Economic News

House prices are rising at their fastest pace since 2002, the Royal Institution of Chartered Surveyors (RICS) has said. Nearly half of all RICS members reported a price increase rather than decline during October. London and the South-East of England are seeing prices rising more sharply than any time since 1999, RICS added. Enquiries from new buyers are also up, indicating that they have shrugged off recent increases in interest rates. RICS members were overwhelmingly optimistic that prices ...

LONDON (AFX) - The dollar garnered some support from a relatively hawkish set of minutes of the US Federal Reserve's last rate-setting meeting. However, investors said the gains were capped because the main hawkish thrust of the minutes has been largely overtaken by events. The minutes showed that Fed policymakers identified inflation as their "greatest" worry at their last meeting and ...

(Updating to add further details) LONDON (AFX) - Chancellor of the Exchequer Gordon Brown will deliver what will most probably be his final pre-budget report at 12.30 pm on Wednesday, Dec 6, the Treasury said today. Brown, who is odds-on favourite to become Prime Minister when Tony Blair departs the scene some time before the next Labour Party Conference in September, will likely paint a fairly  ...

LONDON (AFX) - House prices in the UK rose at their fastest pace in over four years with the capital leading the charge once again, a leading industry lobby group said today. In its monthly survey of house prices, the Royal Institution of Chartered Surveyors (RICS) said +48 pct more of its members reported a rise than a fall in prices in October; up on the +46 pct balance in September and ahead o ...

LONDON (AFX) - The dollar got a boost from a strong manufacturing survey to notch good gains on major currencies, and remained firm, although some of the early momentum tapered away as the trading day wore on. The survey in question was the November Empire State survey which measures manufacturing activity in the New York region. Its general business conditions index surprised markets by rising 3 ...

The dollar rose against other major currencies Wednesday, after a stronger- than-expected manufacturing report dampened hopes the Federal Reserve will cut interest rates. The New York Federal Reserve Bank said business conditions for manufacturers in the New York region improved in November, with the Empire State index rising by about four points to a five-month high of 26.7. The diffusion inde ...

Jim Armitage, Evening Standard15 November 2006 Homeowners could be spared a further interest rate rise after a major report from the Bank of England today suggested the spectre of soaraway inflation is fading. SURPRISED: Bank of England Governor Mervyn King WANT TO KNOW MORE? Why rising rates won't slow house prices Has your savings rate risen? Interest rates rise to 5% OTHER STORIES Microsoft blushes over Zune-Vista clash Market report: Wednesday latest Crackdown ...

Treasurys lost ground in early action Wednesday, sending yields higher, after surprising strength in the Empire State Survey for November revived fears of further interest rate hikes. The benchmark 10-year Treasury bond was last down 8/32 at 100 6/32, while its yield (TNX) rose to $4.603% from 4.568% late Tuesday. The 2-year note fell 3/32 to 100 5/32, yielding 4.789% and keeping the yield c ...

LONDON (AFX) - European government bonds were higher, building on gains from yesterday, while in the UK gilts rose after some soft labour market figures and a benign assessment on the outlook for inflation from the Bank of England. European issues were aided by soft economic data from both sides of the Atlantic yesterday and firmer tone continued today after some soft euro zone industrial output  ...

LONDON (AFX) - Gold prices sank, extending yesterday's decline, as the precious metal came under pressure from a stronger US dollar and from an across the board sell-off in the base metals. At 1.15 pm, spot gold, which earlier touched an intra-day low of 616.60 usd, was quoted at 619.30 usd, little changed from 623.60 usd at the time of the COMEX market close in New York yesterday. Other preciou ...