Trading Floors Buzz With Excitement as BOJ Axes Negative Rates
One word echoed across trading floors from Tokyo to Singapore as the Bank of Japan raised rates for the first time in 17 years — ‘finally’.
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One word echoed across trading floors from Tokyo to Singapore as the Bank of Japan raised rates for the first time in 17 years — ‘finally’.
China Evergrande Group’s alleged $78 billion revenue overstatement escalates the legal peril of founder Hui Ka Yan, who now stands at the center of one of the biggest financial fraud cases in history.
A Vietnamese real estate tycoon on trial in a $12 billion fraud case should receive the death penalty for allegedly bribing government officials, violating bank lending regulations and embezzlement, government prosecutors proposed to the Ho Chi Minh City People’s Court, VnExpress news website reported.
Japan’s real estate shares were the biggest winners on Tuesday after a widely expected move by the Bank of Japan to end its negative rates regime, with investors focusing on the dovish tone by the central bank and the inflation outlook.
The painful decoupling offers a glimpse of what awaits both sides if the war in Gaza permanently ruptures ties.
Sep 21, 2021
Bloomberg News
,(Bloomberg) -- U.S. mortgage borrowers during the pandemic have had the highest credit scores in more than 15 years.
It’s not that lenders have toughened standards. Instead, ratings jumped largely because white-collar workers have raced to take advantage of the lowest mortgage rates in history.
In the first quarter, 82% of borrowers had FICO credit scores of 700 or above, on a scale of 850, according to a study by Moody’s Analytics of the latest available data from Equifax Inc. That about matches the level for the previous two quarters, which was the highest in records going back to 2005, and up from 73.8% in the first quarter of 2020 as Covid-19 lockdowns were beginning.
Many homeowners have stayed put and cut costs by refinancing their mortgages, while others moved to bigger properties in the suburbs or in more-affordable cities to work remotely.
Average credit scores also have gotten a lift because Americans have more savings, thanks to government stimulus and the lockdowns, which reduced opportunities to spend money. Many have paid off debts and some have saved for down payments.
“Lots of excess savings in the pandemic have been used to pay down credit card debt, at least until recently,” said Mark Zandi, chief economist at Moody’s Analytics. “And credit card payments are a critical part of the credit score.”
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