Rolling coverage of the latest economics and financial news as investors react to UK data showing consumer confidence flatlined in November
UK mortgage approvals fell to 64,602 in October from a revised 65,803 in September, according to data from the Bank of England.
However, net mortgage lending rose by £4.3bn, compared to £3.9bn a month earlier. That is the largest rise since July.
Black Friday is failing to whip up excitement for retail stocks with many trading in the red this morning:
In reality, Black Friday isn’t always the major earner for retailers as some people might think. Yes it can help to drive up revenue, but investors care more about profits. The challenge throughout the year for retailers is to sell as much as possible at full price.
Black Friday can be used as a way of luring people in to shops or websites with the hope that they buy full price products as well as discounted ones. Whether that happens remains to be seen.