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☆ Homebuilder confidence continues to be weighed down by high mortgage rates
▼ + stars: | 2023-09-18 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Home builder confidence took a hit in September as average mortgage rates for a 30-year fixed-rate loan stayed above 7%. “The two-month decline in builder sentiment coincides with when mortgage rates jumped above 7% and significantly eroded buyer purchasing power,” said Alicia Huey of the NAHB. All three dimensions of the new housing market evaluated saw declines in September: The index gauging current sales conditions fell six points to 51. “High mortgage rates are clearly taking a toll on builder confidence and consumer demand, as a growing number of buyers are electing to defer a home purchase until long-term rates move lower,” said Robert Dietz, NAHB Chief Economist. As mortgage rates stayed above 7% over the last month, more builders cut prices to boost sales, according to NAHB.

Persons: ”, Alicia Huey, Huey, Robert Dietz, That’s Organizations: DC CNN —, National Association of Home Builders, “, NAHB Locations: Washington, Wells Fargo

☆ Indexes are struggling but opportunity exists in individual equities, says Cole Smead
▼ + stars: | 2023-09-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIndexes are struggling but opportunity exists in individual equities, says Cole SmeadCole Smead, Smead Capital Management CEO, joins 'The Exchange' to discuss the case for the Fed staying higher for longer, interest rates hurting stock valuations and trade picks in the energy and homebuilder space.

Persons: Cole Smead Cole Smead Organizations: Smead Capital Management, Fed

☆ Homebuilder sentiment goes negative for the first time in 7 months, thanks to higher mortgage rates
▼ + stars: | 2023-09-18 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

U.S. homebuilders are feeling pessimistic about their business for the first time in seven months, thanks to stubbornly high mortgage rates. Builder confidence in the single-family housing market fell 5 points in September to 45 on the National Association of Home Builders/Wells Fargo Housing Market Index. Current sales conditions fell 6 points to 51, and sales expectations in the next six months also dropped 6 points to 49. Builders cite weaker affordability due to higher mortgage rates. While builders are still benefiting from the lack of supply on the existing sales market, they are also facing hurdles other than higher interest rates.

Persons: Robert Dietz, NAHB's, Alicia Huey Organizations: National Association of Home Builders, Builders Locations: Wells Fargo, Birmingham , Alabama, Midwest, West

☆ Here are the 12 stocks Jim Cramer is watching, including Netflix, Arm, Planet Fitness
▼ + stars: | 2023-09-18 | by ( Jim Cramer | ) www.cnbc.com time to read: +1 min

Here are some of the tickers on my radar for Monday, Sept. 18 taken directly from my reporter's notebook:Evercore cuts NetflixCiti takes American Airlines Delta Air LinesBernstein starts Arm Holdings (ARM) with an underperform (sell) rating. Arm dropped nearly 4.5% on Friday. If you like this story, sign up for Jim Cramer's Top 10 Morning Thoughts on the Market email newsletter for free. White House national security adviser Jake Sullivan met with Chinese Foreign Minister Wang Yi in Malta held talks this weekend in Malta. MoffetNathanson downgrades PayPal Mastercard VisaJefferies downgrades Planet FitnessWedbush upgrades CarvanaHomebuilder LennarMizuho bumps up price targtets some oil stocks: Exxon Mobil Valero Energy

Persons: American Airlines Delta Air Lines Bernstein, Jim Cramer's, Jake Sullivan, Wang Yi, Mizuho Organizations: Netflix Citi, American Airlines Delta Air Lines, Arm Holdings, White House, Foreign, PayPal Mastercard, Jefferies, Exxon Mobil Valero Energy Locations: Malta, China

☆ Homebuilder sentient goes negative for the first time in seven months
▼ + stars: | 2023-09-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHomebuilder sentient goes negative for the first time in seven monthsCNBC's Diana Olick joins 'The Exchange' to discuss a reversal in builders sentiment numbers for the first time in seven months, builders benefiting from a lower existing home supply and high interest rates causing homebuilders to offer more incentive plans to buyers.

Persons: Diana Olick, homebuilders

☆ US homebuilder confidence falls to lowest since April, says NAHB
▼ + stars: | 2023-09-18 | by ( Amina Niasse | ) www.reuters.com time to read: +2 min

Residential single family homes construction by KB Home are shown under construction in the community of Valley Center, California, U.S. June 3, 2021. REUTERS/Mike Blake/ Acquire Licensing RightsNEW YORK, Sept 18 (Reuters) - U.S. homebuilder confidence fell for a second month in September, with optimism dropping to the lowest since April as high interest rates cut into affordability for prospective buyers. The National Association of Home Builders/Wells Fargo homebuilder sentiment index fell to 45 this month from a reading of 50 in August, when builder sentiment had fallen for the first time since December. Since the Federal Reserve began hiking interest rates in March 2022, mortgage rates have risen, and have held above 7% since early August, the highest level since 2002. Sales expectations among builders fell in September amid lower pricing, with the six-month outlook for home sales falling to 49 from 55 the month prior.

Persons: Mike Blake, Fargo, ”, Robert Dietz, Amina Niasse, Andrea Ricci Organizations: KB, REUTERS, National Association of Home Builders, “, Federal Reserve, Thomson Locations: Valley Center , California, U.S

☆ Abortion: These Virginia candidates could shape how both parties talk about abortion in 2024
▼ + stars: | 2023-09-16 | by ( Simone Pathe | ) edition.cnn.com time to read: +13 min

Every seat in both the GOP-led state House and the Democratic-controlled state Senate is up for election. People sign a poster that reads "Elect More Women" during the Democratic rally in Glen Allen, Virginia, on September 9, 2023. Virginia House Democrats have run an ad highlighting nearby states’ stricter abortion laws and featuring a comment by a state House Republican candidate during the primaries that he would support a “100% ban” on abortion. “The Dobbs decision completely changed what Virginia voters are thinking about,” Mamie Locke, the chair of the Virginia Senate Democratic Caucus, said in a phone interview last month. Susanna Gibson, the Democratic nominee for Virginia House District 57, speaks to the crowd during the rally in Glen Allen, Virginia, on September 9, 2023.

Persons: Glen, Sen, Siobhan Dunnavant, Schuyler VanValkenburg –, –, Glenn Youngkin, Sue Geller, Schuyler VanValkenburg, Tim Kaine, Rebecca Wright, ” VanValkenburg, Roe, Wade, “ There’s, ” Virginia Sen, Abigail Spanberger, Donald Trump, Kaine, CNN Kaine, Mark Warner, Joe Biden, Biden, Dunnavant, – she’s, shouldn’t, “, Dobbs, ” Dunnavant, Ronna McDaniel, Mitch McConnell –, ” Liesl Hickey, Tammy Campbell isn’t, Glen Allen, ” “, ”, VanValkenburg, It’s, Campbell, we’re, ” Campbell, ’, “ MAGA, ” Mamie Locke, Scott Kozar –, VanValkenburg’s –, Eric Cantor, Dave Brat, Arnold Palmers, Susanna Gibson, CNN Gibson, CNN she’s, Gibson, David Owen, homebuilder, Owen, I’m, ” Owen Organizations: Virginia CNN, GOP, Republican, broach, OB, Democratic, GOP Gov, CNN, Democratic Rep, Democratic National Committee, Festival of India, Greater, Greater Richmond Convention, Virginia Senate, Festival of, Washington Post, Schar, Virginia voters, Republicans, Virginia, Democrats, “ MAGA Republicans, Virginia Democrats, Virginia Senate Democratic Caucus, “, Virginia House District, Richmond Times, Dispatch Locations: Glen Allen, Virginia, Henrico County , Virginia, Richmond, “, Del, Glen Allen , Virginia, Roe , Virginia, Southern, Greater Richmond, Festival of India, Richmond , Virginia, Washington, Richmond want Virginia, Ohio, Spanberger

☆ Sino Ocean: China property woes deepen as a big developer suspends debt payments
▼ + stars: | 2023-09-15 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —A major Chinese property company has suspended offshore debt payments, deepening turmoil in the beleaguered sector. Property sales by floor area dropped 7.1% in the January to August months, compared to the first eight months of 2022. On Thursday, Moody’s downgraded its outlook for the overall sector, citing a downturn in residential sales and continued jitters about the health of the industry. In June and July, nationwide property sales fell around 20% compared to the same period a year before, it said in a report. This reversed “the 11.9% growth for the first five months, reflecting renewed weakness in residential property,” the agency added.

Persons: Houlihan Loukey, Sidley Austin, Moody’s, — CNN’s Juliana Liu Organizations: Hong Kong CNN, Hong, National Bureau, Statistics, China SCE Group Locations: China, Hong Kong, Sino, Beijing

☆ Miners boost FTSE 100 on China optimism; Vistry jumps
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +1 min

Signage for the London Stock Exchange Group is seen outside of offices in Canary Wharf in London, Britain, August 3, 2023. REUTERS/Toby Melville/File Photo Acquire Licensing RightsSummaryCompanies FTSE 100 up 0.6%, FTSE 250 adds 0.4%Sept 11 (Reuters) - The UK's exporter-heavy FTSE 100 index opened higher on Monday boosted by miners after positive China data signalled stability in the world's second-largest economy, while Vistry shares jumped after the homebuilder kept its annual profit outlook. The blue-chip FTSE 100 index (.FTSE) rose 0.6% in early trade, while the mid-cap FTSE 250 index (.FTMC) was up 0.4%. Vistry Group (VTYV.L) jumped 14.4% after the British homebuilder said it would merge its affordable-housing business 'Partnerships' with its Housebuilding operations, while maintaining its annual profit forecast. Reporting by Siddarth S in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Toby Melville, British homebuilder, Pascal Soriot, Siddarth, Rashmi Organizations: London Stock Exchange, REUTERS, Vistry, AstraZeneca, The Mail, Barclays, Reuters, Thomson Locations: Canary Wharf, London, Britain, China, British, Bengaluru

☆ China’s cautious property giants may be rewarded
▼ + stars: | 2023-09-08 | by ( Chan Ka Sing | ) www.reuters.com time to read: +4 min

Yu Liang, president of China Vanke Co Ltd, China's top property developer, attends a news conference announcing the company's annual results in Hong Kong March 6, 2014. China Vanke Co Ltd on Thursday posted a 20.5 percent rise in net profit for 2013, in line with estimates, driven by record contracted sales last year. Yu Liang told investors last week that the property market in the world’s second-largest economy was “oversold”. The chair of $22 billion China Vanke (000002.SZ) is worth listening to. On the same day, the company reported a 19% decline in net profit to 9.9 billion yuan ($1.35 billion) for the six months to the end of June.

Persons: Yu Liang, Bobby Yip, ”, Vanke, homebuyers, Xi Jinping, Xi, Una Galani, Thomas Shum Organizations: China Vanke Co, REUTERS, Reuters, China, Mainland, HK, Securities Times, Shenzhen Metro Group, Thomson Locations: China, Hong Kong, HONG KONG, Shenzhen, Evergrande’s

☆ Country Garden: China's biggest homebuilder dodges default but faces a rocky road ahead
▼ + stars: | 2023-09-06 | by ( Michelle Toh | ) edition.cnn.com time to read: +7 min

CNN —Chinese property giant Country Garden has twice narrowly avoided defaulting on its debt in a matter of days. Here’s what to know about Country Garden, and the future it faces. That was down significantly from revenue of about 523 billion yuan ($71.6 billion) and net profit of approximately 41 billion yuan ($5.6 billion) in 2021. Investors have since been bracing for a potential default by Country Garden, which has openly admitted this could happen soon. Country Garden shares in Hong Kong have plunged 55% so far this year as investors dumped the stock.

Persons: it’s, —, Evergrande, Yang Huiyan, Yang, “, Fitch Organizations: CNN, Getty, Garden, Hong Kong Locations: China, Hong Kong, Foshan, Guangdong, Zhenjiang, China's, Jiangsu, United States, Evergrande, Beijing, Fuyang, Anhui

☆ FTSE 100 dragged down by global gloom, Barratt warning
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +1 min

Signage for the London Stock Exchange Group is seen outside of offices in Canary Wharf in London, Britain, August 3, 2023. REUTERS/Toby Melville/File Photo Acquire Licensing RightsSummaryCompanies FTSE 100 down 0.5%, FTSE 250 falls 0.4%Sept 6 (Reuters) - UK's FTSE 100 slipped on Wednesday as recent soft economic data from China and Europe continued to weigh on global sentiment, while shares of Barratt Developments fell after the homebuilder warned of a tough housing market environment. The exporter-heavy FTSE 100 index (.FTSE) dropped 0.5% in early trade, while the domestically focussed FTSE 250 index (.FTMC) declined 0.4%. Global markets also extended losses for a second day as faltering growth in China and Europe heightened concerns about global economic momentum. GLOB/MKTSEmerging markets-focused fund manager Ashmore's shares (ASHM.L) fell 4.3% after it reported a 6% drop in annual profit.

Persons: Toby Melville, Barratt, Ashmore's, WH Smith, Siddarth, Sohini Goswami Organizations: London Stock Exchange, REUTERS, Barratt, Global, Thomson Locations: Canary Wharf, London, Britain, China, Europe, Bengaluru

☆ Turn to these stocks for high dividend growth and free cash flow yield, Wolfe says
▼ + stars: | 2023-09-06 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

As the economy slows down, investors will want to play defense with dividend strategies, according to Wolfe Research. "In a later cycle environment, dividend growth becomes scarce and investors tend to pay up for companies with high dividend growth," analyst Chris Senyek wrote in a note last week. Therefore, the strategy is to look for names with both high dividend growth and a high free cash flow yield, since investors look to cash flow to support further dividend growth, he said. Comcast has an average analyst rating of overweight and has nearly 10% upside to the average price target, according to FactSet. Lennar is also well-liked by analysts, with an average rating of overweight and about 20% upside to the average price target, per FactSet.

Persons: Chris Senyek, Senyek, Peacock, Morgan Stanley, Benjamin Swinburne, Lennar, Raymond James, Buck Horne, UnitedHealth, Bernstein, Lance Wilkes, — CNBC's Michael Bloom Organizations: Wolfe Research, Comcast, Media, CNBC

☆ UK's Barratt flags tough housing market conditions after annual profit fall
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

A company logo is seen on a banner outside a Barratt Homes housing development in Warrington, Britain, August 23, 2023. REUTERS/Phil Noble/File Photo Acquire Licensing RightsSept 6 (Reuters) - Britain's largest homebuilder Barratt Developments (BDEV.L) flagged difficult trading conditions over the coming months after it posted a fall in annual profit on Wednesday, as high mortgage rates and a cost-of-living squeeze pummel demand. Affordability concerns stoked by high mortgage rates and a prolonged cost-of-living crisis have weighed on the UK housing market, with indicators on everything from mortgage demand to construction rates and prices sliding in recent months. Barratt said the UK housing market remained difficult and the outlook uncertain, adding that it expected average sales sites to reduce by around 6% in the current fiscal year. British house prices in August were 5.3% lower than a year earlier, their biggest annual decline since July 2009, mortgage lender Nationwide said on Friday.

Persons: Phil Noble, Barratt, David Thomas, Aby Jose Koilparambil, Suban Abdulla, Subhranshu Sahu, Christopher Cushing Organizations: Barratt Homes, REUTERS, FTSE, Nationwide, Credit Suisse, Thomson Locations: Warrington, Britain, Bengaluru, London

Country Garden, China’s biggest property developer, told creditors that it had made a late interest payment, averting an immediate default on its debts and keeping the company financially viable for the time being. Last month, the company missed two interest payments totaling $22.5 million on bonds that had been sold in U.S. dollars. It had a 30-day grace period to make the payment or risk default. Country Garden told the bondholders that it had made the payment within the grace period, a person close to the company said on Tuesday. The delayed payments underscored the financial pressure facing Country Garden, which has been China’s top-selling homebuilder for the last six years.

Organizations: Garden

☆ Stocks making the biggest moves midday: Halliburton, Warner Bros. Discovery, Oracle and more
▼ + stars: | 2023-09-05 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Oracle — The software stock climbed 2.5% on the back of an upgrade to overweight from equal weight by Barclays. Airbnb — Shares rose 7.2% on the back of S&P Dow Jones Indices' Friday announcement that the stock would join the S&P 500 starting Sept. 18. The S&P 500 is widely tracked by large index funds, which could create buying pressure on Airbnb's stock in the weeks ahead. Warner Bros. said its adjusted full-year expectation assumes the financial effect of the writers and actors strikes will persist through the end of the year. Brady — The manufacturing stock gained 11.4% after the company reported quarterly results.

Persons: Halliburton, Dow Jones, Blackstone, acquirer Thoma, Brady —, Brady, Lennar, — CNBC's Brian Evans, Alex Harring, Hakyung Kim Organizations: Occidental Petroleum, Halliburton, EOG, Resources, OPEC, Oracle, Barclays, Blackstone —, Warner Bros, NextGen, Bloomberg, acquirer Thoma Bravo, FactSet Locations: Occidental, Saudi Arabia

When Country Garden, the biggest developer in China’s increasingly troubled real estate sector, published its annual report in April, the cover design exuded hope: a phoenix spreading its wings. The company said the image showed that China’s economy was “back on track” and that this year would see “growth soaring to new heights.”That was wishful thinking. Shortly after the report’s release, China’s nascent economic recovery lost steam and an already sluggish real estate market started to collapse. For the past three years, as dozens of major property developers defaulted after years of excessive borrowing, Country Garden was an outlier. But last month, it missed two interest payments — signaling that it, too, was at risk of financial collapse, with $187 billion in debt.

☆ From holidays to mortgage waivers, UK homebuilders dish out freebies to revive sales
▼ + stars: | 2023-09-01 | by ( Ajose Koilparambil | ) www.reuters.com time to read: +4 min

If they have a 5% deposit, then deposit boost works well where we give an additional 5% so that they can secure a 90% loan-to-value mortgage," said a sales director with Persimmon. Some homebuyers are opting for exchange options, where the builder purchases the buyer's existing property and the payment helps fund the new-home purchase. "Mortgage holidays", offered by Persimmon and other builders, are also popular among homebuyers with builders contributing towards home-loan payment during a specific period. Reuters GraphicsKNOCK ON MARGINSThe incentives, while aimed at boosting demand, come at a cost for homebuilders struggling to keep costs low. Persimmon said last month sales incentives and marketing costs shaved off 2.1% from its half-year gross margins.

Persons: Toby Melville, Barratt, Persimmon, Aynsley Lammin, Peel Hunt, Sam Cullen, Cullen, Taylor, Aby Jose Koilparambil, Sweta Singh, Saumyadeb Organizations: REUTERS, British, Reuters Graphics, Bank of England, Reuters, Peel, Thomson Locations: Bristol, Britain, British, Bengaluru

☆ Country Garden: China's biggest homebuilder is fighting for its life. Here's what you need to know about the real estate crisis
▼ + stars: | 2023-08-31 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —Just a few months ago, Country Garden was the biggest property developer in China, with more than 3,000 developments spanning the country. Real estate accounts for between a quarter and third of China’s gross domestic product (GDP). A default by Country Garden or another peer could also spread to China’s wider economy and even spill over into global markets. Beijing has announced a flurry of stimulus measures to bolster the real estate sector in recent days, including easing mortgage curbs for homebuyers. This week’s news from Country Garden and Vanke suggest the crisis might not have bottomed out yet.

Persons: Hong Kong CNN —, “, ”, China Vanke, Zhu Jiusheng, Yu Liang, Yu, Evergrande Organizations: Hong Kong CNN, Zhongrong, Country, National Bureau of Statistics, Kaisa, Shimao, Times Locations: Hong Kong, China, Beijing, Shenzhen, United States, Times China

☆ Troubled Chinese homebuilder Country Garden is rushing to raise cash to avoid default
▼ + stars: | 2023-08-30 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Country Garden is raising funds to avoid default, as the troubled real estate giant battles a liquidity crisis which some fear could spread to China’s wider economy and even spill over abroad. The total value of the shares would be $270 million ($34.4 million.) Country Garden won’t receive any cash from the transaction, the filing said. It forecast a loss of $6.2 billion to $7.6 billion for the first six months of this year. Chinese state media reported at the time that the developer was expected to start a debt restructuring soon.

Organizations: Hong Kong CNN, HK, Kingboard Holdings, Country Garden Locations: Hong Kong, Foshan, Guandong, China, Malaysia, Beijing

☆ China’s Biggest Homebuilder Raises Capital in Scramble to Pay Debts
▼ + stars: | 2023-08-30 | by ( Daisuke Wakabayashi | More About Daisuke Wakabayashi | ) www.nytimes.com time to read: +1 min

In a filing with the Hong Kong Stock Exchange, Country Garden said it planned to issue 350.6 million shares of the company at 77 Hong Kong cents apiece next Wednesday. Instead, they will go to a subsidiary of Hong Kong-based Kingboard Holdings Limited, a materials and chemicals manufacturers with a property division to which Country Garden owes millions of dollars. Country Garden, China’s biggest property developer, is selling the shares at a 15 percent discount to Tuesday’s closing price. The company has until next week to repay the offshore bondholders or it will be in default to creditors. The financial trouble facing Country Garden is the latest fallout from a rapidly spreading real estate crisis in China.

Organizations: Hong Kong Stock Exchange, Hong, Kingboard Holdings Locations: Hong Kong, China

☆ American homes are shrinking, but it isn't making houses any more affordable
▼ + stars: | 2023-08-28 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +4 min

Yet, the cost per square foot has markedly accelerated over the same period, data from John Burns Research and Consulting shows. We saw increased prices across the board, and that's showing up in that increased price per square foot." Not only are prices per square foot going up, data suggests that contractors are less likely to build homes with a lower price per square foot. AdvertisementAdvertisementFurther double-digit jumps in price per square foot are less likely to materialize in the current environment. But as floor plans get smaller, price per square foot could stay stubbornly high.

Persons: John Burns, That's, Chris Porter, demographer, Porter, Redfin Organizations: Census, John, John Burns Research, Consulting, Builders, Service, Homeowners, Wall Street Journal Locations: Wall, Silicon, Indiana, Zillow

☆ Large US homebuilders raise prices as existing home supply remains tight
▼ + stars: | 2023-08-25 | by ( Ananta Agarwal | ) www.reuters.com time to read: +3 min

It is thereby squeezing the pool of existing homes, which are typically more affordable than new construction. Public homebuilders on average have raised prices in about two-thirds of their communities, said BTIG analyst Carl Reichardt. This comes as the pricing gap between existing and new homes has narrowed, following a price appreciation in the resale market. "When the existing home market is seeing a price appreciation, it supports pricing power for new construction." However, as a consequence of recovery in new construction prices since last year, "affordability is close to its worst levels in at least the last three decades," said James Egan, Morgan Stanley housing strategist.

Persons: Andrew Kelly, Carl Reichardt, Matthew Bouley, James Egan, Morgan Stanley, Egan, homebuilders, BTIG's Reichardt, Ananta Agarwal, Shinjini Organizations: Lennar Corporation, REUTERS, Federal Reserve Economic, Lennar, PulteGroup Inc, U.S . Census, National Association of Realtors, Barclays, Thomson Locations: Morristown, Morristown , New Jersey, U.S, Bengaluru

☆ Homebuilders are adjusting their supply to maintain affordability in high rate times: Evercore's Kim
▼ + stars: | 2023-08-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHomebuilders are adjusting their supply to maintain affordability in high rate times: Evercore's KimStephen Kim, homebuilder sector analyst at ISI, joins 'Squawk on the Street' to discuss geographic changes informing Toll Brothers construction plans, builders issuing incentive programs to appeal to potential buyers, and the EPS outlook for homebuilders.

Persons: Evercore's Kim Stephen Kim, Toll Organizations: ISI

☆ Morning Bid: Bonds burn on as China rate cut underwhelms
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +4 min

A sign is seen outside the 11 Wall St. entrance of the New York Stock Exchange (NYSE) in New York, U.S., March 1, 2021. Although prompted by a deepening property sector bust and worrying economic activity undershoot, China's latest widely expected interest rate cut on Monday was surprisingly small - underscoring concerns that official efforts to shore up the economic malaise are still just piecemeal. The People's Bank of China lowered its one-year lending rate by only 10 basis points to 3.45% - less than the 15bp cut forecast - and it left five-year rates unchanged. UBS became the latest global bank to slash China's annual economic growth forecast for this year - down to 4.8% from 5.2%. Ten-year Treasury yields hovered below last week's highs on Monday, however, and Wall St stock futures were firmer ahead of the open.

Persons: Brendan McDermid, Mike Dolan There's, China's, Xi Jinping, Vladimir Putin, disinflation, Germany's, Crest Nicholson, Mike Dolan, Bernadette Organizations: New York Stock Exchange, REUTERS, People's Bank of, Stock Connect, HK, UBS, Treasury, Federal, Jackson, Wall St, BRICS Summit, Reuters Graphics Reuters, Reuters, Thomson Locations: New York, U.S, China, People's Bank of China, South Africa, Brazil, Russia, India, Ukraine, Wall, Johannesburg

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