GCIThe Only Way is Up! (except for Inflation)
Taking Stock on Tuesday 14th November 2023
Taking Stock: Is a look at today's top business news & investment views plus we cover the winners, losers, the most read company news & the most followed. Today this includes:
The Only Way is Up! (except for Inflation)
Inflation Data was released for the UK this morning.
Year on Year
ACTUAL: 4.6%
FORECAST: 4.8%
PREVIOUS: 6.7%
Month on Month
ACTUAL: 0%
FORECAST: 0.1%
PREVIOUS: 0.5%
The UK 2 year government Bond yield has dropped 20% from it's spike high on 6th July.
The FTSE 250 it's attacking it's 200 day moving average and the AIM All Share is 7% up from it's low and has risen 12 out of the last 14 sessions.
Companies discussed on “Taking Stock” today:
08:00 Verici DX #VRCI
12:15 James Halstead #JHD
13:14 Future Plc #FUTR
15:23 Hemogenyx #HEMO
17:10 Hargreaves Lansdown #HL.
17:30 MJ Gleeson #GLE
18:45 Taylor Wimpey #TW.
19:00 Persimmon #PSN
20:18 Helium One #HE1
21:58 Atlantic Lithium #ALL
23:27 Asiamet Resources #ARS
24:10 Bluestar Capital #BLU
25:05 Audioboom #BOOM
27:43 Henry Boot #BOOT
28:43 Wincanton #WIN
32:10 Aurrigo #AURR
34:05 Renalytix #RENX
36:15 Silver Bullet Data Services #SBDS
42:30 Team Internet #TIG
TOP BUSINESS STORIES
UK inflation fell sharply in October to its lowest rate in two years, largely due to lower energy prices.
Inflation, which measures the rate at which consumer prices rise, dropped to 4.6% in the year to October, down from 6.7% the month before.
The figure means a government pledge to halve inflation by end of the year has been met early.
Economists have said the main reason inflation has fallen from its peak of 11.1% in October 2022 is due to a fall this month in the energy price cap, which limits what suppliers can charge consumers per unit of energy.
They also note the Bank of England's decision to raise interest rates, in a bid to cool demand in the UK economy and slow price rises.
Rates are currently at 5.25%, a 15-year high, which has pushed up mortgage costs but also led to higher savings rates.
UK house prices post first annual drop since 2012 - ONS
British house prices fell in annual terms in September for the first time since 2012 and rents rose sharply last month, official data showed on Wednesday, underlining the weak state of the housing market.
House prices decreased by 0.1% in the year to September, the Office for National Statistics (ONS), the first annual fall since April 2012, after a 0.8% increase in August.
Prices in London declined 1.1%.
The ONS's gauge of private rents rose by 6.1% in the 12 months to October, the biggest annual increase since data collection started in 2016 and up from 5.7% in September.
HSBC and Halifax cut mortgage rates as price war continues
Two more major lenders have cut mortgage rates, prompting hopes that deals could seen come close to 3%.
HSBC and Halifax have both announced mortgage rate reductions today.
This includes a five-year fixed rate mortgage at 4.53% with a £999 fee up to 60% loan-to-value.
Ashley Thomas, director at London-based broker, Magni Finance, told the Newspage agency: “Lenders are getting more aggressive with rate cuts. I wouldn't be surprised to see rates drop below 4% by the end of the year. The next inflation data will be crucial for mortgage lenders, and expect a lot of rates to reduce if inflation has dropped significantly.”
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