Asian Shares to Be Pressured, Chipmakers in Focus: Markets Wrap
Asian stocks were mixed at the open after US shares extended their losing streak to the longest since January.
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Asian stocks were mixed at the open after US shares extended their losing streak to the longest since January.
President Joe Biden called China “xenophobic” while highlighting the Asian nation’s economic woes, as he sought to make the case for US economic strength during a campaign stop in the swing state of Pennsylvania.
Freddie Mac is seeking regulatory approval to expand into guaranteeing second mortgages, a shift that would potentially drive down costs for Americans seeking to borrow against the equity in their home.
The US economy has “expanded slightly” since late February and firms reported greater difficulty in passing on higher costs, the Federal Reserve said in its Beige Book survey of regional business contacts.
The City of London approved a plan to build a new office block connected to the Grade 2 listed Barbican Centre on Wednesday, despite opposition from residents.
Aug 10, 2021
Bloomberg News
,(Bloomberg) -- Surging property prices mean Switzerland’s residential property market is close to a bubble, according to a UBS Group AG gauge.
The UBS Swiss Real Estate Bubble Index rose to 1.90 points in the second quarter. The cost of residential housing shot up by the most in eight years during the period, the bank said. Mortgage growth also accelerated.
Switzerland, which deactivated a bank capital buffer early in the pandemic, isn’t alone in seeing house prices rise. Both Britain and the U.S. have seen increases, and New Zealand, Canada and Sweden are considered to be among the world’s frothiest markets.
The UBS analysts say the index is likely to decline in the latter half of 2021 as the economy rebounds. Still, they expect imbalances on the real estate market to be more pronounced than prior to the crisis.
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