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UK house prices hit all-time peak, deterring first-time buyers

LONDON | Fri Aug 9, 2013 12:04am BST
(Reuters) - House prices in England and Wales reached an all-time peak in July, driven by strong demand in London, though purchases by first-time buyers remain well below historic levels, a report showed on Friday.

House prices rose 0.3 percent in July to a record 232,969 pounds ($361,500) in July, bolstered by a government housing scheme to subsidize purchases, according to the report by LSL Property Services and economics consultancy Acadametrics.

Business Secretary Vince Cable has warned the scheme to help homebuyers could just fuel a house price bubble.

6:00am JPY Consumer Confidence 43.6 45.3 44.3

European Factors to Watch-European shares seen up as China data reassures

Fri Aug 9, 2013 6:25am BST
LONDON, Aug 9 (Reuters) - European stocks were set open higher on Friday,
with some traders citing reassuring inflation data from China as giving a boost
to investor sentiment.

Financial spreadbetters expect Britain's FTSE 100 to open up by 7 to
8 points, or by as much as 0.1 percent. Germany's DAX is seen up 21 to
22 points, or as much as 0.3 percent, while France's CAC 40 is seen up
by 10 points, or as much as 0.2 percent.

Although some investors remain concerned over signs of a slowdown in the
fast-growing Chinese economy, data this week reassured many over the health of
the world's second-biggest economy and biggest metals consumer.

China's consumer inflation steadied in July although factory-gate deflation
persisted for a 17th month, official data showed on Friday, pointing to monetary
policy on hold as Beijing tries to arrest a slowdown that has run for more than
two years.

The steady inflation data on Friday came a day after Chinese trade figures
beat forecasts.

"European equities are set to creep higher as moderate inflation in China
adds another data point to the argument that the world's second-largest economy
is on the mend," Capital Spreads dealer Jonathan Sudaria wrote in a note.

Morning All.

Nikkei logs worst weekly loss since mid-May; focus turn to flash GDP

Fri Aug 9, 2013 7:12am BST
TOKYO, Aug 9 (Reuters) - The Nikkei share average edged up
on Friday after suffering steep losses in the previous two
sessions, helped by the yen's retreat from a seven-week high
against the dollar and gains on Wall Street.

The benchmark Nikkei rose 0.1 percent to 13,615.19
but shed 5.9 percent on the week, its worst weekly performance
in nine weeks. The broader Topix added 0.1 percent to
1,140.91 in thin trade.

Market players said investors' focus has already turned to
April-June preliminary gross domestic product data due on
Monday.

EUR French Industrial Production m/m -1.4% 0.3% -0.4%

EUR French Gov Budget Balance -59.3B -72.6B

FTSE100 modestly higher in early deals led by the miners

Italian Trade Balance 3.62B 4.22B 3.90B

Buy-to-let lending topped £5bn in Q2, says CML

Hong Kong shares end up, China coal counters soar

HONG KONG | Fri Aug 9, 2013 9:08am BST
Aug 9 (Reuters) - Hong Kong shares ended their worst week in nearly two months on a positive note on Friday, helped by China coal counters on hopes of rising physical prices and solid China data for fixed asset investment and factory output.

The Hang Seng Index closed up 0.7 percent at 21,807.6 points, while the China Enterprises Index of the leading Chinese listings in Hong Kong climbed 0.4 percent.

On the week, they slid 1.7 percent and 1.4 percent, respectively - their worst since the week that ended June 21.

GBP Trade Balance -8.1B -8.4B -8.5B

UK trade deficit shrinks more than expected in June

LONDON | Fri Aug 9, 2013 9:35am BST
(Reuters) - The deficit in Britain's trade in goods narrowed more than expected in June to its lowest level in nearly a year as exports picked up, giving a boost to hopes for a broader economic recovery.

The Office for National Statistics also said on Friday that construction output grew more in the second quarter than first thought but said the increase had no impact, to one decimal place, on its estimate for economic growth in the period.

Britain's goods trade deficit shrank to 8.082 billion pounds from 8.668 billion pounds in May. Economists had forecast a gap of 8.50 billion pounds.

FTSE100 modestly higher midday on miners' support

CAD Employment Change -39.4K 6.2K -0.4K

CAD Unemployment Rate 7.2% 7.1% 7.1%

FTSE100 ends comfortably higher thanks to the miners

Hope you all have a great weekend!

G.