Monday, August 19 09:21:13
The ISEQ is higher this morning at 4,190, up 10 points as markets await Fed statements and Eurozone data.
Irish lending up only slightly over the year according to Davy Stockbrokers:
With little to move markets today, attention will turn to later in the week and the release of Fed minutes on Wednesday, which may provide further signs on when the FOMC might begin to taper QE. Positive euro-zone PMIs on Thursday could provide further comfort that the fledgling recovery has been sustained into Q3.
UK Rightmove house prices unexpectedly fell 1.8pc on the month in August (versus expectations of +0.3pc) in perhaps the first sign that the recent gains in the UK market have begun to lose some steam. However, the Rightmove index is an asking price index, not a transaction-based index, so the data should be interpreted with caution. The Halifax and Nationwide releases early next month should provide a firmer picture of the UK housing market in August.
On Friday, the release of the quarterly Mortgage Market Profile provided a sobering snapshot of the Irish mortgage market in Q2. The value of mortgage lending was just E518m in Q2. This was a 56pc rise on an exceptionally weak Q1, but down 1.1pc on the E524m in lending in Q2 2012.
New lending was up slightly over the year to E484m from E481m, helped by a slight rise in the number of new drawdowns to 2,857 from 2,837 in Q2 2012. However, overall the 2,229 mortgage drawdowns figure in Q2 was flat over the year. It now appears that the hangover from the expiry of mortgage interest reliefs in January lasted well into Q2, with just E849m of lending in H1. Following the E2.6bn in new lending in 2012, a figure closer to E3bn had been mooted for 2013 based on funds available from the banks, but a bumper H2 will be necessary if this target is to be met according to Davy Stockbrokers.