UK Macro Daily(Beta Mode)
UK Mortgage Approvals Hit 2024 Low
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| FTSE 100 | 10,789.28 | -0.32% |
| FTSE 250 | 24,521.30 | -1.52% |
| GBP/USD | 1.35 | -0.34% |
| GBP/EUR | 1.17 | -0.03% |
| GBP/JPY | 215.55 | -0.41% |
| Brent Crude | 95.50 | +0.90% |
| Gold | 4,368.40 | +0.47% |
| UK Nat Gas | 2.95 | +1.55% |
| Bitcoin | 77,665.26 | -1.12% |
| UK 2Y Gilt | - | - |
| UK 10Y Gilt | 4.80% | -2.95% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| Nationwide Housing Prices Month-over-Month | -0.10 | 0.10 | 0.20 |
| Nationwide Housing Prices Year-over-Year | 1.40 | 2.10 | 1.60 |
| BoE Consumer Credit Level | 1,865m | 1,800m | 2,006m |
| Mortgage Approvals Level | 58,220 | 59,400 | 56,050 |
| Mortgage Lending Level | 7,680m | - | 4,290m |
GBP/USD Exchange Rate | Type: market_hloc | Rate: 1.35 (2026-09-02) | Range: 1.317–1.365 | Trend(6pt): 1.346,1.32,1.354,1.346,1.354,1.35
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| Friday (2026-09-04) | |||
| S&P Global Construction PMI Index | 44.70 | 45.50 | 00:30 |
| Speech by BoE's Gov Bailey | - | - | 00:50 |
- UK mortgage approvals dropped to lowest level since January 2024 at 56,050
- Nationwide house prices rose 0.2% m/m but annual growth slowed to 1.6%
- BoE Governor Bailey speech and construction PMI due Friday
Yesterday's Recap
UK mortgage approvals fell to 56,050 in July, below the 59,400 consensus and marking the weakest reading since January 2024. Mortgage lending also declined sharply to £4.29 billion from £7.68 billion previously. Consumer credit exceeded expectations at £2.006 billion.
Nationwide house prices rose 0.2% month-over-month against a 0.1% consensus, though the year-over-year rate eased to 1.6% from 1.4%. The FTSE 100 declined 0.32% to 10,789.28 while the FTSE 250 fell 1.52%. Sterling weakened, with GBP/USD down 0.34% at 1.35 and GBP/JPY off 0.41%.
The UK 10-year gilt yield fell 2.95% to 4.80%.
The Day Ahead
Markets will focus on Friday’s S&P Global/CIPS construction PMI, expected at 45.5 after August’s 44.7 print, for fresh evidence on building sector momentum. BoE Governor Andrew Bailey is scheduled to speak at 00:50 ET, likely addressing payments innovation and financial stability priorities. No other high-impact UK data releases are listed for the session.
Traders will monitor any fresh signals on growth and inflation ahead of the next policy meeting. Sterling crosses and gilt yields are likely to react to Bailey’s tone on the economic outlook.
Other Economic Notes
Recent data point to persistent weakness in housing activity despite modest price gains, with mortgage borrowing falling sharply in July. Business investment remains under pressure, keeping the UK economy in a slow lane relative to peers. UK CPI stands at 2.90% year-over-year while unemployment sits at 4.90%, leaving the Bank of England with a 3.73% Bank Rate that balances sticky inflation against labour-market slack.
Fiscal signals from the Chancellor suggest possible rule adjustments in the autumn statement that could influence gilt supply expectations.
Global Macro News
G20 finance leaders concluded talks in North Carolina with broad backing for the final statement, though European officials criticised the US invitation to Russia. Prime Minister Mark Carney urged the United States to stop “throwing shade” and engage seriously in trade negotiations. The peso hit a record low of 62.40 per dollar amid rising US Treasury yields.
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