Spreadex Market Update
Cameron suffers humbling defeat
The Conservative party rebelled over Cameron’s proposal that the European Union’s long-term budget should rise only in line with inflation, however opponents said that it should be cut in real terms to reflect the bleak economic outlook at home and across Europe.
House prices rose faster than expected in October according to data from mortgage lender Nationwide, although they were quick to point out that a sustained recovery of the housing market still looks far from certain. Despite house prices rising 0.6% higher than in September, they were still 0.9% lower than in October 2011.
The Bank of England’s new scheme to provide banks with cheap funds if they keep up lending to households and businesses should help to improve mortgage lending and sustain the rises seen.
Asian stocks fell overnight with Japanese electronics makers suffering with a forecasted loss 30 times bigger than analyst originally estimated. Panasonic Corp. led the declines warning of a second $10billion loss plunging 19%.
This negative news overshadowed a report that China’s manufacturing output expanded for the first time in three months.
The Barclays affair continues to garner media attention as U.S. regulators have threatened to fine Barclays roughly £291.4 million to settle allegations that the bank and four traders manipulated California electricity markets, reviving the spectre of a sector-wide crackdown on energy trading.
Potentially the biggest penalty levied by the Federal Energy Regulatory Commission, the bank has 30 days to show why it should not be penalised for the alleged scheme.
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