GBP/USD: Foreign exchange markets a very disparate bunch. Be very careful. Chart & Levels from Analyst, Nicole Elliott – Investors Chronicle





Single Supervisory Mechanism Looks in to loans to Turkey

This morning the Financial Times reports that the ECB’s wing that looks at the performance of the EU’s biggest banks, took a closer look at European lenders’ outstanding loans to the Turkish nation, its corporates and retail over the last couple of months. Seeing as the lira has lost about 40 per cent of its value this year, slipping up to 5 per cent at one point yesterday, it’s probably a bit of a late start. The Bank for International Settlements estimates that local lenders and foreign-owned subsidiaries have US $148 billion and €110 billion outstanding. Spanish banks are owed $83 billion, French ones $38 billion and Italian ones $17 billion by Turkey.

City AM reports this morning that data from UK Finance show that UK mortgages in arrears are at a record low 76,740 and that there were only 1,060 repossessions in Q2 2018, also a record. They also mentioned that over 90 per cent of new loans are fixed rate ones, so there will be zero impact in the near term from the Bank of England’s rate rise.

Financial Markets & Political Commentary



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