UK lenders approve more mortgages than expected in May
LONDON, June 30 (Reuters) - British lenders approved 63,032 mortgages in May, more than expected by economists, Bank of England data showed on Monday, suggesting the housing market recovered quickly from the end of a tax break for homebuyers in April.
A Reuters poll of economists had pointed to 59,750 mortgage approvals during the month.
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Reuters
36 minutes ago
- Reuters
India's equity benchmarks likely to open higher, tracking Asian peers
July 1 (Reuters) - India's equity benchmark indexes are likely to open higher on Tuesday, tracking gains in Asian markets and as investors closely watch trade talks with the United States ahead of President Donald Trump's July 9 tariff deadline. The Gift Nifty futures traded at 25,636.5 points, as of 8:03 a.m. IST, indicating that the Nifty 50 (.NSEI), opens new tab will open above its previous close of 25,517.05. The MSCI Asia ex-Japan index (.MIAPJ0000PUS), opens new tab rose 0.6%, while Wall Street closed higher overnight on hopes that negotiations between the U.S. and key trading partners were gaining momentum. The U.S. dollar edged lower ahead of key jobs data due on Thursday and a vote on Trump's landmark tax and spending legislation. Oil prices dipped, weighed by expectations of an OPEC+ output hike in August. Lower oil prices augur well for importers of the commodity such as India. India's Nifty and Sensex (.BSESN), opens new tab snapped a four-day rally on Monday, dragged down by profit-taking in financials. The benchmarks rose for a fourth consecutive month in June, and are up nearly 15% since March, supported by monetary easing, robust economic indicators, and sustained institutional flows. Meanwhile, Indian officials will extend their U.S. visit to try to reach an agreement on a trade deal with the Trump administration and address lingering concerns on both sides, Reuters reported on Monday, citing two Indian government sources. The countries aim to tie up an early trade deal. Among individual stocks, Apollo Hospitals ( opens new tab will be in focus after the hospital chain unveiled plans to spin off and separately list its digital health and pharmacy unit within 18 to 21 months. Auto companies will also be in focus as they report their monthly and quarterly sales data.
Sky News
an hour ago
- Sky News
PM faces threat of major rebellion during key vote today
Why you can trust Sky News Sir Keir Starmer continues to face the threat of a major rebellion during a key vote on welfare reforms later - despite making last-minute concessions to disgruntled Labour MPs. Work and Pensions Secretary Liz Kendall has confirmed that all existing claimants of the personal independence payment (PIP), the main disability benefit, will be protected from changes to eligibility. The combined value of the standard Universal Credit allowance and the health top-up will rise "at least in line with inflation" every year of this parliament. And an additional £300m for employment support for sick and disabled people in 2026 has been announced, which will rise every year after. 10:54 Ms Kendall has also promised that a consultation into PIP - "co-produced" with disabled people - will be published next autumn. She said the U-turn on welfare cuts will cost taxpayers about £2.5bn by 2030 - less than half the £4.8bn the government had expected to save with its initial proposals. Modelling by Ms Kendall's own department, released yesterday, suggested the proposals would push 150,000 more people into poverty by 2030, down from the 250,000 estimated under the original plan. But after announcing the U-turns, Labour MPs were still publicly saying they could not back the plans as they do not go far enough to allay their concerns. Disabilities minister Stephen Timms would not say he was "confident" the proposals would pass the Commons when asked on Sky News' Politics Hub with Sophy Ridge. "We've got a very strong package, I certainly hope it passes," he replied. 1:49 A total of 86 charities united yesterday to call on MPs to reject the reforms, saying they will harm disabled people and calling it "a political choice". The likes of Oxfam, Child Action Poverty Group, Mind and Shelter said the bill has been brought to a vote without consulting disabled people and without any assessment "of its impact on health and employment outcomes". When asked to name "a single" disability organisation in favour of the reforms, Ms Kendall declined to do so. Several Labour MPs indicated they would still vote against the changes, leaving the government in the dark over how big a rebellion it still may face. Ms Kendall tried to allay their fears, telling MPs: "I believe we have a fair package, a package that protects existing claimants because they've come to rely on that support." Richard Burgon presented a petition to parliament yesterday evening against the cuts, signed by more than 77,000 people. Several Labour MPs questioned why the vote was going ahead before the review into PIP is published - including Rachael Maskell, who said she could not "countenance sick and disabled people being denied support" and added: "It is a matter of conscience." Connor Naismith said the concessions "undoubtedly improve efforts to secure welfare reform which is fair", but added: "Unfortunately, I do not believe these concessions yet go far enough." Nadia Whittome accused the government of "ignoring" disabled people and urged ministers to go "back to the drawing board". Ian Byrne told the Commons he will vote against the "cruel cuts" to disability benefits because the "so-called concessions go nowhere near far enough".
Reuters
2 hours ago
- Reuters
China lifts yuan midpoint, but trade weighted value falls to lowest since 2021
SHANGHAI, July 1 (Reuters) - China lifted its official yuan midpoint to its strongest since November on Tuesday, but pressured its value versus its major trading partners to the lowest level in more than four years. Prior to market opening, the People's Bank of China set the midpoint rate at 7.1534 per dollar, its strongest since November 8, 2024, and 25 pips weaker than a Reuters estimate of 7.1509. The spot yuan is allowed to trade 2% either side of the fixed midpoint each day. Based on Tuesday's official midpoint setting, the yuan's trade-weighted value against its basket of currencies, as measured by CFETS yuan basket index (.CFSCNYI), opens new tab, fell to 95.15, the lowest level since January 4, 2021.
