Latest lending data now out
- 69.9k prev revised up from 69.6k
- net consumer credit GBP +1.5bln vs +1.3bln exp vs +1.2bln prev
- net lending secured on dwellings +£3.9bln vs +3.6bln exp/prev
- M4 money supply mm +0.4% vs +0.6% prev
- yy +0.5% vs +0.2% prev
- ex IOFCs 3mth-annualised 5.9% vs 5.7% exp vs 3.6% prev revised down from 3.7%
I'm not liking that rise in consumer credit (expanding at the fastest rate since Feb 2006) but then neither am I surprised as I have repeatedly highlighted that for a while
Expanded credit might lead to better retail sales, housing market but it also increases household debt and that remains a worry.
Cable had a small wobble on the softer mftg PMI but now finding support from EURGBP sales
