Lagging Real Estate Stocks Have Dropped Too Far, Analysts Say
Wall Street analysts see a double-digit upside potential for the S&P 500’s biggest losers this year: real estate stocks.
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Wall Street analysts see a double-digit upside potential for the S&P 500’s biggest losers this year: real estate stocks.
US Treasury Secretary Janet Yellen said she still sees underlying price pressures receding even as a tight housing supply has helped stall the downward path of inflation.
About $52 billion, or 31%, of all office loans in commercial mortgage bonds were in trouble in March, according to KBRA Analytics.
Central Puerto SA, Argentina’s biggest power supplier, is in talks to invest in Canadian miner McEwen Copper Inc.’s Los Azules project, according to people familiar with the matter.
Real estate transactions registered in Hong Kong nearly doubled in April, hitting a three-year high, just months after the government took steps to revive the market.
Feb 14, 2021
Bloomberg News
,(Bloomberg) -- The Aussie dollar appears poised to extend its rally against the yen as bets on the global economic rebound overshadow the Reserve Bank of Australia’s efforts to restrain the currency.
The growth-sensitive pair, which has surged 35% from a decade low in March, may test resistance around 84 yen per Australian dollar in coming weeks after recently breaching its April 2019 high.
Key technical indicators, including its moving average convergence-divergence, suggest upward momentum will continue, while hedge fund positioning also points to further gains.
The steady advance in commodity prices that underpins the growth outlook for the Aussie is coming just as vaccines start to find traction in the fight against the coronavirus, reducing the yen’s haven appeal.
Net long positions in the Australian dollar among leveraged funds rose to a three-month high in the week ended Feb. 9, while net long positions in the yen shrank to a three-month low.
The uptrend in Aussie-yen that was already clear by mid last year, accompanied by Japanese purchases of Australian bonds, would likely have been noticed by the RBA before it boosted monetary stimulus in November, according to Jane Foley, head of FX strategy at Rabobank in London.
Read More: Japan Funds Buy Record Level of Aussie Debt in 2020
The central bank’s quantitative easing may help to limit upside for the currency pair, “though the better-than-expected recovery in the Australian labor market and stronger house-price inflation should still lend support,” she said. This suggests “scope for further modest gains” in the coming weeks and months.
The release of Australia’s January jobs data on Thursday provides investors with another opportunity to test this view, after the unemployment rate in December fell to an eight-month low.
Below are the key Asian economic data and events due this week:
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