FTSE 100 has consolidated near the session’s high after the fourth consecutive day of gains. The 100 DMA and 100 WMA have stopped the bulls from winning more ground.
Download our Stock Market Outlook Today!
On the data end, the number of mortgage approvals for house purchases in UK last month fell to 42,300 from 42,500 in August.
“So far, the strength of the rise in the UK Finance data has not been matched by the industry-wide figures from the Bank of England. Indeed, Bank of England figures show mortgage approvals down by 0.9% y/y in August. As a result, the relative strength of the UK Finance data probably reflects lenders taking market share from each other, rather than an increase in the overall provision of credit,” noted Capital Economics.