August 29, 2023
United States:
US Home Prices Climb for Fifth Month Amid Tight Inventory
Home prices in the US climbed for a fifth month as buyers competed for deals in the least affordable market in decades.
A national gauge of prices rose 0.7% in June from May, according to seasonally adjusted data from S&P CoreLogic Case-Shiller.
Europe:
JPMorgan’s Matejka Says European Stocks Face Risks From Slowdown
The outlook for European stocks whose fortunes are most closely linked to growth in the economy is becoming bleaker, thanks to faltering business activity and China’s downbeat recovery, according to JPMorgan Chase & Co. strategists.
So-called cyclical sectors including autos, capital goods, retail and banks “can show another leg lower,” strategist Mislav Matejka wrote in a note, as he also expects bond yields to retreat. Higher yields have typically correlated with a rally in these stocks, he said.
Asia:
China Banks to Cut Rates on Mortgages, Deposits in Stimulus Push
China’s largest banks are preparing to cut interest rates on existing mortgages and deposits, the latest state-directed measures to shore up growth in the world’s second-largest economy.
An announcement that big state-owned lenders are reducing rates on the majority of the nation’s 38.6 trillion yuan ($5.3 trillion) of outstanding mortgages may come as soon as Tuesday, according to people familiar with the matter. The reductions will only affect loans on first homes, two of the people said.
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