Wednesday, July 29, 2015 - 06:22 BOE Cunliffe: Concerns Over How Market Will React to US Hike 0
LONDON (MNI) - Bank of England Deputy Governor Jon Cunliffe has said that despite a US rate hike having been very clearly signalled, there are still concerns about how markets will react.
Cunliffe, in a Guardian interview published Wednesday, said markets are "quite fragile" at the moment and that participants seem to be under-pricing liquidity.
"If and when US interest rates go up ... there are concerns about how the market will adjust. This must be the most advertised, well signalled change in monetary policy in the history of man.
Wednesday, July 29, 2015 - 04:55 ECB Calls For Fast Progress In Capital Market Union 0
-- Sustainable Convergence Mainly National Responsibility
FRANKFURT (MNI) - The European Central Bank on Wednesday called for "substantial and swift progress" in efforts to build a capital markets union in order to improve the Eurozone's ability to absorb shocks.
In an article on economic convergence published on its website, the ECB warned that exogenous shocks can cause economic convergence to unravel quickly if a sound institutional framework and sufficient economic flexibility are lacking.
To ensure euro area member states can better absorb shocks, the single market must be strengthened further, the central bank said.
Wednesday, July 29, 2015 - 04:30 UK Analysis: June Mortgage Lending Highest Since July 2008 0
-BOE Jun mortgage approvals 66,582 vs 64,826 May -BOE Jun Mortgage lending change stg2.615bn vs stg2.413bn May
LONDON (MNI) - Mortgage lending in cash terms accelerated rapidly in June, with the stg2.615 billion increase the largest since July 2008, Bank Of England data show.
The rise in mortgage approvals was less striking, with the 66,582 approvals in June below the 68,051 recorded in April. While the housing market is reaccelerating, it is still way below its pre-financial crisis highs. The long run monthly average in the BOE's mortgage approvals series is 83,122.
Unsecured borrowing also rose in June but the stg1.220 billion change was less than the stg1.319 billion rise seen in March.
Tuesday, July 28, 2015 - 14:00 BOE Cunliffe Sees Refinement, Regulation May Have Gone Too Far 0
By David Robinson
LONDON (MNI) - Bank of England Deputy Governor for Financial Stability, Jon Cunliffe, has acknowledged that regulation may have gone too far in some areas and said that adjustments and refinements to it should come as no surprise.
Market participants have complained about regulation reducing liquidity, which could fuel volatility. To this, Cunliffe said that the regulators were "learning by doing".
Tuesday, July 28, 2015 - 10:50 BOE Haldane Sees Drawbacks To Firms Putting Shareholders First 0
By David Robinson
LONDON (MNI) - Bank of England chief economist Andy Haldane has highlighted weaknesses in the Anglo/American corporate model that puts shareholder interests above all others.
In a paper made public Tuesday, Haldane looked at the philosophy of shareholder primacy and questioned its legitimacy.
Tuesday, July 28, 2015 - 10:10 IMF Report: Oil Prices, USD, Mon Pol to Weigh on Ext Positions 0
By Karen Mracek
WASHINGTON (MNI) - While the current accounts of many economies remained stable in 2014, new factors have arisen this year that could significantly impact the external positions of major economies, the International Monetary Fund said in a report released Tuesday.
"Several significant recent developments will affect external positions in 2015," the IMF said in its External Sector Report, including "sharply lower oil prices, cyclical divergence and different monetary policies among the major economies, and related currency movements."
These "signal some of the issues we are going to face in the future," IMF First Deputy Managing Director David Lipton said in a press call.
The report said these...