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

The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into
2 Mar 2023
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
27 Feb 2023
The outlook for Shell shares is mixed, despite bumper profits
Energy stocks

The outlook for Shell shares is mixed, despite bumper profits

With profits surging, it looks as if Shell is on a roll, but the company’s growth from here is hard to see as Rupert Hargreaves explains.
6 Feb 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023

Most Popular

Government plans could see NS&I boost interest rates
Savings

Government plans could see NS&I boost interest rates

The government-backed bank has a new funding target, which could prompt it to boost the rates on its Premium Bonds, ISAs and bonds.
16 Mar 2023
Share tips of the week – 17 March
Investments

Share tips of the week – 17 March

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages
10 Mar 2023
How to make your child a tax-free millionaire by age 37
Investments

How to make your child a tax-free millionaire by age 37

Exclusive research for MoneyWeek reveals how funding an ISA and a pension for your child until age 18 could build up a seven-figure sum by the time th…
14 Mar 2023