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  • 2016-06-29 09:46

    By Simon Marks and Silvia Amaro

    BRUSSELS (MNI) - European heads of states have said that there will be no access to the single market for the UK without full respect for the free movement of goods, capital, services and people.

    The position of the 27 member states, whose leaders met in Brussels Wednesday without UK Prime Minister David Cameron, could create huge obstacles for the new leader of the British government whose task it will be to negotiate how the UK exits the European Union.

    "Britain needs to outline how it wishes to shape its future relationship with the Union.

  • 2016-06-29 09:39

    BRUSSELS (MNI) - The following statement was released on Wednesday after the conclusion of the informal meeting in Brussels of 27 EU member countries:

    1. We, the Heads of State or Government of 27 Member States, as well as the Presidents of the European Council and the European Commission, deeply regret the outcome of the referendum in the UK but we respect the will expressed by a majority of the British people. Until the UK leaves the EU, EU law continues to apply to and within the UK, both when it comes to rights and obligations.

    2. There is a need to organise the withdrawal of the UK from the EU in an orderly fashion. Article 50 TEU provides the legal basis for this process.

  • 2016-06-29 09:00

    By Yali N'Diaye

    OTTAWA (MNI) - Canada's composite leading index rose 2.6 points in April to 108.7, the highest level since August 2014, the Conference Board of Canada reported Wednesday, pointing to stronger activity in months ahead.

    Stock market gains - with the S&P/TSX composite index up more than 3% in April - and consumer confidence contributed to the third consecutive increase of the leading index, a sign that "investors and consumers are becoming more optimistic about the future course of the economy," the report said.

    Among the positive contributors were also oil prices, which continued to march upward in April.

  • 2016-06-29 08:49

    --US Mtg Rates Stay at May 2013 Lows But Applications Fall Anyway
    --US Personal Income About as Expected in May, +0.2%, Spending +0.4%

    The following are top events and news reported Wednesday morning ET by MNI in the global financial system:

    * Facing a Friday midnight deadline to prevent a legal onslaught which could make a bad situation in Puerto Rico much worse, the U.S. Senate prepares to vote Wednesday morning on legislation that would freeze legal challenges by bondholders who have legal precedent and a long American history of honoring general obligation municipal bonds on their side.

  • 2016-06-29 08:30

    --YOY Core PCE Px +0.2% for +1.6%; Q2 GDP Strong Before Brexit

    WASHINGTON (MNI) - The most recent May U.S. Personal Income report was broadly as expected, showing a slight slowing in spending after a surge, but suggesting growth continued strong before Brexit. Accompanying price data show inflation remained low.

    May Personal Income posted +0.2%, Personal Consumption Expenditures +0.4%, and core PCE prices +0.2% for +1.6% over the year.

    Real PCE rose 0.3% after a revised 0.8% surge in April. This means Q2 real PCE is growing +4% SAAR and will support a surge in GDP. This result gives no signs that U.S. buying was being affected before Brexit.

  • 2016-06-29 07:00

    --Avg 30-Yr Mortgage Rate 3.75%, Again Lowest Since May 2013

    WASHINGTON (MNI) - The following is the text of the Mortgage Bankers Association's weekly Mortgage Application Survey release Wednesday:

    Mortgage applications decreased 2.6 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending June 24, 2016.

    The Market Composite Index, a measure of mortgage loan application volume, decreased 2.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 3 percent compared with the previous week. The Refinance Index decreased 2 percent from the previous week.

  • 2016-06-29 05:00

    By Martin Baccardax

    LONDON (MNI) - Eurozone economic sentiment declined modestly in June, data from the European Commission showed Monday, although the data was collected prior to Britain's EU referendum vote on June 23 and may not reflect current conditions in the region's economy.

    The Commission's Economic Sentiment Index (ESI) for the currency area was measured at 104.4 for this month, a 0.2 point decline from an downwardly-revised May tally of 104.6 (104.7) and just shy of the MNI median forecast of 104.7. Economic sentiment in the wider European Union rose by 0.1 points to 105.7 (from a downwardly revised 105.6 May reading).

    "Flat euro-area sentiment resulted from increasing confidence in industry, the sector with the highest weight in the ESI, which offset drops in

  • 2016-06-29 04:30

    -BOE UK May House Purchase Approvals 67,042 Vs 66,205 Apr -BOE UK May Net Mortgage Lending Stg2.824Bn Vs Stg0.112Bn Apr

    LONDON (MNI) - Mortgage activity was resurgent in May after the slump in April which was due to the pre-announced tax hike on the buy-to-let sector.

    The May data, however, were still weaker than those seen in March, with the market yet to fully make up lost ground. May mortgage approvals rose to 67,042 from 66,205 in April but below the 70,553 recorded in March.

    Approvals are a reliable indicator of future house purchases. The series local peak was 73,282 in January and the high was 134,873 in November 2003.

  • 2016-06-29 02:37

    TOKYO (MNI) - A former Bank of Japan chief economist said Wednesday that the short-term impact on Japan's economy of the UK's decision to leave the European Union would be limited as long as the yen remained between Y105 and Y110.

    "If the yen moves in a range of Y105 to Y110, a big drop in Japan's exports and capital investment is unlikely.

  • 2016-06-29 02:21

    - June Sees UK House Prices Rise 0.2% m/m, Up 5.1% y/y

    LONDON (MNI) - UK house price inflation inched higher in June, the latest survey from the Nationwide Building Society shows.

    The Nationwide House Price Index showed prices rose 0.2% on the month, unchanged from the 0.2% pace recorded in both May and April.