Wall Street has closed higher tonight, following Europe’s lead.

The Dow Jones industrial average gained 140 points, or 0.5%, to 25,657.

The S&P 500 and the Nasdaq both gained 0.7%.

Marketwatch has a worrying report tonight, about the rise in evictions in America -- with some being used by predatory landlords to accrue more fees.

They report:

Nearly half of Americans are “rent-burdened,” which means that they spend more than 30% of their income on rent. Homelessness is on the rise. Nationally, as many as one in seven children may have experienced eviction in the last decade.

And, just as the foreclosure crisis disproportionately hit African-Americans, so does the eviction epidemic. Black women in Milwaukee, for example, were evicted at a rate three times their share of the population, and black renters in metro Seattle were evicted four times as frequently as whites there, according to earlier research....

More here: The eviction crisis is starting to look a lot like the subprime mortgage crisis

Our latest Brexit dashboard, tracking the health of the UK economy each month, is live.

And it shows that...

MPs are entering the crunch phase of the Brexit process against a backdrop of better news from the British economy, despite growing alarm over the political deadlock and the lingering risk of a no-deal departure from the European Union, according to the latest Guardian analysis.

The Guardian’s monthly tracker of economic news showed employment reaching the highest levels on record and consumers continuing to spend on the high street, even as Britain’s departure from the EU looms.....

European stock markets have ended the day in the green, but it’s not much of a rally.

The FTSE 100 gained 18 points to 7196, after two days of losses. Germany’s DAX gained 0.6%.

France’s CAC 40 was the best performer, rising by 0.9% -- Airbus lifted the index after securing a major Chinese contract win (announced as president Xi visits France).

Howard Archer of EY Item Club cautions that Britain’s housing market is still fragile, even though mortgage lending wasn’t has weak as feared.

He writes:

UK Finance have reported that the mortgage approvals data they released this morning were incorrect and have released revised data that show the drop in mortgage approvals for house purchases in February was much less marked than had been originally indicated.

Obviously this suggest that Brexit uncertainties had less of a negative impact on housing market activity in February than had first seemed to be the case.

Nevertheless, we suspect that the extended Brexit uncertainty will impact on the housing market.

John Higgins of Capital Economics has a warning for investors — the US stock market is heading for a fall.

He predicts that the rally seen since late December will fizzle out, as traders realise growth is slowing, and that America’s central bankers (the FOMC) can’t keep the economy afloat.

If so, US stocks could lose a fifth of their value by the end of the year.

Higgins writes:

The sell-off in the S&P 500 late last week may have just reflected a short-lived bout of profit-taking after a strong run. Indeed, the index has begun to rise again this week. Nonetheless, we think that it may be dawning on investors that the FOMC won’t be able to shore up the economy very easily.

Last autumn’s slump in the S&P 500 was triggered by emerging concerns about the future health of the economy in the US, while demand in the rest of the world was weak. Although the incoming data in the US were generally still upbeat, investors began to worry that the FOMC would soon kill off the recovery if it tightened policy much more. So they sent the Committee, which at the time was still signalling the need for further rises in interest rates, a message not to overdo it: during this period, they all but factored out more hikes.

Of course, the message did not fall on deaf ears at the FOMC, which subsequently pledged to be “patient” when it came to making changes to interest rates in the future. Up until last week’s FOMC meeting, investors took the view that this patience would prevent the US economy from slowing by as much as they had feared. So stock prices rebounded, while expected interest rates remained low. After the meeting, though, investors initially became unsettled again, even though expected interest rates fell even further as the FOMC reiterated its patient approach. This coincided with poor PMI data in the US and Europe.

Higgins thinks this unsettled period is here to stay:

This is because we think that the economy will struggle throughout this year and next, even as the FOMC ends up cutting rates by more than investors are now discounting in 2020. If we are right, the resilience of the stock market is unlikely to last and expectations for corporate earnings will probably be revised down much more heavily than they have been so far. This is largely why we are sticking to our view that the S&P 500 will end this year at 2,300, which is nearly 20% below its level now.

Finally, the rebound in the S&P 500 so far in 2019 has been almost the mirror image of the sell-off last autumn across most sectors. Only real estate and utilities (on the upside) and energy (on the downside) have bucked the trend.

As the index comes under renewed pressure, we expect to see another broad-based sell-off, led by cyclicals once again.

Despite the steady drip of poor economic data, and weak company results, US and European stock markets are both rallying.

The FTSE 100 is up around 0.35% as the final hour of trading ticks on.

In New York, the Dow Jones industrial average is up 1% as lunch looms.

Fiona Cincotta of City Index says traders have been cheered by signs that some MPs are moving to back Theresa May’s Brexit deal:

Global equities rebounded from the four day sell off, surging higher on Tuesday.

A recovery in US treasury yields, combined with the possibility of a positive conclusion for Brexit and US – Sino trade negotiations has encouraged investors to take a more optimistic outlook on the economy; pushing recession fears back.

Several economists and analysts fear that the fall in US consumer confidence may show America’s economy is weakening.

Lynn Franco, senior director of economic indicators at the Conference Board, says stock market volatility, weak jobs data and the Federal government shutdown have all hit consumer confidence.

She explains:

“Confidence has been somewhat volatile over the past few months, as consumers have had to weather volatility in the financial markets, a partial government shutdown and a very weak February jobs report.

The overall trend in confidence has been softening since last summer, pointing to a moderation in economic growth.”

We have our FOURTH profits warning of the day.

Cruise operator Carnival has cut its earnings forecast for 2019, warning that higher fuel prices and the stronger dollar will hurt profitability.

CEO Arnold Donald told shareholders that “fuel price and currency moving against us” would knock $155m off earnings this year.

As such, Carnival now expects adjusted earnings of $4.35 to $4.55 per share in 2019, compared with $4.50 to $4.80 estimated before

Donald insist that demand for cruises is holding up well, saying:

“Booking trends achieved during wave season rivaled last years’ historical highs and were consistent with the demand trends we experienced going into the year, building further confidence in our full year guidance.

For our North America and Australia brands, our booked position is ahead of the prior year at higher prices while our Europe and Asia brands are well ahead of the prior year at lower prices.

This follows the profit warning from electronics giant Samsung overnight, and from luxury speaker and TV maker Bang & Olufson and plumbing and heating firm Ferguson this morning.

Shares in Carnival have now slumped by 7%.

Some reaction to the sharp fall in US house-building last month:

Heads-up. UK Finance have now said that some of the mortgage and credit data released this morning is incorrect. We should have updated figures soon #developing

Newsflash: America’s housing market also appears to have weakened.

The number of construction projects to build new US homes slumped by 8.7% last month, to its lowest rate in more than 18 months, the Commerce Department says.

That may be partly due to bad weather (February was unusually cold in some states, and pretty wet in others), or it may show that American builders are feeling cautious.

The number of building permits issued fell 1.6%, the second monthly drop in a row, which feels like another gloomy indicator.

The pound is shaking off its earlier losses, and pushing higher as some Brexiteer MPs suggest they could back Theresa May’s Withdrawal Agreement.

Both Jacob Rees-Mogg and Michael Fabricant have said they now believe parliament must choose between May’s deal and no Brexit. That’s potentially significant, as they both voted against the deal previously.

It’s pushed sterling up to $1.325, a gain of half a cent today.

However, even if the Brexity European Reform Group do switch, May also needs the DUP to back the deal -- or persuade some more Labour MP to support her in a third Meaningful Vote.

Andy Sparrow’s Politics Live blog has all the action:

While mortgage approvals fell, credit card lending jumped last month.

UK consumers borrowed £245m more on their credit cards in February, up from £160m in January, UK Finance say.

That may show that households have been forced to put essential purchases on credit, despite the pick-up in wages recently. Alternatively, it could mean people are so confident about the future that they’re happily melting the plastic.

Jonathan Reynolds MP, Labour’s Shadow Economic Secretary to the Treasury, suspects its the former:

“The Conservatives have created an economy with spiralling personal debt, at the same time as wages of those at the top skyrocket.

“With average real wages still below pre-crisis levels, this is clearly an economy working for the few and not the many.

“Labour will act to stamp out the scourge of high personal debt and introduce a real living wage of at least £10 per hour.”

Here’s a chart showing how the UK housing market stumbled last month, with mortgage approvals and net lending both lower.

The slump in UK mortgage approvals highlights the “Brexit malaise gripping the housing market”, agrees Bloomberg.

It says:

The weaker-than-expected figures underscore the impact Brexit uncertainty is having on the housing market, particularly in London where property prices are falling outright amid the worst slump since the financial crisis a decade ago.

Economist Howard Archer of the EY Item Club points out that London and the South East of England is suffering the brunt of the housing slowdown.

Here’s his take on February’s weak mortgage approvals:

• UK Finance mortgage approvals for house purchases point to the housing market currently being very much on the back foot. Specifically, mortgage approvals for house purchases fell back sharply to 35,299 in February, which was the lowest level since April 2013. This was down markedly from 39,555 in January and took mortgage approvals well below the 38,000-40,000 range that largely held through 2018
• The February UK Finance mortgage data fuel belief that heightened Brexit uncertainties are currently weighing down appreciably on the housing market, and reinforcing already relatively challenging conditions - although there are varying performances across regions with the overall national picture dragged down by the poor performance in London and parts of the South East.

Jeremy Leaf, north London estate agent, agrees that political uncertainty is hurting the housing market.

He hopes the UK housing market might pick up when (or if?) we have more clarity on the UK’s departure from the EU.

‘On the high street, business continues to be tough with only realistic buyers and sellers taking advantage of the situation.

Once the obstacles to Brexit clarity are removed, then we feel further pent-up demand will inevitably be released.’

Economists are warning that the UK housing market has slowed, and it’s probably going to get worse...

In another sign of weakness, UK mortgage lending growth has hit a near-three low.

Net mortgge lending rose by £711m in February, down from £801m in January.

The surprise fall in UK mortgage approvals has hit the pound, sending sterling down almost half a cent to $1.316.

High end TV and stereo maker Bang & Olufsen is also under the cosh today.

Shares in the luxury Danish consumer electronics maker have plunged by over 20% this morning, after it issued its second sale warning this year.

B&O admitted that full-year revenues are expected to plunge by 10% this year. Back in December, it said they would be flat -- news which slashed a third of its value.

Following today’s blow, economist Per Hansen of Nordnet declared that B&O now faces “a real crisis of confidence.”

B&Os products are resolutely targeted at wealthier consumers. Its Bluetooth headphones cost more than £200, while its wireless speakers come with a four-figure price tag. Beautiful, undoubtedly, but also vulnerable to economic angst.

Another profits warning! This time from Ferguson, the FTSE 100 plumbing and heating equipment supplier.

Ferguson has warned shareholders that market conditions have deteriorated recently, hitting earnings, so profits will be at the lower end of expectations.

It now expect organic revenue growth to slow to between 3 and 5%, down from 6.8% in the last six months.

Ferguson operates in the US, UK and Canada, so is a good bellwether of economic prospects in those countries....

Shares have slumped almost 9% this morning, to the bottom of the FTSE 100 leaderboard.

Online grocery chain Ocado is bucking the gloom.

Shares in Ocado have jumped 4%, after it announced another international tie-up -- this time with Australia’s Coles.

The £80m deal will give Coles access to Ocado’s technology platform for grocery delivery, with the UK firm building and maintaining to automated warehouses in Australia. That’s a timely boost for Ocado, just weeks after its warehouse in Hampshire suffered a massive blaze.

With little good news this morning, it’s no surprise that European stock markets are flat in early trading.

The UK’s FTSE 100, the German DAX and the French CAC are all becalmed are investors ponder the health of the eurozone economy.

South Korean tech firm Samsung has stunned traders overnight with a surprise profit warning, due to a slide in memory chip prices.

The world’s largest smartphone seller warned that it will market estimates for the first quarter of this year, due to amid falling prices for LCD screens and semi-conductors.

In a regulatory filing, it revealed:

“The company expects the scope of price declines in main memory chip products to be larger than expected.”

Chip prices have been hit by weaker-than-expected sales of new phones such as the iPhone X, and the general economic slowdown.

So Samsung’s profit warning could be a significant sign that Big Tech is hitting tough times..... especially as this is its second profit warning in three months.

This drop in German consumer confidence is particularly disappointing, as we learned yesterday that business leaders were more optimistic.

Here’s some early reaction: