March 8, 2023
United States:
US Mortgage Rates Increase for a Fourth-Straight Week
US mortgage rates increased for a fourth week to the highest level since mid-November, according to the Mortgage Bankers Association.
The contract rate on a 30-year fixed mortgage rose 8 basis points to 6.79%, the group said Wednesday. The group’s index of mortgage applications to buy a home, however, increased. The data can be volatile around holidays, and the week followed Presidents’ Day.
Europe:
Investors Bet on Europe’s Inflation Matching US in Echo of Financial Crisis
For the first time since the global financial crisis, investors are betting long-term inflation in the euro area will match that of the US, underscoring the dramatic shift in the outlook for Europe recently.
A proxy for inflation expectations in the euro area in the second half of the next decade — the so-called five-year, five-year forward inflation swap rate — is at roughly 2.5%, catching up with the US on wagers of prolonged price pressures. That’s a monumental reversal for the region where central bankers, conversely, turned to negative rates and bond-buying to fan the economy and below-target inflation for most of the past decade.
Asia:
Hold the Mayo as Japan Egg Shortage Hits McDonald’s to 7-Eleven
McDonald’s, 7-Eleven and mayonnaise-maker Kewpie are just some of the firms in Japan contending with the worst-ever global outbreak of bird flu.
Of 100 listed restaurant companies in Japan, 18 had suspended egg-related items as of March 5, according to Teikoku Databank. Fewer hens led to a near-doubling in the wholesale price of the farm staple to 327 yen ($2.37) a kilogram in February from the year before, the research firm said on Tuesday.
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