UK Banks Expect Corporate Loan Availability To Shrink Most Since Early 2008: BoE

UK lenders expect the availability loans to the corporate sector to fall in the next three months to end-November, at the fastest rate since early 2008, survey data from the Bank of England showed on Thursday. Bank expect the availability of credit provided to the corporate sector to fall 13.5 percent in the next three months, which is the worst decline since the first quarter of 2008, when they forecast a 30.7 percent slump, data from the Credit Conditions Survey showed. Lenders expect the availability of secured credit for households…

Iceland Cuts Key Interest Rate For Fourth Time

Iceland’s central bank cut its key interest rate in October for the fourth successive rate-setting session, as growth continued to ease amid slowing inflation and uncertain economic outlook. The Monetary Policy Committee of the Central Bank of Iceland, on Wednesday, decided to lower the key interest rate by 0.25 percentage points to a record low 3.25 percent. Economic activity has been better than expected, but the outlook remains uncertain, particular for the global economy. Hence, domestic economic growth could slow rapidly than is expected now, the bank said. That said,…

U.S. Personal Income Climbs In Line With Estimates In August

A report released by the Commerce Department on Friday showed U.S. personal income rose in line with economist estimates in the month of August, although personal spending inched up by less than expected. The Commerce Department said personal income climbed by 0.4 percent in August after ticking up by 0.1 percent in July. The increase in income matched economist estimates. Disposable personal income, or personal income less personal current taxes, increased by 0.5 percent in August after rising by 0.3 percent in the previous month. Meanwhile, the report said personal…

U.S. Consumer Sentiment Rebounds More Than Initially Estimated In September

Consumer sentiment in the U.S. rebounded by more than initially estimated in the month of September, according to a report released by the University of Michigan on Friday. The report said the consumer sentiment index for September was upwardly revised to 93.2 from the preliminary reading of 92.0. Economists had expected the index to be unrevised. With the unexpected upward revision, the consumer sentiment index showed a notable increase from a three-year low of 89.8 in August. “Consumer sentiment continued to post small increases throughout September due to more favorable…

BoE’s Saunders Signals Rate Cut If Brexit Uncertainty Persists

The Bank of England may have to cut interest rates even if the UK avoids a no-deal Brexit as the high uncertainty linked to the event is likely to persist, the bank’s policymaker Michael Saunders said in a speech on Friday. “I think it is quite plausible that the next move in Bank Rate would be down rather than up,” Saunders said in a speech to the Barnsley & Rotherham Chamber of Commerce & Institute of Chartered Accountants. The UK is set to exit the European Union on October 31…