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☆ You need to make $108,000 to afford a home in America
▼ + stars: | 2024-11-13 | by ( Samantha Delouya | ) edition.cnn.com time to read: +2 min

That’s nearly double the household income of $56,800 needed to afford a new home in 2019. Just 36% of US households earned enough to afford a new home, compared to 59% in Q3 2019. A shortage of homes in the US, combined with increased demand, helped create intense competition, leading to skyrocketing home prices in cities across America. A major contributor to the home affordability crisis: rising mortgage rates. Mortgage rates, which are the interest rates a lender charges on a home loan, ballooned in 2022 and 2023 as the Federal Reserve hiked interest rates to combat inflation.

Persons: That’s, Louis, ” Barbara Denham Organizations: CNN, Oxford Economics, Midwest, Oxford, Federal Reserve Locations: America, San Jose , California, California, San Francisco , Los Angeles, San Diego, Cleveland , Louisville, Detroit, St, Florida , Arizona, South Carolina

☆ Where inflation is the highest and lowest in America
▼ + stars: | 2024-07-28 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

The Honolulu metro area in Hawaii, meanwhile, saw the nation’s highest annual inflation rate in May, at 5.2%. Housing costs have therefore eased over the past year, tugging inflation overall much lower. Tight housing-market conditions are also plaguing New York, which at one point boasted the lowest inflation rate in the country. Housing costs make up about a third of the Labor Department’s CPI, a closely watched inflation gauge. Inflation is down substantially from the 40-year highs of two years ago, but housing costs have remained stubbornly elevated.

Persons: ”, Barbara Denham, Brian Adcock, Willy Nunn, homebuilding, Adcock, “, Jane Castor, it’s, homebuilders, Carl Bonham, Mengshin Lin, Roseann Freitas, ” Freitas, Freitas, Josh Green Organizations: Washington CNN, Consumer, Nationwide, Aloha State, Oxford, Labor Department’s CPI, Federal, Boomers, Tampa Bay Chamber, Miami, Tampa, Homes, CNN, ” Tampa, Urban, University of Hawaii, Washington Post, Building Industry Association of Hawaii Locations: The Tampa, St, Petersburg, Clearwater, Florida, Honolulu, Hawaii, Tampa Bay, homebuilding, Houston , Minneapolis, Denver, Central Florida, New York, Tampa The Tampa, Tampa, Hillsborough County, Pasco County, Miami, ”, Urban Hawaii, Lahaina , Hawaii, Lahaina

☆ Investors deliver harshest punishment for earnings warnings in 16 years
▼ + stars: | 2023-10-27 | by ( Lucy Raitano | ) www.reuters.com time to read: +4 min

Barclays (BARC.L), a big UK lender, fell as much as 8% after signalling major cost cuts because of weakness on its home turf. Mark Denham, head of European equities at Carmignac, said high quality companies with high valuations tend to be very vulnerable if they miss earnings. According to Kasper Elmgreen, CIO at Nordea Asset Management, the fact that the economy is now starting to slow is one factor behind investors' harsh treatment of earnings disappointments. Amid the volatility, some investors see a buying opportunity in overly punished stocks. It is an example of a highly valued stock being extra punished for the environment," Denham said.

Persons: Morgan Stanley, Angelo Meda, Mark Denham, Denham, Kasper Elmgreen, Elmgreen, Fabio Di Giansante, Carmignac's Denham, Danilo Masoni, Alun John, Joice Alves, Amanda Cooper, Hugh Lawson Organizations: Sanofi, Barclays, Banor SIM, Siemens Energy, Volkswagen, Volvo, Asset Management, Euroland Equity, pharma, Thomson Locations: Milan, Swiss, London

The National Bank of Canada logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. National Bank said in a statement it will acquire the C$1 billion ($752 million) loan portfolio made up of technology, life science and global fund banking sectors. National Bank already has made a number of bets in the tech space in Canada investing in fintech firms such as KOHO, Synctera and Flinks over the years. Veritas Investment Research analyst Nigel D'Souza said the deal does not restrict National Bank from acquiring Laurentian Bank (LB.TO), but that deal was now less likely. "We continue to view National Bank as the best fit among the Big Six banks for Laurentian," D'Souza said.

Persons: Chris Wattie, Michael Denham, Denham, Tuyen Vo, Nigel D'Souza, D'Souza, Jaiveer Singh, Will Dunham, Krishna Chandra Eluri, Shilpi Majumdar Organizations: National Bank of Canada, REUTERS, National Bank, National Bank's Technology, Innovation Banking, Bank, Veritas Investment Research, Laurentian Bank, Big, Thomson Locations: Ottawa , Ontario, Canada, U.S, Silicon, Bengaluru

☆ Four out of the five US metro areas with the lowest unemployment are in Florida. Here’s why
▼ + stars: | 2023-04-16 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Four out of the five US metropolitan areas with the lowest unemployment rates are in Florida, thanks to the state’s growing population, robust tourism activity and increased business investment. Jacksonville, Tampa and Orlando all had unemployment rates below 2.7% that month. Florida was also the fastest growing state as a percentage during that period, the first time it has notched that top spot since 1957. “Florida is pro-cyclical, so when unemployment is low, it’s going to be even lower in Florida and vice versa,” Pintea said. Some studies have argued that generous unemployment programs keep unemployment higher for longer by disincentivizing workers from searching for a new job.

☆ A 2nd round of layoffs at Meta and Amazon shows companies are taking back their power — and they may not stop there
▼ + stars: | 2023-03-21 | by ( Rebecca Knight | ) www.businessinsider.com time to read: +6 min

Meta and Amazon have announced two series of mass layoffs in the span of months. After years of companies trying to attract and placate workers amid a labor shortage, businesses are reasserting some of their power. "We read about two rounds of layoffs now and shrug and say, 'When's the third?'" Drew Angerer/Getty ImagesIt's rare for a company to conduct multiple rounds of layoffs, according to data from Crunchbase. Amazon and Meta did it, so it won't stand out as much."

☆ Europe's luxury stocks have room to rise, but becoming costly
▼ + stars: | 2023-01-31 | by ( Lucy Raitano | ) www.reuters.com time to read: +5 min

REUTERS/Sarah Meyssonnier/FilesLONDON, Jan 31 (Reuters) - Europe's glittering luxury companies, the region's top stock-market performers in 2023, may see yet more gains driven by a rebound in Chinese spending, but for some the sector is starting to look expensive. An index of European luxury goods retailers (.dMIEU0TA00PUS) has rallied around 18% so far this year, outperforming the wider pan-European STOXX 600 (.STOXX), which is up 6.2% in the same time frame. But the fact that luxury goods companies are not as cheap as they once were is a "concern/point of attention", said Kasper Elmgreen, Head of Equities at Amundi, Europe's largest asset manager. Jelena Sokolova, senior equity analyst at Morningstar, said that China reopening is the key issue for European luxury stocks this year, and is already at least 50% priced in. These shares have more room to run higher as Chinese consumers hit the shops again and luxury companies flex their pricing power.

☆ How the market is rating the risk of debt ceiling default and a divided, dysfunctional Congress
▼ + stars: | 2023-01-27 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +13 min

That would be the worst-case outcome, of course, but even the best case will probably see the sort of brinksmanship that occurred in the 2011 debt ceiling crisis." From the Senate, Mitch McConnell recently said it's an issue for Biden and the House GOP to work out. Kevin Brady , the former top Republican on the House Ways and Means Committee, dismissed talk of debt default as "fear mongering." Narrowness of GOP House majority does matterJPMorgan also referred to the path for a political agreement as being "narrow." In 2013, the Federal Reserve ran a simulation of a debt default by the U.S. government.

☆ Denny’s restaurant sign falls on car in Kentucky, killing 1 and injuring 2
▼ + stars: | 2023-01-20 | by ( Marlene Lenthang | Marlene Lenthang Is A Breaking News Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +1 min

A 72-year-old woman was killed and two others were injured when a Denny’s restaurant sign in Kentucky fell from its post and crashed onto an occupied car below. Police responded to a Denny's on the 2000 block of North Mulberry Street in Elizabethtown around 1:30 p.m. Thursday on a report of the fallen sign. Photos show the sign on top of a blue vehicle, crushing in parts of the roof. An investigation into what caused the sign to fall is underway, but police said fierce winds likely contributed to the incident. Peak wind gusts of 45 to 55 mph were observed across parts of Kentucky on Thursday, the National Weather Service office in Louisville said.

Rep. Josh Harder is running against Republican Tom Patti in California's 9th Congressional District. 2022 General EmbedsCalifornia's 9th Congressional District candidatesHarder is a member of the Committees on Agriculture and Appropriations and currently represents the 10th District. When the decennial redistricting process broke up his current district, Harder initially announced his run in the new 13th District. He later switched his candidacy to the 9th District after longtime Democratic incumbent Jerry McNerney announced he would not seek reelection. Voting history for California's 9th Congressional DistrictCalifornia's 9th Congressional District is centered in Stockton, and San Joaquin County makes up the majority of the district.

☆ Japan's service-sector activity growth hits 4-month high -PMI
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +1 min

TOKYO, Nov 4 (Reuters) - Japan's services sector activity grew at the fastest clip in four months in October, a private survey showed on Friday, as the easing of restrictions on foreign tourism and an improvement in domestic travel boosted sentiment. Despite the pickup in activity, however, high import costs heaped pressure on the sector as prices of fuel, energy and raw materials increased. "However, inflationary pressures currently being faced by Japan's service providers continued to present downside risks to the sectors potential growth." October's final reading was slightly better than a 53.0 flash figure released last month, the survey showed. The composite PMI, which is calculated by combining the manufacturing and services readings, stood at 51.8 in October, up from the previous month's 51.0 final.

☆ Democratic Rep. Josh Harder faces off against Republican Tom Patti in California's 9th Congressional District election
▼ + stars: | 2022-11-02 | by ( Hanna Kang | ) www.businessinsider.com time to read: +3 min

Rep. Josh Harder is running against Republican Tom Patti in California's 9th Congressional District. California's 9th Congressional District candidatesHarder is a member of the Committees on Agriculture and Appropriations and currently represents the 10th District. When the decennial redistricting process broke up his current district, Harder initially announced his run in the new 13th District. He later switched his candidacy to the 9th District after longtime Democratic incumbent Jerry McNerney announced he would not seek reelection. Voting history for California's 9th Congressional DistrictCalifornia's 9th Congressional District is centered in Stockton, and San Joaquin County makes up the majority of the district.

☆ Japan October factory growth slows to 21-month low, but services pick up
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

The au Jibun Bank Flash Japan Manufacturing Purchasing Managers' Index (PMI) eased to a seasonally adjusted 50.7 in October, down from the prior month's final 50.8. Growth in the services sector picked up, however. The au Jibun Bank Flash Services PMI Index expanded for a second month, rising to a seasonally adjusted 53.0 in October after September's 52.2 final, according to the survey. Earlier this month, Japan reopened its borders to individual foreign tourists after more than two years of pandemic isolation. The au Jibun Bank Flash Japan Composite PMI, which is estimated by using both manufacturing and services, also accelerated, rising to 51.7 from the prior month's final 51.0, it showed.

☆ Australia's house prices fall, interest rates soar but analysts say there's no crash yet
▼ + stars: | 2022-09-29 | by ( Su-Lin Tan | ) www.cnbc.com time to read: +10 min

Mortgage rates have fallen to below 2% in recent years, but interest rates are rising rapidly in Australia. Home prices fallNational house prices have fallen for a fourth straight month as demand for homes start to slide due to higher costs of borrowing, according to Corelogic. In Sydney, Australia's biggest city, home prices have fallen over 7% since prices started unwinding at the start of the year, just before interest rates lifted. Since hitting peak prices earlier this year, house prices in Melbourne have fallen nearly 5%. Since hitting peak prices earlier this year, house prices in Melbourne have fallen nearly 5%.

☆ Tech leaders dish on how asinine it is to try to describe their companies, products, and worth to Congress
▼ + stars: | 2022-09-21 | by ( Hanna Kang | Kayla Gallagher | ) www.businessinsider.com time to read: +24 min

Tech companies are worried an aging Congress can't meet or even understand their demands. Younger members of Congress are beginning to take the lead in conversations on tech issues. Hawley said younger members are generally more critical of big tech. However, he added, new technologies are more widely used by younger people, and users tend to understand technology better. Meanwhile, major tech companies continue to ramp up their federal lobbying spending, together spending more in 2021 than in any other year in history.

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