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UK construction to suffer another slide in activity – business live

Discussion in 'Market News' started by Lily, Aug 2, 2016.

  1. Lily

    Lily Forum Member

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    Data expected to raise pressure for Bank of England rate cut, as Reserve Bank of Australia cuts interest rates to record low

    8.01am BST

    More on the Australian rate cut. The Commonwealth Bank quickly passed on a cut of 0.13 percentage points to home loan borrowers, but the RBA insisted that the housing market would not catch fire.

    The governor of Australia’s central bank, Glenn Stevens, said supervisory measures had strengthened lending standards, and banks were being more cautious about who they lent money to.

    The most recent information suggests that dwelling prices have been rising only moderately over the course of this year, with considerable supply of apartments scheduled to come on stream over the next couple of years, particularly in the eastern capital cities.

    Growth in lending for housing purposes has slowed a little this year. All this suggests that the likelihood of lower interest rates exacerbating risks in the housing market has diminished.

    7.50am BST

    Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

    We’ve woken up to news that the Reserve Bank of Australia has cut interest rates to a record low. It lowered the cash rate by a quarter point to 1.5%, amid low inflation and a slowing housing market. More details here. New Zealand’s central bank could well follow suit next week.

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