Daily Economic Outlook: 29th September, 2015

The recovery in mortgage approvals for house purchases during 2015 has been underpinned by rising new buyer enquiries, real earnings growth, and consumer confidence. These ongoing developments, alongside an August increase in the corresponding BBA measure, point to a further jump in BoE approvals which are released this morning. 

A 1.9k increase on the month to 70.7k. UK M4 money supply and household borrowing data are also released this morning. Meanwhile, tonight's speech by BoE Governor Carney could shed some light on whether he expects the fallout from recent market turbulence and global growth concerns to affect the timing of the first UK policy rate hike. The market currently expects the first rise to take place in December 2016, says Lloyds Bank.   

Amidst increasing speculation that the ECB may soon embark on a further extension of its QE programme, today's preliminary September German HICP release is expected to show a dip into negative territory with a -0.1% y/y print, added Lloyds Bank. Euro area CPI is published tomorrow. 

US consumer confidence, on the Conference Board measure, is anticipated to show a decline in September, on the back of recent global growth jitters and following a sharp September drop in the Michigan sentiment index.