Saturday, 4 January 2014

China services slow, eurozone corporate lending falls

Economic data on Friday were mixed.

In China, the National Bureau of Statistics and China Federation of Logistics and Purchasing reported that the non-manufacturing PMI fell to 54.6 in December from 56.0 in November, indicating continued but slower growth in services activity.

In the euro area, M3 money supply grew at an annual pace of 1.5 percent in November, up from 1.4 percent in October. However, lending to companies fell 3.9 percent, the fastest rate of contraction on record.

In the UK, the Markit/CIPS construction PMI fell to 62.1 in December from 62.6 in November but remained at the second highest level in more than six years.

Indeed, other UK data on Friday showed continued strength in housing, with Nationwide reporting that house prices rose 1.4 percent in December, the biggest increase in more than four years, and Bank of England data showing that mortgage approvals rose to 70,758 in November, the highest since since January 2008, from 68,029 in October.

However, the BoE data also showed that net business lending fell by 4.7 billion pounds in November, leaving it 3.9 percent lower than a year earlier.

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