European Economics Preview: UK Mortgage Approvals Due

By IBTimes Staff Reporter | May 01 2009 2:22 AM

Friday, most of the European markets are closed for Labor Day. No major statistical reports are expected, except UK's mortgage approvals and M4 money supply.

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The Statistics Denmark is set to issue retail sales for March at 3.30am ET. Retail sales had fallen 8.9% in February from the previous year.

At 4.30am ET, UK's mortgage approval data is due from the Bank of England. The number of mortgages approved in March is seen at 40,000 compared to 38,000 in February. Net consumer credit is expected to increase GBP 0.1 billion in March, while secured lending to rise GBP 1.6 billion.

At the same time, the central bank is slated to release a final report for M4 money supply. According to preliminary estimate, M4 money supply remained flat in March and climbed 17.6% annually.

Further, UK's CIPS manufacturing PMI is also due at 4.30am ET. Economists predict the index to rise to 40 in April from 39.1 logged in the prior month.

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