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.
Sep 20, 2023
BNN Bloomberg
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As interest rates climb, variable-rate mortgage holders are paying thousands of dollars in added interest compared to people with fixed rates.
A new report from RATESDOTCA found someone taking a five-year insured $500,000 variable-rate mortgage in the low-interest days of 2021 would be paying $23,579 more in cumulative interests by September 2023 compared to a fixed-rate mortgage option.
The figure represents 63 per cent in added interest compared to fixed rates, while mortgage payments in this scenario climbed nearly $1,000 per month.
Fixed-rate mortgages had been the norm in Canada for years, but as of July 2022, variable-rate mortgages represented 57 per cent of total mortgage quotes in Canada, according to RATESDOTCA.
“Variable-rate mortgages only surged in popularity when interest rates were rock-bottom during the pandemic,” Victor Tran, RATESDOTCA mortgage and real estate expert, said in the report.
PROS AND CONS
Even with the added costs, Tran believes variable-rate mortgages are still an attractive option, especially as it appears interest rate hikes could be paused for some time.
“For some, the benefits of variable rates, such as potential lower penalties compared to fixed, and the potential to gain from future rate decreases will be attractive,” he said.
“Others will prefer having a fixed-rate mortgage for payment stability and financial planning.”