China’s industrial output grew at the slowest rate in 17 years

China’s industrial output grew 5.3 percent in the first two months of this year, the slowest pace of expansion in 17 years, official data showed on Thursday. But fixed-asset investment rose 6.1 percent, while retail sales rose 8.2 percent, both more than expected. Analysts polled by Reuters had predicted industrial output growth would slow to 5.5 percent in January-February from December’s 5.7 percent gain. Investment growth had been expected to edge up slightly to 6.0 percent, from 5.9 percent


China’s industrial output grew 5.3 percent in the first two months of this year, the slowest pace of expansion in 17 years, official data showed on Thursday. But fixed-asset investment rose 6.1 percent, while retail sales rose 8.2 percent, both more than expected. Analysts polled by Reuters had predicted industrial output growth would slow to 5.5 percent in January-February from December’s 5.7 percent gain. Investment growth had been expected to edge up slightly to 6.0 percent, from 5.9 percent
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Company: cnbc, Activity: cnbc, Date: 2019-03-14  Authors: afp, getty images
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China's industrial output grew at the slowest rate in 17 years

China’s industrial output grew 5.3 percent in the first two months of this year, the slowest pace of expansion in 17 years, official data showed on Thursday.

But fixed-asset investment rose 6.1 percent, while retail sales rose 8.2 percent, both more than expected.

Analysts polled by Reuters had predicted industrial output growth would slow to 5.5 percent in January-February from December’s 5.7 percent gain.

Investment growth had been expected to edge up slightly to 6.0 percent, from 5.9 percent in 2018.

Private-sector fixed-asset investment, which accounts for about 60 percent of overall investment in China, rose 7.5 percent in the same period, compared with an 8.7 percent rise in 2018, data from the National Bureau of Statistics showed.

Retail sales had been expected to rise 8.1 percent, easing marginally from December’s 8.2 percent pace.

China combines January and February activity data in an attempt to smooth distortions created by the long Lunar New Year holidays early each year, but some analysts say a clearer picture of the economy may not emerge first-quarter data is released in April.

China’s economic growth cooled to 6.6 percent last year, the slowest in nearly three decades, and it is expected to lose more momentum in the next few months.

Beijing is rolling out more support measures to avert a sharper slowdown, but many analysts do not expect activity to convincingly bottom out until summer.


Company: cnbc, Activity: cnbc, Date: 2019-03-14  Authors: afp, getty images
Keywords: news, cnbc, companies, grew, investment, slowest, rose, expected, rate, sales, data, growth, rise, output, industrial, chinas, 17


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China services growth eases to four-month low, pointing to a challenging outlook for companies

The Caixin/Markit services purchasing managers’ index (PMI) fell to 51.1, the lowest since October and down sharply from January’s 53.6. China is banking on a stronger services sector to cushion a slowdown in its vast manufacturing industry that is being hit by rising labour costs and a U.S.-China trade war. With the manufacturing sector still in contraction, and new export orders falling last month, business sentiment has taken a hit in sign of heightened concerns about the outlook. Caixin’s co


The Caixin/Markit services purchasing managers’ index (PMI) fell to 51.1, the lowest since October and down sharply from January’s 53.6. China is banking on a stronger services sector to cushion a slowdown in its vast manufacturing industry that is being hit by rising labour costs and a U.S.-China trade war. With the manufacturing sector still in contraction, and new export orders falling last month, business sentiment has taken a hit in sign of heightened concerns about the outlook. Caixin’s co
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Company: cnbc, Activity: cnbc, Date: 2019-03-05  Authors: qilai shen, bloomberg, getty images
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China services growth eases to four-month low, pointing to a challenging outlook for companies

China’s services sector expanded at the slowest pace in four months in February, pressured by fewer new orders at home and abroad, a private survey showed on Tuesday, underlining growing strains on the economy and a challenging outlook for businesses this year.

The Caixin/Markit services purchasing managers’ index (PMI) fell to 51.1, the lowest since October and down sharply from January’s 53.6. The 50-mark separates growth from contraction.

The findings were largely in line with those of an official gauge of the non-manufacturing sector released last week, which showed services activity cooled in February after rebounding for two straight months.

China is banking on a stronger services sector to cushion a slowdown in its vast manufacturing industry that is being hit by rising labour costs and a U.S.-China trade war. However, consumers have turned more cautious about spending as income growth slowed in the face of a broadening economic slowdown.

Growth in new orders fell to the weakest since October, while export sales also rose at the slowest clip in five months, pointing to softer demand both at home and overseas.

Job creation in the services sector also eased off to grow at only a marginal pace, which is sure to keep policymakers wary as Beijing will be keen to avoid significant job losses lest it stokes social instability.

With the manufacturing sector still in contraction, and new export orders falling last month, business sentiment has taken a hit in sign of heightened concerns about the outlook.

Indeed, confidence for the year ahead among Chinese services providers fell to a three-month low, while operating expenses in February rose faster than the previous month.

Caixin’s composite manufacturing and services PMI, also released on Tuesday, slipped to 50.7 in February from 50.9 in January.

“In general, domestic manufacturing demand recovered significantly in February,” said Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group.

“However, with downward pressure on employment, expansion in the services industry slowed notably. Increased infrastructure investment may have prevented a sharper decline in economic growth.”

Chinese policymakers have rolled out a flurry of measures to support the world’s second-largest economy which is growing at its slowest pace in almost three decades. More policy steps are expected in coming months, though some relief might be in the offing for businesses as signs emerge that Beijing and Washington might strike a deal to end their bitter year-long trade war.


Company: cnbc, Activity: cnbc, Date: 2019-03-05  Authors: qilai shen, bloomberg, getty images
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Slowest home sales in over three years could help buyers this spring

Lower mortgage rates should have given home sales a boost in January, but they did not. That is why sales of homes priced below $100,000 were nearly 15 percent lower compared with a year ago, while sales of homes priced above $750,000 were just 2 percent lower. Lower mortgage rates also helped sentiment. After spiking in September, mortgage rates began falling in November and fell even more sharply in December. Most analysts think the recent drop in mortgage interest rates will bring more buyers


Lower mortgage rates should have given home sales a boost in January, but they did not. That is why sales of homes priced below $100,000 were nearly 15 percent lower compared with a year ago, while sales of homes priced above $750,000 were just 2 percent lower. Lower mortgage rates also helped sentiment. After spiking in September, mortgage rates began falling in November and fell even more sharply in December. Most analysts think the recent drop in mortgage interest rates will bring more buyers
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Company: cnbc, Activity: cnbc, Date: 2019-02-21  Authors: diana olick, getty images
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Slowest home sales in over three years could help buyers this spring

Lower mortgage rates should have given home sales a boost in January, but they did not. Sales of existing homes fell 1.2 percent to their lowest level in three years compared with December and were a wider 8.5 percent lower annually, according to the National Association of Realtors.

That could be good news for buyers seeking relative bargains in the spring.

Real estate agents and analysts have long been blaming weak sales on too few listings and rising rates — but supply has been rising steadily for several months and rates have been falling. Total housing inventory at the end of January increased to 1.59 million, up from 1.53 million homes for sale in December. Supply is also up from 1.52 million a year ago.

Home prices are still higher compared to a year ago. The median price of an existing home sold in January was $247,500. But that is just 2.8 percent higher compared with January 2018, the smallest annual gain since February 2012.

“Existing home sales in January were weak compared to historical norms; however, they are likely to have reached a cyclical low,” said Lawrence Yun, chief economist for the NAR. “Moderating home prices combined with gains in household income will boost housing affordability, bringing more buyers to the market in the coming months.”

But here’s the rub: The supply of affordable homes for sale is not increasing quickly enough. That is why sales of homes priced below $100,000 were nearly 15 percent lower compared with a year ago, while sales of homes priced above $750,000 were just 2 percent lower.

Homebuilders are still not ramping up production enough to meet demand, especially in the entry-level market. Sales of newly built homes, which come at a price premium to existing homes, were weak for much of last year.

Builders are starting to see more traffic through models, as they lower some prices and offer more concessions. But they are still finding it hard to build cheaper homes.

“Rising costs stemming from excessive regulations, a dearth of buildable lots, a persistent labor shortage and tariffs on lumber and other key building materials continue to make it increasingly difficult to produce housing at affordable price points,” said Robert Dietz, chief economist for the National Association of Home Builders.

Builder sentiment rose in February overall, as buyer traffic and sales expectations for the next six months saw significant gains, according to the NAHB. Lower mortgage rates also helped sentiment.

After spiking in September, mortgage rates began falling in November and fell even more sharply in December. They are now at the lowest rate in a year.

Most analysts think the recent drop in mortgage interest rates will bring more buyers back to the market. But home prices are still high, due to the sharp run-up after the recession.

That has kept some first-time buyers sidelined. They represented just 29 percent of existing home sales in January, compared with 32 percent in December. Historically, first-time buyers represent about 40 percent of home sales.

“If mortgage rates stay close to these new lower levels, then the hit to affordability from rising rates will be reduced – and the positive impacts of the job market and demographics should flow through to stronger housing demand,” said David Berson, chief economist at Nationwide.

Lower mortgage rates, combined with slower home price appreciation, are bringing the housing market out of its recent overheating and into a more moderate environment with respect to the rest of the economy.

“Wages are growing on par with home prices for the first time in years, and with more inventory available, spring home sales should help the market begin to recover from the malaise of the last few months,” said Sam Khater, chief economist at Freddie Mac.


Company: cnbc, Activity: cnbc, Date: 2019-02-21  Authors: diana olick, getty images
Keywords: news, cnbc, companies, slowest, help, homes, buyers, compared, sales, prices, housing, spring, market, mortgage, lower, rates


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Home values are rising at the slowest rate in more than six years

Prices are still rising because of the shortage of homes for sale, especially on the lower end of the market. But rising mortgage rates took their toll on affordability last year, causing sales to slow. “Higher mortgage rates slowed home sales and price growth during the second half of 2018,” said Frank Nothaft, chief economist for CoreLogic. “Annual price growth peaked in March and averaged 6.4 percent during the first six months of the year. For 2019, we are forecasting an average annual price


Prices are still rising because of the shortage of homes for sale, especially on the lower end of the market. But rising mortgage rates took their toll on affordability last year, causing sales to slow. “Higher mortgage rates slowed home sales and price growth during the second half of 2018,” said Frank Nothaft, chief economist for CoreLogic. “Annual price growth peaked in March and averaged 6.4 percent during the first six months of the year. For 2019, we are forecasting an average annual price
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Company: cnbc, Activity: cnbc, Date: 2019-02-05  Authors: diana olick, justin sullivan, getty images
Keywords: news, cnbc, companies, overvalued, market, rate, markets, rising, price, prices, sale, growth, month, annual, values, slowest, sales


Home values are rising at the slowest rate in more than six years

Home prices rose 4.7 percent in December, according to CoreLogic. That is the smallest annual gain since August 2012.

Prices are still rising because of the shortage of homes for sale, especially on the lower end of the market. But rising mortgage rates took their toll on affordability last year, causing sales to slow. Prices usually lag sales by several months.

“Higher mortgage rates slowed home sales and price growth during the second half of 2018,” said Frank Nothaft, chief economist for CoreLogic. “Annual price growth peaked in March and averaged 6.4 percent during the first six months of the year. In the second half of 2018, growth moderated to 5.2 percent. For 2019, we are forecasting an average annual price growth of 3.4 percent.”

Read more: The state of housing demand is suddenly good again – but it could be temporary

The pullback now means that fewer markets are considered overvalued. Of the nation’s top 50 markets based on housing stock, 40 percent were overvalued, 18 percent were undervalued and 42 percent were at value. A year ago, more than half of the nation’s largest markets were overvalued. A market is considered overvalued when home prices are at least 10 percent above the long-term, sustainable level.

Price gains are shrinking in most markets, but prices are on the verge of falling in some of the formerly hottest markets, such as California.

The median price paid for all Southern California homes sold in December was $515,000, up just 1.1 percent year over year.

“The roughly 1 percent annual increase in Southern California’s median sale price last month marked the lowest such gain in the uninterrupted string of year-over-year increases each month that began in April 2012,” said Andrew LePage, a CoreLogic analyst. “The median’s annual increases have declined over the past year as home sales slowed and inventory rose. The median’s tiny annual gain last month also reflects a shift in market mix, where higher-end sales represented a slightly lower share of all activity compared with December 2017.”

The pullback in home prices certainly helps the tough affordability that has plagued the housing market for the past few years, but it also has some buyers holding off as they wait for prices to fall further.

There continues to be a mismatch between the strong demand for entry-level homes and the short supply available for sale.


Company: cnbc, Activity: cnbc, Date: 2019-02-05  Authors: diana olick, justin sullivan, getty images
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South Korean economy grew 2.7 percent in 2018 — the slowest pace in six years

South Korean firms are facing stress on all sides: Natixis 2:37 AM ET Tue, 15 Jan 2019 | 01:47The annual pace accelerated to 3.1 percent, handily outpacing 2.0 percent in the third quarter and marking the fastest expansion in five quarters. The economy rode a surge in government spending, which increased by 3.1 percent on-quarter for its biggest rise in almost nine years and helped boost construction and capital investment. Construction investment climbed 1.2 percent in the fourth quarter while


South Korean firms are facing stress on all sides: Natixis 2:37 AM ET Tue, 15 Jan 2019 | 01:47The annual pace accelerated to 3.1 percent, handily outpacing 2.0 percent in the third quarter and marking the fastest expansion in five quarters. The economy rode a surge in government spending, which increased by 3.1 percent on-quarter for its biggest rise in almost nine years and helped boost construction and capital investment. Construction investment climbed 1.2 percent in the fourth quarter while
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South Korean economy grew 2.7 percent in 2018 — the slowest pace in six years

South Korean firms are facing stress on all sides: Natixis 2:37 AM ET Tue, 15 Jan 2019 | 01:47

The annual pace accelerated to 3.1 percent, handily outpacing 2.0 percent in the third quarter and marking the fastest expansion in five quarters.

The economy rode a surge in government spending, which increased by 3.1 percent on-quarter for its biggest rise in almost nine years and helped boost construction and capital investment.

“Increased fiscal spending towards the year end has cushioned the blow to exports, as shipments of chips and electronic products are falling,” a central bank official said.

Construction investment climbed 1.2 percent in the fourth quarter while capital investment jumped 3.8 percent, the sharpest increase in six quarters.

Private consumption expanded at double the pace seen in the third quarter with a 1 percent growth rate.

Exports, however, declined 2.2 percent on-quarter and remained the biggest risk for South Korea’s trade-reliant economy this year.


Company: cnbc, Activity: cnbc, Date: 2019-01-22
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European stocks open lower as China posts slowest growth in nearly three decades

The pan-European Stoxx 600 index sank 0.3 percent as traders kicked off Monday’s session, with most sectors and major bourses in the red. Market players monitored news of slowing growth in the world’s second-largest economy. It’s the latest sign of weakness in the Chinese economy, and comes at a critical time in Beijing’s trade battle with the United States. Meanwhile, traders await British Prime Minister Theresa May’s announcement of a “Plan B” for Brexit which she is due to present in parliame


The pan-European Stoxx 600 index sank 0.3 percent as traders kicked off Monday’s session, with most sectors and major bourses in the red. Market players monitored news of slowing growth in the world’s second-largest economy. It’s the latest sign of weakness in the Chinese economy, and comes at a critical time in Beijing’s trade battle with the United States. Meanwhile, traders await British Prime Minister Theresa May’s announcement of a “Plan B” for Brexit which she is due to present in parliame
European stocks open lower as China posts slowest growth in nearly three decades Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-21  Authors: ryan browne
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European stocks open lower as China posts slowest growth in nearly three decades

The pan-European Stoxx 600 index sank 0.3 percent as traders kicked off Monday’s session, with most sectors and major bourses in the red.

Market players monitored news of slowing growth in the world’s second-largest economy. Official data published Monday said China’s gross domestic product (GDP) in 2018 grew 6.6 percent from the previous year, in line with analyst expectations but at its most sluggish rate in almost three decades.

It’s the latest sign of weakness in the Chinese economy, and comes at a critical time in Beijing’s trade battle with the United States. The two countries have been locked in a tense sparring of tariffs since the start of last year, but are currently trying to prevent any further escalation over the course of a 90-day truce.

Over the weekend, President Donald Trump said a trade deal with China “could very well happen,” but denied what he called “false reports” that the U.S. was considering lifting duties on Chinese imports.

Meanwhile, traders await British Prime Minister Theresa May’s announcement of a “Plan B” for Brexit which she is due to present in parliament later on Monday.

Last week, U.K. lawmakers rejected May’s EU withdrawal agreement, an event that was largely expected. The prime minister subsequently won a confidence vote that was tabled by opposition leader Jeremy Corbyn, albeit by a slim margin of 19 votes.

Sterling was barely changed in early morning trade, trading just below the flatline at $1.2871.

In corporate news, Logitech is due to report third-quarter results on Monday.

In terms of data, Germany’s December Producer Price Index (PPI) will be released at 2 a.m. ET.


Company: cnbc, Activity: cnbc, Date: 2019-01-21  Authors: ryan browne
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Tax cuts could be the ‘front line’ of China’s fight against slowing growth, experts say

Tax cuts in China could be at the center of Beijing’s fight against a slowing economy amid an ongoing trade spat with the U.S., experts said. “Fiscal policy will be the front line of defense against mounting macroeconomic headwinds in 2019,” Haibin Zhu, J.P. Morgan’s chief China economist, wrote in a recent note. The challenges in China’s economy are already starting to show. That comes amid signs of softening demand — with recent data pointing to weaker exports and a slowdown in manufacturing a


Tax cuts in China could be at the center of Beijing’s fight against a slowing economy amid an ongoing trade spat with the U.S., experts said. “Fiscal policy will be the front line of defense against mounting macroeconomic headwinds in 2019,” Haibin Zhu, J.P. Morgan’s chief China economist, wrote in a recent note. The challenges in China’s economy are already starting to show. That comes amid signs of softening demand — with recent data pointing to weaker exports and a slowdown in manufacturing a
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Company: cnbc, Activity: cnbc, Date: 2019-01-21  Authors: huileng tan
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Tax cuts could be the 'front line' of China's fight against slowing growth, experts say

Tax cuts in China could be at the center of Beijing’s fight against a slowing economy amid an ongoing trade spat with the U.S., experts said.

“Fiscal policy will be the front line of defense against mounting macroeconomic headwinds in 2019,” Haibin Zhu, J.P. Morgan’s chief China economist, wrote in a recent note.

The challenges in China’s economy are already starting to show. On Monday, Beijing reported its slowest GDP growth in decades, with official data showing that the economy grew 6.6 percent in 2018 compared to a year ago — it’s slowest rate of expansion since 1990.

That comes amid signs of softening demand — with recent data pointing to weaker exports and a slowdown in manufacturing activity — as the trade war with the U.S. appears to be taking a toll. Analysts such as Zhu say that Beijing will need to turn to fiscal measures, which typically means boosting government spending and cutting taxes, in order to stimulate the economy.


Company: cnbc, Activity: cnbc, Date: 2019-01-21  Authors: huileng tan
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China set to post slowest growth in 28 years in 2018, more stimulus seen

That could pull 2018 gross domestic product (GDP) growth to 6.6 percent, the lowest since 1990 and down from a revised 6.8 percent in 2017. “What China can really do this year is to prevent deflation, prevent a recession and a hard landing in the economy,” Chen said. On a quarterly basis, growth likely eased to 1.5 percent inOct-Dec from 1.6 percent in the preceding period. China will release its fourth-quarter and 2018 GDP data onMonday (0200 GMT), along with December factory output, retailsale


That could pull 2018 gross domestic product (GDP) growth to 6.6 percent, the lowest since 1990 and down from a revised 6.8 percent in 2017. “What China can really do this year is to prevent deflation, prevent a recession and a hard landing in the economy,” Chen said. On a quarterly basis, growth likely eased to 1.5 percent inOct-Dec from 1.6 percent in the preceding period. China will release its fourth-quarter and 2018 GDP data onMonday (0200 GMT), along with December factory output, retailsale
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Company: cnbc, Activity: cnbc, Date: 2019-01-20  Authors: str, afp, getty images
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China set to post slowest growth in 28 years in 2018, more stimulus seen

China is expected to report on Monday that economic growth cooled to its slowest in 28 years in 2018 amid weakening domestic demand and bruising U.S. tariffs, adding pressure on Beijing to roll out more support measures to avert a sharper slowdown.

Growing signs of weakness in China — which has generated nearly a third of global growth in the past decade — are stoking worries about risks to the world economy and are weighing on profits for firms ranging from Apple to big carmakers.

Chinese policymakers have pledged more support for the economy this year to reduce the risk of massive job losses, but they have ruled out a “flood” of stimulus like that which Beijing has unleashed in the past, which quickly juiced growth rates but left a mountain of debt.

Analysts polled by Reuters expect the world’s second-largest economy to have grown 6.4 percent in the October-December quarter from a year earlier, slowing from the previous quarter’s 6.5 percent pace and matching levels last seen in early 2009 during the global financial crisis.

That could pull 2018 gross domestic product (GDP) growth to 6.6 percent, the lowest since 1990 and down from a revised 6.8 percent in 2017.

With stimulus measures expected to take some time to kick in, most analysts believe conditions in China are likely to get worse before they get better, and see a further slowdown to 6.3 percent this year. Some analysts believe real growth levels are already much weaker than official data suggest.

Even if China and the United States agree on a trade deal in current talks, which is a tall order, analysts said it would be no panacea for the sputtering Chinese economy unless Beijing can galvanize weak investment and consumer demand.

Chen Xingdong, chief China economist at BNP Paribas, said investors should not expect the latest round of stimulus to produce similar results as during the 2008-09 global crisis, when Beijing’s huge spending package quickly boosted growth.

“What China can really do this year is to prevent deflation, prevent a recession and a hard landing in the economy,” Chen said.

On a quarterly basis, growth likely eased to 1.5 percent inOct-Dec from 1.6 percent in the preceding period.

China will release its fourth-quarter and 2018 GDP data onMonday (0200 GMT), along with December factory output, retailsales and fixed-asset investment.

Since China’s quarterly GDP readings tend to be unusually steady, most investors prefer to focus on recent trends.

Surprising contractions in December trade data and factory activity gauges in recent weeks have suggested the economy cooled more quickly than expected at the end of 2018, leaving it on shakier footing at the start of the new year.

Sources have told Reuters that Beijing was planning tolower its growth target to 6-6.5 percent this year from around 6.5 percent in 2018.


Company: cnbc, Activity: cnbc, Date: 2019-01-20  Authors: str, afp, getty images
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UK house sales outlook weakest in 20 years as Brexit nears

A measure of expected British house sales over the next three months was the weakest on record in December as Brexit approached, a survey of property valuers showed on Thursday. The Royal Institution of Chartered Surveyors (RICS) said the net balance of -28 among surveyors about the short-term outlook for housing sales was the weakest in the 20 years it has been asking the question. Britain’s housing market has slowed since the June 2016 Brexit referendum with house prices, as measured by mortga


A measure of expected British house sales over the next three months was the weakest on record in December as Brexit approached, a survey of property valuers showed on Thursday. The Royal Institution of Chartered Surveyors (RICS) said the net balance of -28 among surveyors about the short-term outlook for housing sales was the weakest in the 20 years it has been asking the question. Britain’s housing market has slowed since the June 2016 Brexit referendum with house prices, as measured by mortga
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UK house sales outlook weakest in 20 years as Brexit nears

A measure of expected British house sales over the next three months was the weakest on record in December as Brexit approached, a survey of property valuers showed on Thursday.

The Royal Institution of Chartered Surveyors (RICS) said the net balance of -28 among surveyors about the short-term outlook for housing sales was the weakest in the 20 years it has been asking the question.

Britain’s housing market has slowed since the June 2016 Brexit referendum with house prices, as measured by mortgage lenders Halifax and Nationwide, growing at the slowest pace in around five years.


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UK economy set for slowest growth since 2009 as Brexit nears – BCC

British economic growth this year and in 2019 looks set to be the weakest since the country’s last recession, due to a freeze in business investment and weak consumer demand ahead of Brexit, the British Chambers of Commerce forecast on Tuesday. The business lobby said growth in 2018 was likely to slow to 1.2 percent before inching up to 1.3 percent in 2019, which would be the two weakest years since Britain emerged from recession in 2009 after the global financial crisis. The BCC said sterling’s


British economic growth this year and in 2019 looks set to be the weakest since the country’s last recession, due to a freeze in business investment and weak consumer demand ahead of Brexit, the British Chambers of Commerce forecast on Tuesday. The business lobby said growth in 2018 was likely to slow to 1.2 percent before inching up to 1.3 percent in 2019, which would be the two weakest years since Britain emerged from recession in 2009 after the global financial crisis. The BCC said sterling’s
UK economy set for slowest growth since 2009 as Brexit nears – BCC Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-18  Authors: hannah mckay
Keywords: news, cnbc, companies, house, economy, slowest, business, weakest, likely, lack, uk, nears, bcc, 2009, brexit, set, recession, investment, growth


UK economy set for slowest growth since 2009 as Brexit nears - BCC

British economic growth this year and in 2019 looks set to be the weakest since the country’s last recession, due to a freeze in business investment and weak consumer demand ahead of Brexit, the British Chambers of Commerce forecast on Tuesday.

The business lobby said growth in 2018 was likely to slow to 1.2 percent before inching up to 1.3 percent in 2019, which would be the two weakest years since Britain emerged from recession in 2009 after the global financial crisis.

“While Brexit isn’t the only factor affecting businesses and trade, it is hugely important — and the lack of certainty over the UK’s future relationship with the EU has led to many firms hitting the pause button on their growth plans,” BCC director Adam Marshall said.

Britain’s economy has slowed since the Brexit referendum in 2016 and there is no guarantee that businesses and consumers will retain tariff-free access to European goods when Britain leaves the European Union which is scheduled for March 29.

The BCC said sterling’s weakness against the dollar and the euro was likely to continue to drive inflation, eating into consumers’ disposable income, while business investment was due to contract by 0.6 percent this year and barely grow the next.

Separately, the Royal Institution of Chartered Surveyors predicted that house prices would be flat next year, the first year with no growth since 2012, due to Brexit uncertainty and the inability of many buyers to afford higher prices.

“On the back of this, house price growth at a UK level seems set to lose further momentum, although the lack of supply and a still solid labour market backdrop will likely prevent negative trends,” RICS’s head of policy, Hew Edgar, said.

The number of houses being sold was likely to fall around 5 percent next year, RICS added.


Company: cnbc, Activity: cnbc, Date: 2018-12-18  Authors: hannah mckay
Keywords: news, cnbc, companies, house, economy, slowest, business, weakest, likely, lack, uk, nears, bcc, 2009, brexit, set, recession, investment, growth


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