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

Share tips of the week – 30 September
Share tips

Share tips of the week – 30 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
30 Sep 2022
The best British tech stocks from a thriving sector
Share tips

The best British tech stocks from a thriving sector

Move over, Silicon Valley. Over the past two decades the UK has become one of the main global hubs for tech start-ups. Matthew Partridge explains why,…
29 Sep 2022
These 3 top value stocks offer
Share tips

These 3 top value stocks offer

Professional investor Adam Rackley of Cape Wrath Capital highlights three overlooked value stocks to buy.
29 Sep 2022
Three top-notch Asian stocks to buy
Share tips

Three top-notch Asian stocks to buy

Professional investors Adrian Lim and Pruksa Iamthongthong, managers of the Asia Dragon Trust, pick three of their favourite Asian stocks to buy now.
23 Sep 2022

Most Popular

What to do as the age of cheap money and overpriced equities ends
Investment strategy

What to do as the age of cheap money and overpriced equities ends

The age of cheap money, overpriced equities and negative interest rates is over. The great bond bull market is over. All this means you will be losin…
29 Sep 2022
Why everyone is over-reacting to the mini-Budget
Budget

Why everyone is over-reacting to the mini-Budget

Most analyses of the chancellor’s mini-Budget speech have failed to grasp its purpose and significance, says Max King
29 Sep 2022
Mini-Budget: will Kwasi Kwarteng’s gamble on growth work?
Budget

Mini-Budget: will Kwasi Kwarteng’s gamble on growth work?

The government has launched the biggest dash for growth in 50 years, relaunching an approach known as supply-side economics. What is the plan – and wi…
30 Sep 2022