January 07, 2020
United States:
Connecticut Home Prices Remain 17% Below July 2006 Peak
“Home prices in 10 U.S. states are still valued below the peaks reached before the Great Recession, according to a new report by CoreLogic, a real estate analytics company. Connecticut leads all states with a 17% equity decrease since its July 2006 price peak, CoreLogic said in a report released Tuesday. It’s followed by Maryland and Nevada, where home values are both down more than 10% from their 2006 peak levels, the report said.”
Europe:
Euro-Area Inflation Edges Higher, Core Remains Stuck at 1.3%
“Euro-area inflation accelerated to the fastest pace in eight months in December, driven by energy prices. The pickup to 1.3% in December from 1% in November was in line with economists expectations. The core rate, which strips out volatile components such as energy, remained stuck at 1.3%. The figures come as new European Central Bank President Christine Lagarde prepares to launch a review that may include a deep dive into the causes of weak price pressures. The ECB has already resorted to increasingly creative stimulus measures including negative rates, cheap loans and trillions of euros in asset purchases to push inflation closer to its goal of just under 2%.”
Asia:
China’s Tax Cuts Lifted Growth Almost 1 Percentage Point in 2019
“China’s economic growth was boosted by about 0.8 percentage point last year, following tax cuts of more than 2 trillion yuan ($288 billion), the government claimed. The tax cut was worth more than 2% of gross domestic product, according to a statement from the tax authority on Monday. That means that the nominal value of the economy likely grew to about 100 trillion yuan at the end of 2019, according to Bloomberg calculations, up from 92 trillion in 2018. The data confirms President Xi Jinping’s statement on New Year’s Eve that GDP was “expected to be close to 100 trillion yuan” in 2019. The tax agency didn’t provide a detailed breakdown of revenues or how it calculated the GDP contribution.”
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