FTSE has best week in two months
Leading shares surged today on a strong US employment report pushing the FTSE to post its biggest weekly gain in two months.
House prices fall again
Reports from mortgage lender Nationwide indicate that seasonally adjusted house prices in the UK unexpectedly fell for the second row in a month in January, 0.2% after a similar decline in December. The fall is blamed partly on problems finding deposits and continuing unemployment concerns.
Service sector growth optimism
Growth in Britain’s services sector was at the fastest pace in 10 months in January, buoying hopes that a double dip recession can be avoided. With the Bank of England considering whether to pump more money into the economy this news could give the Government some relief.
Net retail sales fall 40% in 2011
According to figures issued by the Investment Management Association, net retail sales fell by 40% in 2011 with the final figure reported to be £18 billion, down from £29.3 billion in 2010.
Fitch downgrades five Euro zone countries
The credit ratings agency Fitch has downgraded five Euro zone countries today: Italy was downgraded from AA+ to A-, Spain from AA- to A, Belgium from AA+ to AA while Cyprus fell from BBB to BBB- and Slovenia was re-rated at AA from its previous AA+ status.
