Overseas Headlines – December 7, 2022

December 7, 2022


United States:

US Mortgage Rates Fall a Fourth Week, Longest Stretch Since 2019

US mortgage rates fell for a fourth week in a row, the longest such stretch of declines since May 2019.

The contract rate on a 30-year fixed mortgage eased 8 basis points to 6.41% in the week ended Dec. 2, still the lowest since mid-September, according to Mortgage Bankers Association data released Wednesday.



ECB Staff Union ‘Not Happy’ With Pay Hike Below Record Inflation

Staff representatives at the European Central Bank are disappointed that a planned pay rise doesn’t make up for inflation that’s currently five times the official 2% target.

The ECB’s trade union — known as the International and European Public Services Organisation, or IPSO — wants to amend a 4.07% salary increase set to take effect in 2023. It follows a 1.48% hike for 2022 — less than half Germany’s rate of consumer-price gains the previous year.



China Considers GDP Target of About 5% in Pro-Growth Shift

Senior Chinese officials are debating an economic growth target for next year of around 5%, according to people familiar with the discussion, as Beijing shifts gears toward bolstering the recovery.

Some officials argue that setting a goal at a relatively high level would help local governments shift the focus of their work away from Covid controls to boosting the economy, the people said, asking not to be identified because the discussions are private. Other officials are concerned a target of around 5% could be too ambitious, they said.




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