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’Snap news
Breaking pre-market news on Thursday,
- Melrose increases its offer for Charter International to 850p per share — statement and statement.
- UK house prices drop 0.6 per cent in August, biggest fall since October 2010 — Nationwide.
Snap news
Breaking pre-market news on Wednesday,
- Nationwide says underlying annual profits up 30 per cent, helped by lower bad debt charges — statement.
- Glencore shares fall 3 per cent on Hong Kong debut — report.
Snap news
Breaking pre-market news on Tuesday,
- Nationwide says provision to remain at current levels until economic recovery begins; reports half year results — statement.
- German regulator says Sky Deutschland’s financial statements in 2007 were flawed — report.
Anyone for a double-dip in UK house prices?
And the UK housing market pain continues…
Following Monday’s news that UK mortgage approvals fell to an 18-month low in September, comes Thursday’s Nationwide house price index, showing that prices fell 0.7 per cent in October.
Snap news
Breaking pre-market news on Wednesday,
- Standard Chartered to invest $500m in Agbank IPO — statement.
- Takeover rules breached in Scott Wilson bid — statement.
- Nationwide says UK house prices up 0.1% in June — report.
[South Africa 2010] England sponsor confident England will lose
Not really (probably).
However, England-squad sponsor Nationwide are offering four-year ‘football bonds’ with a bonus, should the team win the 2010 World Cup:
(Will the JP Morgan quants be investing?)
Odds at most British bookmakers for England to triumph in the Cup are currently 6/1.
Snap news
Breaking pre-market news on Wednesday,
- BP outlines ‘top kill’ plan for Gulf of Mexico oil response – statement.
- Nationwide reports underlying annual pretax profits of £212m – statement.
- Burberry planning capital expenditure of £130m in the coming year – statement.
Double digit house price inflation is back
Rejoice UK homeowners.
From the latest Nationwide House Price Index, published on Thursday morning:
That’s the first double digit rise in UK house prices since June 2007.
But don’t expect it to last because from here on the comparatives get tougher.
Snap news
Breaking pre-market news on Thursday,
- Nationwide says house price inflation reaches double digits – report.
- Q1 results from Santander beat expectations – statement.
- Siemens lifts guidance after solid Q2 trading – statement and statement.
Falling UK house prices – the next big thing?
A surprise drop in UK house prices in February – the first decline in 10 months – has left us asking a familiar question.
Was it just the bad weather or is this the start of a new trend?
From Nationwide,
Snap news
Breaking pre-market news on Friday,
- Lloyds reports annual loss of £6.3bn – statement.
- Telefonica files 2009 results, sets modest growth targets for 2010 – statement.
- UK house prices fall for first time in 10 months in Nationwide survey – BBC.
Nine in a row
After showing some signs of fatigue towards the end of 2009, UK house prices perked up in the first month of the new year, according to the latest survey from Nationwide published on Friday.
In fact,
Snap news
Breaking pre-market news on Friday,
- Nationwide says UK house prices rose by 1.2 per cent in January – statement.
- Debenhams to appoint Paddy Power’s Nigel Northridge chairman – statement.
- Investec nine-month operating profit climbs 1 per cent – statement.
Snap news
Breaking pre-market news on Friday,
- Gartmore announces intention to list on the LSE – statement.
- Nationwide Building Society posts half-year PBT of £143m – statement.
- Big shareholders ask Goldman Sachs to cut bonuses – WSJ (via Reuters).
Fitch slashes UK building societies
Oh dear, oh dear.
Nationwide may have reported the first annual gain in UK house prices since March 2008, but that won’t offer much respite to UK building societies, seven of which on Friday had their lower tier 2 subordinated notes (LT2) and permanent interest bearing shares (PIBS) downgraded between one and two notches by ratings agency Fitch.
Securitisation datapoint du jour, Nationwide edition
You have to love this headline from the Guardian on Sunday, even if you disagree with the premise: “Nationwide revives bond market that caused crunch”.
Beyond specious headlines, the Guardian reported that UK mortgage lender Nationwide intends to issue a £3.3bn prime residential mortgage backed security – Silverstone 2009-1 - in what would be only the second such deal this year.
The sting in Nationwide’s house price survey
The September house price survey from the Nationwide Building Society has no doubt caused jubilation for Daily Mail readers around the UK, on Friday.
According to the report, not only did house prices rise for the fifth month in a row,
Snap news
Breaking pre-market news on Friday,
- UK house prices back to September 2008 level — Nationwide.
- Anglo American notes Takeover Panel deadline for Xstrata deal — statement.
- EU bank losses could be €400bn in deeper slump — Bloomberg.
Land of the distressed buyer
Nationwide figures showed a 1.6 per cent rise in UK house prices in August. The market consensus was for a rise of 0.5 per cent – so that makes for a significant positive surprise.
As Julian Callow at Barcap remarked,
Snap news
Breaking pre-market news on Thursday,
- Nationwide says July house prices rise 1.3 per cent in July — statement.
- Gulf Keystone confirms it’s contemplating a placing, not in discussions regarding a takeover — statement.
Nationwide offers 125% mortgage
Negative equity mortgages are being offered to customers of Nationwide that will allow homeowners once again to borrow more than the value of their intended house purchase, the FT reported. Nationwide has begun offering its customers suffering from negative equity a mortgage that provides up to 125 per cent of a property’s value,
Snap news
Breaking pre-market news on Tuesday,
- Nationwide says house prices rose by 0.9 per cent in June — statement.
- Yell Group starts refinancing, Q1 revenue to be 20 per cent lower — statement.
- Aminex announces placing to raise $11.5m and open offer to raise $3m — statement.
Variable vibrations at Nationwide
“Profitability has been adversely affected by the low interest rate environment and increased provisions as a result of the current recession. Our reported profit is 53% lower than it would otherwise have been because there is an exceptional charge of £241 million relating to the levies payable to the FSCS.
The curious case of the West Brom BS
On Monday, the West Bromwich Building Society moved quickly to scotch suggestions that it had been put up for sale:
The West Brom has no knowledge of the FSA holding merger discussions relating to the society .
Snap news
Breaking pre-market news on Thursday,
- Nationwide UK house prices fall 0.4 per cent in April — statement.
- Standard Life Q1 life and pension sales 20 per cent lower at £3.6bn — statement.
- DSG announces £310.6m rights issue and renegotiation of bank facilities — statement.
Moody’s downgrades building societies
Nine UK building societies, including Nationwide, have been downgraded by Moody’s – some by as much as four notches – amid concerns about their exposure to falling house prices and specialist mortgage loans.
Despair! UK house prices fall, or the battle of mortgage data providers
In Thursday’s house price post:
…in March, for the first time since October 2007 , according to the latest survey from the Nationwide.
But is this just a dead cat bounce or something more significant?
Nationwide is hedging its bets.
Rejoice! – UK house prices rise
…in March, for the first time since October 2007 , according to the latest survey from the Nationwide.
But is this just a dead cat bounce or something more significant?
Nationwide is hedging its bets.