Spreadex Market Update
Mortgage levels rise
U.S. and Asian equities jumped overnight after U.S. House of Representatives Speaker John Boehner voiced optimism that Republicans could broker a deal with the White House to avoid year-end austerity measures that could stall the world's largest economy.
Elsewhere, Asian stocks were helped by the U.S. budget agreement as the leader of Japan’s opposition party called for unlimited monetary policy easing.
The MSCI Asia Pacific index rose 13 percent through yesterday from this year’s low on June 4 as central banks added stimulus to spur growth and data showed a slowdown in China may be ending.
According to the Bank of England mortgage approvals hit their highest level since January last month, there was however a sharp fall in consumer lending.
The BoE has been trying to boost lending to businesses and households via a Funding for Lending Scheme launched several months ago, which offers banks cheap credit if they lend in turn to the rest of the economy.
The U.S. government has banned BP Plc. from receiving new federal contracts over what they call a “lack of business integrity” regarding the 2010 Deep-water Horizon oil spill.
This could potentially place BP’s enviable role as a top U.S. offshore oil and gas provider and the No.1 military fuel supplier in jeopardy.
BP and its affiliates are barred from new federal contracts until they demonstrate they can meet federal business standards, the EPA said. The suspension is "standard practice" and BP's existing U.S. government contracts are not affected.
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