Friday preview: UK mortgage lending figures released

The spotlight will shine on economic data out Friday including mortgage lending figures from the British Bankers' Association (BBA) and US durable goods orders.

The spotlight will shine on economic data out Friday including mortgage lending figures from the British Bankers' Association (BBA) and US durable goods orders.

BBA last month showed UK mortgage approvals fell 1.2% on the year in March to 31,227 as the government's Funding for Lending Scheme made the mortgage market more competitive.

Net mortgage lending dropped by £328 in March.

"Mortgage approvals edged up back to levels of a year ago and the prospect of more first-time buyers entering the market during 2013 is likely to help mortgage chains in due course," BBA Director David Dooks said at the time.

"However, economic uncertainty and subdued confidence continues to determine borrowing behaviour, with households and businesses reducing borrowing and building up deposits where possible."

The UK has this week produced a mixed bag of economic results including a hike in house prices, drop in retail sales and increase in factory orders.

The International Monetary Fund (IMF) yesterday released a report on the UK economy, saying the country is a long way from recovery and needs to rebalance.

The report, which raised concerns about the risk of "permanent damage to long-term growth", called on the government to bring forward measures such as spending on infrastructure and job skills or cutting corporation tax.

In the US, data on the durable goods orders will follow last month's release which showed a sharp decline in March.

Orders for goods fell 5.7% in March, the biggest fall in seven months, indicating a slowdown in recovery.

Investors have been keeping close watch on the US this week as Federal Reserve Chairman Ben Bernanke delivered his testimony on the world's biggest economy yesterday.

He said the country should not tighten its belt on monetary stimulus too soon as it risked slowing down recovery in the wake of weak economic data including high unemployment. However, he did hint that the Fed could begin to scale back measures if the recovery is seen as sustainable.

Friday May 24th

INTERIM DIVIDEND PAYMENT DATE

Swallowfield

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Durable Goods Orders (US) (13:30)

IFO Business index (GER) (09:00)

FINALS

Global Market Group Ltd (DI)

ANNUAL REPORT

Vindon Healthcare

SPECIAL DIVIDEND PAYMENT DATE

Admiral Group

AGMS

Beacon Hill Resources, Essenden, HSBC Holdings, Kcell Joint Stock Co GDR (Reg S), Kings Arms Yard VCT, Longships, OJSC Pharmstandard GDR (Reg S), Robert Walters, S & U, Vphase

UK ECONOMIC ANNOUNCEMENTS

BBA Mortgage Lending Figures (09:30)

FINAL DIVIDEND PAYMENT DATE

Admiral Group, African Barrick Gold , BBA Aviation, Bovis Homes Group, Charles Taylor, Costain Group, DRS Data & Research Services, Dunedin Enterprise Investment Trust, F&C Asset Management, Fiberweb, Fidelity European Values, Greggs, H.R. Owen, Hydrogen Group, Inmarsat, Invesco Perpetual UK Small Companies Inv Trust, Kentz Corporation Ltd., Maven Income and Growth VCT 5, Mithras Inv Trust, Morgan Sindall Group, North American Income Trust (The), Octopus Second AIM VCT, Paddy Power, Petrofac Ltd., Playtech, Portmeirion Group, Powerflute Oyj (DI), RPS Group, RSA Insurance Group, St James's Place

RD

Recommended

How to profit from India’s high-tech recovery
Share tips

How to profit from India’s high-tech recovery

Professional investor David Cornell of the India Capital Growth Fund, selects three of his favourite Indian stocks to buy now.
27 Sep 2021
Share tips of the week – 24 September
Share tips

Share tips of the week – 24 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
24 Sep 2021
Three strong Asian stocks trading at bargain prices
Share tips

Three strong Asian stocks trading at bargain prices

Professional investor Nitin Bajaj of the Fidelity Asian Values investment trust picks three stocks that dominate their industries, earn good returns o…
20 Sep 2021
Why it pays to face up to your investment mistakes
Investment strategy

Why it pays to face up to your investment mistakes

Buying stocks can be a complicated business. But selling stocks can be tricky, too – even if you sell for the right reasons. Max King explains how to …
17 Sep 2021

Most Popular

A nightmare 1970s scenario for investors is edging closer
Investment strategy

A nightmare 1970s scenario for investors is edging closer

Inflation need not be a worry unless it is driven by labour market shortages. Unfortunately, writes macroeconomist Philip Pilkington, that’s exactly w…
17 Sep 2021
Two shipping funds to buy for steady income
Investment trusts

Two shipping funds to buy for steady income

Returns from owning ships are volatile, but these two investment trusts are trying to make the sector less risky.
7 Sep 2021
What really causes inflation? Here’s what prices since 1970 tell us
Inflation

What really causes inflation? Here’s what prices since 1970 tell us

As UK inflation hits 3.2%, Dominic Frisby compares the cost of living 50 years ago with that of today, and explains how debt drives prices higher.
15 Sep 2021