Hong Kong’s Economic Growth Beats Forecast in First Quarter
Hong Kong’s economy grew faster than expected in the first quarter, a tentative sign that the city’s post-pandemic recovery is stabilizing.
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Hong Kong’s economy grew faster than expected in the first quarter, a tentative sign that the city’s post-pandemic recovery is stabilizing.
Hong Kong’s world-beating stock rally is showing no signs of letting up, with the city’s currency peg to the greenback burnishing its haven appeal amid the threat of higher-for-longer US interest rates.
Bankruptcies in Sweden extended their streak of annual increases to 21 months in April, according to data from Creditsafe, which expects no immediate relief even as inflation slows and rate cuts are approaching.
Chicago-based law firm Mayer Brown LLP is preparing to split off its Hong Kong operation amid US and China geopolitical tensions, according to people familiar with the matter.
The Czech Republic is poised to cut interest rates by another half of a percentage point, but a nascent economic recovery and sticky inflation may slow monetary easing in the following months.
Jan 24, 2017
Reuters
,Housing prices in Canada's largest city, Toronto, have increased disproportionately and are spilling over into nearby communities, the federal housing agency said on Tuesday.
The Canada Mortgage and Housing Corp (CMHC) said the spillover of rising home prices has affected nearby cities within commuting distance of Toronto.
It noted the average price in the Greater Toronto Area was up 18 per cent in the third quarter of 2016 from the same quarter in 2015.
While most Canadian housing markets have cooled after a long boom, Toronto has continued to boil, sparking concerns about a bubble.
The government tightened mortgage lending rules again late in 2016 in a bid to lower the risk of consumers taking on too much debt to get into the market.
The CMHC has said there is strong evidence of overvaluation in Toronto, with the growth in house prices persistently outpacing economic and demographic fundamentals.
The report said the spillover effect of high prices is greatest in communities closer to Toronto, and that the impact of a negative or positive shock would affect prices in the spillover communities more dramatically than in Toronto itself.
It said, for example, that "an unexpected 10 per cent contraction in GTA (Greater Toronto Area) prices could lead Hamilton prices to decline by 14 per cent within one year," the report said.