rate rise to as high as 6% for next year, from 2.25% currently, raising concerns among mortgage lenders and borrowers. "Households refinancing a two-year fixed rate mortgage in the first half of next year will see monthly repayments jump to about £1,490 early next year, from £863 when they took on the mortgage two years prior."

☆ Pound to dollar: The pound's crash will make inflation worse
▼ + stars: | 2022-09-26 | by ( Julia Horowitz | ) edition.cnn.com time to read: +7 min

Consequently, the Bank of England will come under pressure to jack up interest rates further and faster. It has been sharply critical of the UK government’s proposals. Why a plunging pound is bad newsThe pound hit a record low against the dollar on Monday, dropping near $1.03 before recovering to almost $1.07. Investors expect the Bank of England will need to increase interest rates much more aggressively to get inflation in check. The central bank has given no indication it will hike interest rates outside its normal schedule of meetings.

☆ The pound’s crash will make inflation worse and push interest rates higher
▼ + stars: | 2022-09-26 | by ( Julia Horowitz | ) edition.cnn.com time to read: +7 min

Consequently, the Bank of England will come under pressure to jack up interest rates further and faster. It has been sharply critical of the UK government’s proposals. Investors expect the Bank of England will need to increase interest rates much more aggressively to get inflation in check. The central bank has given no indication it will hike interest rates outside its normal schedule of meetings. “If markets still don’t have faith in the fiscal picture, I’m not sure how the Bank of England wins this,” Rossiter said.

☆ UK's Virgin Money, Skipton temporarily withdraw mortgage products - emails to brokers
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: 1 min

LONDON, Sept 26 (Reuters) - British lenders Virgin Money and Skipton Building Society on Monday temporarily withdrew their mortgage ranges for new customers because of the volatility in sterling funding markets, according to emails sent to brokers. "Following a number of changes in the market, we have made the decision to temporarily withdraw all our products for new customers at 8pm tonight," Virgin Money said in its email to brokers, seen by Reuters. "We continue to monitor the situation closely and currently plan to relaunch products for new customers towards the end of the week." Earlier on Monday, lender Halifax said it had withdrawn its mortgage products with arrangement fees. Register now for FREE unlimited access to Reuters.com RegisterReporting by Andy Bruce; editing by William JamesOur Standards: The Thomson Reuters Trust Principles.

☆ Market chaos forces UK lenders to pull mortgage products
▼ + stars: | 2022-09-26 | by ( Andy Bruce | ) www.reuters.com time to read: +3 min

Brokers said the moves were likely just the start of a big shift in Britain's mortgage market. The country's largest mortgage lender Halifax said it was withdrawing its fee-paying mortgage products - where borrowers could pay an arrangement fee in exchange for a lower interest rate - and moving to a full fee-free range. "In response, we will be temporarily withdrawing our New Business Product Range with immediate effect." Virgin Money said its withdrawal of mortgage products for new customers would take place at 8 p.m. (1900 GMT). "That will feed into higher mortgage rates and, as always, it'll be the taxpayer left carrying the can," said Lewis Shaw, founder of broker Shaw Financial Services.

☆ Canada girds for long haul after historic storm Fiona ravages east coast
▼ + stars: | 2022-09-25 | by ( John Morris | ) www.reuters.com time to read: +4 min

Waves roll in near a damaged house built close to the shore as Hurricane Fiona, later downgraded to a post-tropical cyclone, passes the Atlantic settlement of Port aux Basques, Newfoundland and Labrador, Canada September 24, 2022. The historic storm slammed into eastern Canada with hurricane-force winds, forcing evacuations, uprooting trees and powerlines, and reducing many homes to "just a pile of rubble." read moreThe Canadian Hurricane Centre estimated that Fiona was the lowest pressured land falling storm on record in Canada. Several university students lined up for food outside convenience stores powered by generators due to the power outage caused by Fiona. "So this is exactly the kind of work that will accompany provincial authorities in the coming weeks and months," he added.

☆ Damage to Canada from storm Fiona is 'unprecedented'
▼ + stars: | 2022-09-25 | by ( ) www.reuters.com time to read: +1 min

A fallen tree lies on a crushed pickup truck following the passing of Hurricane Fiona, later downgraded to a post-tropical storm, in Halifax, Nova Scotia, Canada September 24, 2022. REUTERS/Ted PritchardOTTAWA, Sept 25 (Reuters) - The breadth of the damage caused by the powerful storm Fiona that ravaged Canada's Atlantic coast on Saturday has never been seen before, and it will take months to rebuild the critical infrastructure that was destroyed, Canada's emergency preparedness minister Bill Blair said on Sunday. "The scale of what we're dealing with, I think it's unprecedented," Blair told Reuters in a telephone interview when asked how Fiona compared to Dorian, a storm that struck the region around Halifax, Nova Scotia, in 2019. "There is going to be what I believe will likely be several months work in restoring some of the critical infrastructure - buildings and homes, rooftops that have been blown off community centers and schools," he added. Register now for FREE unlimited access to Reuters.com RegisterReporting by Steve Scherer; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

☆ Canada braces for ‘extreme event’ as storm Fiona nears after leaving path of destruction
▼ + stars: | 2022-09-24 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Phil-Helsel-Circle-Byline-Template.Jpg | Phil Helsel | ) www.nbcnews.com time to read: +4 min

Residents of Nova Scotia and other parts of Canada were bracing for hurricane-force winds and a potential historic storm surge as Hurricane Fiona approached Friday. “It is going to be certainly a historic extreme event for Eastern Canada,” said Bob Robichaud, warning preparedness meteorologist with the Canadian Hurricane Centre, at a briefing Friday. At 9 p.m. Halifax time, the storm was “accelerating quickly” toward Nova Scotia, Canada’s hurricane center said. Damage in Nova Scotia was estimated at almost $102 million, the CBC reported. In 2003 Canada was hit by Hurricane Juan, a Category 2 storm at landfall that ripped through Nova Scotia.

Francis Bruhm, Project Manager for general contractor G&R Kelly, places sandbags around the doors of the Nova Scotia Power building before the arrival of Hurricane Fiona in Halifax, Nova Scotia, Canada September 23, 2022. It was due to make landfall in eastern Nova Scotia Saturday morning, but rain and wind had already started Friday night. Canadian authorities sent emergency alerts in Nova Scotia and Prince Edward Island, warning of severe flooding along shorelines and extremely dangerous waves. The storm could prove more ferocious than the benchmarks of Hurricane Juan in 2003 and Hurricane Dorian in 2019, Canadian Hurricane Centre meteorologist Bob Robichaud told a briefing. Trailing Fiona in the Caribbean is Tropical storm Ian, which is expected to become a hurricane on Sunday night.

☆ Fiona bears down on northeast Canada as big, powerful storm
▼ + stars: | 2022-09-24 | by ( ) www.cnbc.com time to read: +6 min

A youth rides his bycicle at the seaside in Nagua, Dominican Republic, on September 19, 2022, as Hurricane Fiona passes through the country. Fiona, which started the day as Category 4 storm but weakened to Category 2 strength late Friday, was forecast to make landfall in Nova Scotia early Saturday. The Canadian Hurricane Centre issued a hurricane watch over extensive coastal expanses of Nova Scotia, Prince Edward Island and Newfoundland. The U.S. National Hurricane Center said Fiona should reach the area as a "large and powerful post-tropical cyclone with hurricane-force winds." It was centered about 140 miles (220 kilometers) southeast of Halifax, Nova Scotia, heading north at 46 mph (74 kph).

Francis Bruhm, Project Manager for general contractor G&R Kelly, places sandbags around the doors of the Nova Scotia Power building before the arrival of Hurricane Fiona in Halifax, Nova Scotia, Canada September 23, 2022. REUTERS/Ingrid Bulmer/File PhotoHALIFAX, Nova Scotia, Sept 24 (Reuters) - Powerful storm Fiona slammed into eastern Canada on Saturday with hurricane-force winds, nearly a week after devastating parts of the Caribbean. The U.S. National Hurricane Center said the center of the storm, now called Post-Tropical Cyclone Fiona, was crossing eastern Nova Scotia, bringing high winds and heavy rains. Register now for FREE unlimited access to Reuters.com RegisterExperts predicted high winds, storm surges and heavy rainfall from Fiona. Canadian authorities sent emergency alerts in Nova Scotia and Prince Edward Island, warning of severe flooding along shorelines and extremely dangerous waves.

Increasing wind pushes waves towards the south shore before the arrival of Hurricane Fiona in Bermuda September 22, 2022. REUTERS/Nicola MuirheadHAMILTON, Bermuda, Sept 23 (Reuters) - Hurricane Fiona threatened the Atlantic island of Bermuda on Friday, passing west of the British territory on its northward trek toward Nova Scotia while packing the potential to become one of the most severe storms in Canada's history. That made it a Category 4 hurricane on the five-step Saffir-Simpson scale, meaning it was capable of producing catastrophic damage. Fiona is shaping up to be the most powerful storm to reach Canada since Dorian made landfall to the west of Halifax in September 2019, the government's Environment Canada website said. Like Dorian, Fiona could ease to a post-tropical storm, but Dorian still carried Category 2 intensity, with sustained winds of 96 mph (155 kph).

☆ Wild horses face unruly storms as Fiona nears Canada's east coast
▼ + stars: | 2022-09-22 | by ( Ismail Shakil | ) www.reuters.com time to read: +3 min

Wild horses run on the grasslands of the remote Sable Island National Park Reserve on the Atlantic coast's Sable Island, Nova Scotia, Canada in an undated photograph. By mid-Thursday, Fiona was located about 1,800 km (1,118 miles) to the south-southwest of Halifax, capital of Canada's Nova Scotia province. Here roam some 500 Sable Island Horses alongside the world's biggest breeding colony of grey seals. "Over the last two centuries, the horses of Sable Island have adapted remarkably well to their environment. Environment Canada has issued a storm alert for much of Atlantic Canada, along with parts of Quebec, Canada's second most populous province.

☆ China softens Taiwan rhetoric as U.S. and Canadian warships sail through strait
▼ + stars: | 2022-09-21 | by ( ) www.nbcnews.com time to read: +3 min

The comments came a day after U.S. and Canadian warships sailed through the Taiwan Strait in their second joint transit in less than a year. Taiwan’s government says that as the island has never been ruled by the People’s Republic of China, its sovereignty claims are void. A U.S. Navy warship and a Canadian frigate made a routine transit through the Taiwan Strait on Tuesday, the militaries of both nations said. “This operation though the Taiwan Strait is, even more, a concrete demonstration of the resolute opposition of democratic allies to China’s expansion attempts,” it said. The narrow Taiwan Strait has been a frequent source of military tension since the defeated Republic of China government fled to Taiwan in 1949 after losing a civil war with the communists, who established the People’s Republic of China.

☆ U.S., Canadian warships sail through Taiwan Strait for 2nd time in a year
▼ + stars: | 2022-09-21 | by ( ) www.cnbc.com time to read: +1 min

A U.S. Navy warship and a Canadian frigate made a routine transit through the Taiwan Strait on Tuesday, the militaries of both nations said, at a time of heightened military tension between Beijing and Taipei. While China condemned the mission, saying its forces "warned" the ships, recent years have seen U.S. warships, and occasionally those of allied nations such as Britain and Canada, routinely sail through the strait. Such trips anger China, which claims Taiwan over the objections of the island's democratically elected government. "Cooperation like this represents the centerpiece of our approach to a secure and prosperous region," the U.S. Navy said in a statement. The Arleigh Burke-class guided-missile destroyer Higgins and the Royal Canadian Navy's Halifax-class frigate Vancouver made the transit through a corridor in the strait that is beyond the territorial sea of any coastal state, it added.

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