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Greek October retail sales -10.8% y/y
After -6.5% decline in September. Oh-eh missus 
BOE: UK Q3 Housing Equity Injection Smallest For A Year
LONDON (MNI) – The pace of UK housing equity injection slowed in
the third quarter, dropping from record high levels in the second
quarter to hit its lowest level since Q3 2010.
In the third quarter UK homeowners injected Stg8.561 billion into
their homes, down from Stg9.628 billion in the second quarter.
Homeowners have been taking advantage of low interest rates to boost
home equity, but with the economic recovery stalling the pace of
injection may continue to slow.
In the third quarter, housing equity injection amounted to 3.3% of
post-tax income, also its weakest reading since Q3 last year.
Housing equity withdrawal is a measure of secured borrowing not
invested in the housing market. It is the net result of increases in
mortgage lending and capital grants minus household investment in
housing.
–London newsroom: 0044 20 7862 7491; email: drobinson@marketnews.com
[TOPICS: M$B$$$,MABDA$,MABDS$]
Rail-freight surge before Christmas shows U.S. economy skirting recession
What’s left on the orderboards…
EUR/USD: Bids 1.2900/10 ahead of tech support 1.2855/60 (1.2858 yesterday’s low) and a barrier at 1.2850. Tech resistance 1.2965/70 (Asian high 1.2968) and 50% Fibo retracement at 1.2969 ( of 1.3080-1.2858)
EUR/JPY: Buy stops up through 100.75/80. Sell orders above at 101.10/20. Downside bids lie ahead of the major barrier at 100.00 with large stops reportedly positioned on a break.
USD/JPY : Bids 77.45/50 from funds, sell stops down through 77.40 ahead of rumoured very large semi-official (Kampo) bids 77.00/20. Offers start from 77.85 and trail higher to 78.10. Corporate offers 78.30 Buy stops above through 78.30 and 78.60
AUD/USD: Tech resistance 1.0170/75 and 1.0195/00 (100 day MA is at 1.0197). Some tech support 1.0125/30 (o/n low 1.0127) ahead of yesterday’s lows around 1.0045
GBP/USD: Offers 1.5475/80, tech support 1.5400/05 (o/n low 1.5402) ahead of 1.5360/65 (1.5362 Thursday’s low)
That’s all so far, have a wonderful day out there….
Spain October current account surplus 0.46 bln
From 3.61 bln deficit in September. Hooooooooooooooooray!!!!
Italy November PPI +0.1% m/m, +4.2% y/y
Pretty much as expected.
Spain’s December flash EU-harmonised CPI 2.3% y/y
Down from +2.9% in November and weaker than Reuters’ median forecast of +2.5%.
Elsewhere European stocks have opened marginally firmer. DAX up +0.3%, CAC 40 up +0.4%.
EUR/USD unchanged since I sat down, presently at 1.2940.
Key MEPs question crucial parts of European treaty text
UK Nationwide: House Prices Dip In Dec; End 2011 Up 1.0%
LONDON (MNI) – UK house prices dipped in December, ending 2011 up
1.0% on a year earlier, and the housing market looks set for another
year of weak activity in 2012, according to the Nationwide.
The last Nationwide survey of 2011 found house prices down 0.2% on
the month in December and up 1.0% on the year, with Q4 house prices up
0.3% on the quarter. The Nationwide report follows the December
Rightmove survey, which showed house asking prices fell 2.7% on the
month, and both raise the spectre of house price deflation in 2012.
“The housing market in 2012 looks likely to be characterised by low
levels of activity once again, with prices moving sideways or modestly
lower over the course of the year,” Robert Gardner, Nationwide’s Chief
Economist, said.
Nationwide’s data showed the London housing market performing more
robustly than in the regions. London house prices were up 5.5% in 2011
compared with the 1.0% rise seen in the nation as a whole.
The worst performing region in 2011 was Northern Ireland, with
prices falling 8.7%.
UK houses have become more affordable, with the price-to-earnings
ratio in the Nationwide series falling to 5.2 from its 6.4 peak back in
2007, before the credit crunch kicked in.
Bank of England data have shown mortgage approvals running at
little more than half their long run average, and demand is likely to
stay subdued next year.
“With the UK economy struggling to gain momentum, labour market
conditions are likely to remain challenging in 2012, deterring buyers
from entering the housing market,” Gardner said.
–London newsroom: 4420 7862 7491; email: drobinson@marketnews.com
[TOPICS: M$B$$$,MABDA$,MABDS$]
UK house prices -0.2% m/m, +1.0% y/y in December – Nationwide
Weaker than Reuters’ median forecasts of +0.1%, +1.5% respectively.
Nationwide’s chief economist Robert Gardner opines “The housing market in 2012 looks likely to be characterised by low levels of activity once again, with prices moving sideways or modestly lower over the course of the year.”
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