Mortgage lending in Britain is only getting worse. The number of approved mortgage loans largest creditor (Banco Santander, Barclays, HSBC, Lloyds, Nationwide and RBS) had fallen to 45,000 in August, up to 19-month low. According to the Council of Mortgage Lending, total mortgage lending fell to 11.4 billion pounds per month, at 6% in annual terms. Depressed lending rate is attributable to two major forces: first, the creditors holding back a proposal to fund only those who offer very effective protection and, secondly, a reduction in demand for loans due to the uncertainty for business in Britain, with the fall in the 5,7 % over the past year.Irish bonds again suffer in anticipation of the auction. In anticipation of the auction, which is planned to attract 1.5 billion euros, profitability Irish bonds rose. Spread on a 10-year securities rose by another 20 basis points to 417 points on the German Bund, to a record level. The main factor for investors is the escalation of the cost of saving banks, especially for Anglo Irish. Finance Minister Lenihan has promised to determine the cost of refinancing Anglo Irish until the end of the month. In another part of Europe, spreads on Portuguese bonds also rose significantly, by 25 points against 10-year Buwayhids up 400 points.
The Swiss economy may surprise. Latest forecast from a respected research institute KOF suggests that demand for exports will provide an impressive growth of 2,7% in the current calendar year, followed by an increase of 1,8%. However, KOF warned that global growth will be weaker in the future because of the measures of fiscal consolidation and the end of the cycle of replenishment.
Recession in the U.S. is over! A recession in the U.S., which is determined by the National Bureau of Economic Research, declared as over in June 2009. All this is rather academic, but nonetheless, it makes the recession the longest in the postwar period.
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