Asian Shares to Be Pressured, Chipmakers in Focus: Markets Wrap
Stocks in Asia rose Thursday as pushback from authorities against a stronger dollar helped stabilize currencies and restored a sense of confidence in the region’s financial markets.
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Stocks in Asia rose Thursday as pushback from authorities against a stronger dollar helped stabilize currencies and restored a sense of confidence in the region’s financial markets.
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.
Jul 5, 2016
BNN Bloomberg
Canada’s hottest housing market continued defying gravity in June.
The benchmark price for all properties in Vancouver rose 32.1 per cent to $917,800 last month, according to data released on Tuesday by the Real Estate Board of Greater Vancouver. The price appreciation was even more significant for detached homes, whose benchmark price surged 38.7 per cent to reach $1,561,500.
Steep prices gains are the unintended consequence of central bankers’ cheap money policies, according to Lyle Stein, managing director at Vestcap Investment Management.
“Central banks have put money into the system, driven interest rates down – and Vancouver is probably one of the top ten cities in the world in terms of destinations. So you have limited supply and you’ve got money flying in from pretty well everywhere in the world,” Stein told BNN in an interview. “[The price growth] is great if you own a home; I think it’s very scary for the long term because the price-to-income ratio makes it unsustainable for the people who actually live in Vancouver."
Vancouver’s double-digit price gains last month were helped along by ongoing supply constraints: total listings with the MLS system plunged to 7,812 in June, marking a 35.9 per cent decline from a year ago.
“While we’re starting to see more properties coming onto the market in recent months, the imbalance between supply and demand continues to influence market conditions,” said REBGV President Dan Morrison in a statement.
Overall sales of residential properties set a new record for the month of June, rising 0.6 per cent to 4,400 – helped along by an 18.8 per cent surge in apartment property transactions, while detached home sales sank almost 19 per cent.