Overseas Headlines – May 4, 2023

May 4, 2023

United States:

US Homeowners Hold Near-Record Equity Even After Price Declines

The share of US homes that are equity-rich dropped slightly in the first quarter of this year, but remained close to historic highs, according to new data from ATTOM.

Some 47.2% of mortgaged homes were equity-rich — meaning that the borrower holds at least half the equity — in the January-March period, down from 48% the previous quarter, a report published Thursday by the property data provider shows.




ECB Vows More Hiking to Come After Slowing Tightening Pace

Officials on raised the deposit rate by a quarter-point to 3.25%, following three steps of double that size. The announcement matches the expectations of traders and most economists, leaving the rate at its highest level since 2008.




China Two-Speed Economic Recovery Fuels Concerns on Outlook

China’s economic recovery showed further signs of imbalance, with manufacturing activity contracting for the first time in months while a surge in holiday travel fueled consumer spending.

The China Caixin manufacturing purchasing managers index dropped to 49.5 last month from 50 in March, pointing to a contraction in factory output for the first time since January, Caixin and S&P Global said in a statement Thursday.




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