Rolling coverage of the latest economic and financial news, as German industry continues to struggle badly
- Latest: UK house prices up 1% in November
- Introduction: German industrial output slumped in October
- Output -5.3%: worst since 2009
- Recession fears are rising after ‘disastrous’ data
- Coming up: US jobs report at 1.30pm GMT
Economist Rupert Seggins points out that Halifax’s data shows a higher rise in house prices than other indices.
Fair old jump in the growth rate in the Halifax house price index from 0.9%y/y in Oct to 2.1%y/y in Nov (guys, you’re making me nervous again). Highest rate of growth of the major indices that have reported Nov figures. Latest readings range from -0.5%y/y (LSL) to 2.1%y/y (Hal). pic.twitter.com/SiTs4mQVcq
Housebuilder Berkeley Group has warned that political uncertainty is hurting the sector, after posting a sharp drop in profits.
It told shareholders this morning:
We remain alert to market risks with a General Election next week and the delay to the UK’s proposed exit from the European Union prolonging the uncertain operating environment of the last three years.
This is damaging to our economy and London where fewer developers are prepared or able to accept the high operational risk of bringing forward new homes, with supply falling as a consequence.