U.K. Morning News (19/11/2007)

Discussion in 'Trading' started by Ransquawk, Nov 19, 2007.

  1. Ransquawk

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    David Smith writes that if the BOE minutes are 5-4 on hold then a December cut would be firmly on the cards (Sunday Times)**
    If the were 8-1 or 7-2 February would be more likely. However, the BOE regional agents have been quite downbeat and this may get things moving more quickly. Smith also writes that Mervyn King should stay. The minutes are due at 0930 this Wednesday.

    KPMG/SPSL retail think tank warns of a rising tide of business failures in the retail sector (Sunday Times)**

    UK heads for worst growth in 15 years (Sunday Times)**
    Analysts say growth in 2008 could be weaker than at any time since the upturn began in 1992.

    Bank poised for quick rate cut (Sunday Express)
    Further evidence of an imminent interest rate cut is expected to be revealed in the minutes of the BoE’s November meeting, out on Wednesday. Economist expect them to show the MPC are inclined to wait until early next year before making a decision, but could move faster if the economy showed further signs of slowing. (Sunday Express)

    Britain’s biggest chain of estate agents, Countrywide, is to close down branches after being hit by a spate of cancelled sales amid the gloomiest outlook for the housing market since the early 1990’s (Weekend FT) Harry Hill, the chairman said completed sales in the first half of November were running at about half the rate seen in the summer.

    Poll ratings of Gordon Brown have plummeted to an all time low amid deepening economic gloom and criticism of the governments handling of Northern Rock (RTRS)

    House prices fall in November, seen falling further, Rightmove says (MNI)**
    U.K. house prices fell by 0.7% in November, confirming that the U.K. house market is cooling although hardly collapsing. Rightmove predicts that prices will remain flat in 2008. Previously, Rightmove house prices fell by 2.7%. On a year-over-year basis, house prices were up 7.9% vs. 10.4% previously.

    Barratt Developments: cancellations in-line with norms, above last year, tighter housing market conditions continued, forward order book strong (BBG)

    Multi-billion pound London offices market is set for further price falls (Times)
    Large banks have reportedly put their requirements for large new lettings on hold for up to a year.

    Business confidence falls to 2-year low in Q3, Institute Of Chartered Accountants In England & Wales Says (Independent)
    According to the Business Confidence Monitor, as the credit squeeze and higher interest rates bite.


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