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☆ UK housing market strains grow as mortgage rates creep higher
▼ + stars: | 2023-06-09 | by ( Andy Bruce | ) www.reuters.com time to read: +2 min

REUTERS/Luke MacGregor/File PhotoLONDON, June 9 (Reuters) - Mortgage rates in Britain rose again on Friday as economists warned that rising borrowing costs would put the housing market under renewed strain. Late on Thursday, HSBC temporarily withdrew mortgage products for customers applying via brokers. HSBC said its mortgage products and interest rates remained available for existing customers. Rival lender Nationwide Building Society also raised its mortgage rates on Friday, having already revised them up twice since last month's Bank of England interest rate hike. On Friday, consultancy Oxford Economics predicted a 10% peak-to-trough drop in house prices, based on the BoE raising interest rates to 5%.

Persons: Luke MacGregor, Moneyfacts, BoE, Andrew Goodwin, we're, David Milliken, Frances Kerry, Sharon Singleton Organizations: Bank of England, HSBC, Society, Bank of, Oxford Economics, Thomson Locations: London, Britain, Bank of England, British

☆ Pound heads for biggest weekly gain in six months
▼ + stars: | 2023-06-02 | by ( Amanda Cooper | ) www.reuters.com time to read: +3 min

LONDON, June 2 (Reuters) - Sterling headed for its biggest one-week rally against the dollar in six months on Friday, as U.S. interest rates looked increasingly likely to plateau sooner than UK rates. The pound has gained 1.5% against the dollar this week, the most since early December, and nearly 1.1% against the euro - which would be its largest weekly increase in nearly four months. Meanwhile, as UK inflation remains stubbornly high, traders have reassessed the outlook for monetary policy in Britain too. Money markets show markets are pricing for UK rates to peak at 5.32% by year-end, up from 4.50% now. A month ago, the expectation was that UK rates would be around 4.80% by December.

Persons: Sterling, Warren Venketas, Jordan Rochester, Amanda Cooper, Susan Fenton Organizations: NFP, Federal Reserve, Treasury, U.S, Nomura, Thomson Locations: Washington, Britain, Rochester

☆ If there's no dramatic market change, retail will have repricing opportunities: BMO's Simeon Siegel
▼ + stars: | 2023-06-02 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIf there's no dramatic market change, retail will have repricing opportunities: BMO's Simeon SiegelSimeon Siegel, senior analyst at BMO Capital Markets, joins 'Closing Bell' to discuss Lululemon seeing a surge in its stock after a Q1 earnings sales beat.

Persons: BMO's Simeon Siegel Simeon Siegel Organizations: BMO Capital Markets

☆ Analysis: Germany leads big bond rally as inflation finally heads down
▼ + stars: | 2023-06-01 | by ( Yoruk Bahceli | ) www.reuters.com time to read: +5 min

Borrowing costs, or bond yields, in the benchmark euro area issuer are down at least 20 basis points (bps) this week , . Yet this week's notable moves suggest investors are plumping with the view that easing inflation and recession risks are strong bond buy signals. Traders now expect the ECB hikes to peak at around 3.7% by September, suggesting two more hikes from 3.25% currently. COMPLICATEDInvestors cautioned that the European inflation outlook remained more complicated than in the United States, where inflation broadly is down sharply from peaks. This week's fall in borrowing costs followed sharp rises the previous two weeks on bets for more rate hikes.

Persons: Kaspar Hense, Flavio Carpenzano, It's, Cosimo Marasciulo, Marasciulo, BlueBay's Hense, Oliver Eichmann, DWS, Eichmann, Yoruk Bahceli, Harry Robertson, Dhara Ranasinghe, Susan Fenton Organizations: Bank, British, Thursday's, Traders, BlueBay Asset Management, Capital Group, ECB, U.S . Federal Reserve, General Investment Management, Bank of England, NatWest, Pictet Wealth Management, Thomson Locations: Germany, United States, Europe, Amundi, U.S, Britain, DWS

☆ Dollar set for third week of gains as US debt talks loom large
▼ + stars: | 2023-05-26 | by ( ) www.cnbc.com time to read: +3 min

The U.S. dollar index — which tracks the greenback against six major counterparts — was last down 0.05% on the day at 104.20, just off Thursday's two-month high of 104.31. The dollar edged away from a six-month high against the yen and last stood at 139.67, having reached 140.23 yen in the previous session, its highest since November. The euro and British pound regained some ground, but were struggling to recoup recent losses against the dollar. The single currency was last up 0.07% against the dollar at $1.0727, but was not far from its two-month low of $1.0708 hit in the previous session. Sterling gained 0.23% to $1.2349, after data showed British consumers picked up spending in April, although the currency was still heading for a weekly loss.

Persons: Joe Biden, Kevin McCarthy, MUFG, —, Carol Kong, Boris Vujcic, Sterling Organizations: U.S, Wall, Federal Reserve, Fed, Commonwealth Bank of Australia, British, European Central Bank Locations: U.S, Washington, Croatian

To be sure, the April inflation data hit the UK debt market like a thunderbolt. While the headline consumer price inflation rate dropped to 8.7% from 10.1% in March, as energy prices ebbed, that was still far higher than forecast and core inflation rates hit their highest in 31 years at just under 7%. And a chief concern for many households is ongoing annual food price inflation still near 20%. Sterling and real yield spreadsNew UK gilt shock? Using 5-year real yields from the index-linked bond market, that premium jumped almost 40bp this week to its highest since last October.

☆ 'Market instability' possible before last-minute debt ceiling deal, JPMorgan says
▼ + stars: | 2023-05-22 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

The looming potential of a federal debt default could soon cause a sharp increase in fear in the stock market, according to JPMorgan Chase. "Our base case remains that the debt ceiling ultimately does get lifted/suspended though the journey to that end could be at the eleventh hour and drive significantly higher market instability than appreciated by the market currently," Lakos-Bujas wrote. as a consequence of partial/comprehensive debt ceiling deal and/or Federal budget negotiation in the fall of this year," Lakos-Bujas wrote. One way for investors to guard against a sharp move in stocks is to buy call spreads on the CBOE Volatility Index (VIX) , often called Wall Street's fear index. .VIX 1Y mountain The Cboe Volatility Index is trading near its lowest level of the past year.

☆ Dollar gains as debt deal hopes rekindle hawkish Fed bets
▼ + stars: | 2023-05-19 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

That eased fears of an unprecedented and economically catastrophic default, leading markets to revise their expectations of where U.S. interest rates could go. The euro fell to a more than seven-week low of $1.0760, while the U.S. dollar index rose 0.07% to 103.57, flirting with Thursday's two-month high of 103.63. "It does remove one obstacle to the Fed continuing to raise rates." U.S. Treasury yields have climbed on the back of the hawkish Fed repricing and amid a pick up in risk sentiment. The two-year Treasury yield , which typically moves in step with interest rate expectations, last stood at 4.2510%, while the benchmark 10-year yield was last at 3.6402%.

☆ Dollar buoyed by hawkish Fed expectations as debt deal eyed
▼ + stars: | 2023-05-19 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

SINGAPORE, May 19 (Reuters) - The dollar firmed near a six-month peak against the yen on Friday on the back of rising U.S. Treasury yields, as optimism over debt ceiling talks in Washington raised expectations of higher-for-longer interest rates. The news helped calm fears of an unprecedented and economically catastrophic American debt default, leading markets to revise their expectations of where U.S. interest rates could go. The dollar stayed elevated in early Asia trade on Friday and last bought 138.40 yen , having risen to a near six-month high of 138.75 yen in the previous session. U.S. Treasury yields have climbed on the back of the hawkish Fed repricing and amid a pick up in risk sentiment. The two-year Treasury yield , which typically moves in step with interest rate expectations, last stood at 4.2581%, edging away from a low of 3.964% at the start of the week.

☆ Buy this resilient regional bank trading at a 50% discount, Bank of America says
▼ + stars: | 2023-05-18 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

M & T Bank is well positioned for a downturn and is a bargain for investors looking to take advantage of its selloff this year, Bank of America said in a note Thursday. Regional banks have been slammed since the banking crisis began in March with the collapse of Silicon Valley Bank. While M & T Bank isn't immune to headwinds from worsening credit quality, rising fund costs and increased regulation, its management team is operating from a position of strength, Bank of America analyst Ebrahim Poonawala said. "In an industry where market share consolidation (organic or via M & A) is likely to continue, we view the bank as a relative winner," Poonawala said. Shares are trading at 7.7 times price-to-earnings for 2023 and 7.9 times for 2024, he pointed out.

WILMINGTON, Delaware, May 15 (Reuters) - The U.S. Virgin Islands has subpoenaed Tesla Inc (TSLA.O) CEO Elon Musk for documents in its lawsuit accusing JPMorgan Chase & Co (JPM.N) of helping enable sexual abuses by late sex offender Jeffrey Epstein. The Virgin Islands did not provide further explanation for its interest in obtaining documents from Musk. In the subpoena, the Virgin Islands demanded any documents Musk has about Epstein’s involvement in human trafficking and his procurement of girls or women for commercial sex. Additionally, the subpoena sought any communications between the entrepreneur and JPMorgan about Epstein as well as between Musk and Epstein. Musk is the second tech entrepreneur touched by the Virgin Islands litigation.

☆ Elon Musk documents subpoenaed in Jeffrey Epstein lawsuit by U.S. Virgin Islands
▼ + stars: | 2023-05-15 | by ( Tom Hals | Thomson Reuters | Tom Hals Is An Award-Winning Reporter With Years Of Experience Working In Asia | ) www.reuters.com time to read: +3 min

☆ Asian shares inch up as investors brace for China data, Fed speakers
▼ + stars: | 2023-05-15 | by ( Stella Qiu | ) www.reuters.com time to read: +5 min

The guarded optimism is set to extend to Europe when markets open, with pan-region Euro Stoxx 50 futures up 0.2%. Both S&P 500 futures and Nasdaq futures were mostly flat. China is due to report monthly industrial production, retail sales and fixed asset investment data on Tuesday. "However, with China's data throwing up a few concerns of late - we've seen poor import, PPI, and loan data - China's growth is very much at the heart of market moves," said Weston. U.S. crude futures fell 0.6% to $69.61 per barrel, while Brent crude futures were down 0.6% to $73.68 per barrel.

☆ Morning Bid: Bank reverb frames Fed decision
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +5 min

While there was some minor repricing of Fed probabilities in the futures market, the latest bout of bank stock nerves is unlikely to change the Fed's course on its own. A White House economist on Tuesday said Fed rate hikes were having a negative impact on the banking sector. Signs of some loosening of a very tight labor market may also encourage the Fed that its rate hiking job is done after this week. Private sector job readings for April are due later today along with service sector surveys for the month. With the Fed in view alongside the debt ceiling crunch and bank stock retreat, longer-term Treasury bonds rallied.

☆ Five reasons why regional bank stock investors are worried
▼ + stars: | 2023-05-03 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

Many regional banks, like Zions, KeyCorp and US Bancorp, were trading at their lowest levels since the Great Financial Crisis in early 2009. Repricing of commercial real estate (CRE) loans is a major issue, given how top-heavy many regional banks are in this space. "Owners of bank stocks are asking, 'Why am I here?,'" one bank analyst who asked to remain anonymous told me. He has a point: the SPDR Regional Bank ETF (KRE), a basket of large regional banks, began trading in mid-2006. You heard right: a basket of regional banks is 20% lower than 17 years ago.

☆ IMF raises Asia's economic forecast on China recovery, warns of risks
▼ + stars: | 2023-05-02 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

"Asia and Pacific will be the most dynamic of the world's major regions in 2023, predominantly driven by the buoyant outlook for China and India," the IMF said its regional economic outlook report. "As in the rest of the world, domestic demand is expected to remain the largest growth driver across Asia in 2023." Asia's economy is expected to expand 4.6% this year after a 3.8% increase in 2022, contributing around 70% of global growth, the IMF said, upgrading its forecast by 0.3 of a percentage point from October. "The costs of failing to bring inflation below target are likely to outweigh any benefits from keeping monetary conditions loose," the IMF said. "Insufficient tightening in the short term would require disproportionately more monetary tightening later to avoid high inflation becoming ingrained, making a larger contraction more likely."

[1/3] People walk past a branch of Industrial and Commercial Bank of China (ICBC) in Beijing, China April 1, 2019. REUTERS/Florence LoSummarySummary Companies Top five lenders post shrinking net marginsNon-performing loans hold steady at all fiveQ1 net profit growth mostly flatSHANGHAI/BEIJING, April 28 (Reuters) - Five of China's largest lenders posted shrinking margins in the first quarter on Friday, as loan re-pricing bites. Following suit were Agricultural Bank of China Ltd (AgBank) (601288.SS), Bank of China (BoC) (601988.SS), China's Bank of Communications Co Ltd (BoCom) (601328.SS), and China Construction Bank Corp (CCB)(601939.SS), all posting dips in their NIM. All lenders posted flat to around 5% net profit growth with BoCom logging the highest first-quarter net profit at over 5%. AgBank came in second with 1.75% as the others posted flat net profit growth over the same period.

Things are calmer now, but seven traders who spoke to Reuters, some heading rates desks at big global banks, said March's mayhem continues to reverberate, with fears of further volatility in traditionally stable bond markets muting activity. Investors rely on government bond markets to translate central bank interest rates into a stable benchmark for borrowing costs, from corporate loans to household mortgages. Yield shifts in government bond markets have become bigger - occasionally hitting 20 bps a day - since central banks started ramping up rate hikes last year to tame surging inflation. For some, March's turmoil is the latest sign of how post-2008 regulations constraining dealer balance sheets are affecting bond market functioning. Others noted markets were leaving behind an era of low volatility for good as rates rise.

☆ A 23-year realtor shares the key tip that has allowed him to negotiate home prices down by up to $129,000 in the current market, and additional tips to save on interest rates
▼ + stars: | 2023-04-20 | by ( Laila Maidan | ) www.businessinsider.com time to read: +6 min

Ryan Rogers says home buyers can take advantage of the current real estate market. Rogers recommends looking for properties that have been on the market for more than 30 days. The 30-year fixed rate averaged about 6.62% on Wednesday, down from peaks of above 7% during the last quarter of 2022. But nothing could be farther from the truth, according to Ryan Rogers, a 23-year residential real estate agent with Douglas Elliman in Austin, Texas. Since the start of the year, he has noticed an increase of properties that have been sitting on the market for 30 to 60 days.

LONDON, April 19 (Reuters) - If a mega Western recession is coming down the pike in the second half of this year, someone should point it out to the junk bond market. The investment herd seems more convinced than ever that recession is on the way amid tightening bank credit after the March bank stress - even if not all the incoming evidence supports that take. More than a third now see the biggest risk ahead as a bank credit crunch and global recession. And that's with junk spreads more than three times higher than quality corporates. U.S. and European junk bond spreads historicallyBank of America survey on investment grade bonds vs junkCOURAGE AND DECOMPRESSIONThere's little doubt than many investors want to steer well clear, for now at least.

☆ Target workers reveal the best perks and biggest frustrations of the job
▼ + stars: | 2023-04-17 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +9 min

But as attractive as the incentives may be for new applicants, some Target workers say the daily realities of working for the company can make those perks lose their luster. Most workers who spoke to Insider said that managers often pull them from one task to another to support a lean-staffing model. Joe Raedle / Getty ImagesAdditionally, all the workers Insider spoke with agreed that the company's interest in tracking metrics on activities from restocking and repricing to drive-up-order fulfillment can increase the pressure on workers. The company's benefits website says hourly workers' benefit eligibility is reviewed annually and averaged over the prior twelve months. A majority of the sources Insider spoke with said a big reason they sought a job at Target was that they love shopping there — and they still do.

Following a selloff in March due to the banking crisis, the benchmark S&P 500 (.SPX) has traded in tight ranges this month as investors assessed the path for U.S. interest rates following strong jobs data and signs of cooling inflation. ET (1230 GMT) is expected to show producer prices barely rose in March on a month-on-month basis, following a 0.1% contraction in February. Meanwhile, another set of data is also expected to show weekly jobless claims rose 232,000 in the week ended April 8, higher than the 228,000 claims filed a week earlier. Financial companies that are part of the S&P 500 are expected to report a profit growth of 4.3% in the first quarter. ET, Dow e-minis were down 4 points, or 0.01%, S&P 500 e-minis were up 3.75 points, or 0.09%, and Nasdaq 100 e-minis were up 30.5 points, or 0.24%.

☆ A hidden time bomb? A 'Big Short' investor sees financial disaster brewing in housing markets
▼ + stars: | 2023-04-06 | by ( Sam Meredith | ) www.cnbc.com time to read: +7 min

Josh Edelson | Afp | Getty ImagesMore than a decade after a U.S. mortgage meltdown threatened to destroy the international financial system, a "Big Short" investor once again sees financial disaster brewing in the real estate market. Now, Burt believes an overlooked climate risk could see history repeating itself. U.S. housing market overvalued? watch now"The biggest reason why it matters from our perspective is that climate risk isn't being priced into the housing market," Jeremy Porter, head of climate implications at First Street Foundation, told CNBC. 'A humanitarian crisis'Far from a domestic issue, Burt stressed the climate risks associated with the U.S. housing market posed a major problem for countries worldwide.

☆ Dollar's crown to slip as peers catch up in rates race: Reuters poll
▼ + stars: | 2023-04-05 | by ( Hari Kishan | ) www.reuters.com time to read: +4 min

Median forecasts in the March 31-April 4 poll of 90 foreign exchange strategists showed the dollar ceding ground to all major currencies in a year. "Our take on the dollar is that we continue to look for further weakness over the next three to six months. With the dollar's expected retreat, the European single currency is finding its spot in the sun after briefly crossing below parity on lagging rate expectations in 2022. The safe-haven currency, which hit 32-year lows in 2022 again on rate differentials, was forecast to recoup that loss over the forecast horizon. Indeed, the 12-month median view for nearly all of the major currencies surveyed was identical with the March poll.

☆ S&P, Nasdaq futures fall on inflation worries after OPEC+ output cut
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures mixed: Dow up 0.36%, S&P down 0.10%, Nasdaq down 0.64%April 3 (Reuters) - Futures tracking the S&P 500 and the Nasdaq fell on Monday as soaring oil prices renewed worries of persistent inflationary pressures, while energy stocks surged at the start of the week. Saudi Arabia and other OPEC+ oil producers announced further oil output cuts of around 1.16 million barrels per day, threatening an immediate rise in prices. Oil prices jumped 5.4% on Monday, propelling over 3% gains in energy firms such as Exxon Mobil Corp (XOM.N) and Chevron Corp (CVX.N) in premarket trade. ET, Dow e-minis were up 119 points, or 0.36%, S&P 500 e-minis were down 4 points, or 0.10%, and Nasdaq 100 e-minis were down 84.5 points, or 0.64%. Remarks by Federal Reserve Board Governor Lisa Cook on economic outlook and monetary policy are also expected later on Monday.

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