November 22, 2023
United States:
US Mortgage Rates Slide Sharply, Reinvigorating Housing Demand
US mortgage rates dropped sharply, capping the biggest four-week slide in nearly a year and spurring a fresh round of applications to purchase homes.
The contract rate on a 30-year fixed mortgage tumbled 20 basis points to 7.41% last week, data from the Mortgage Bankers Association showed Wednesday. The index of home-purchase applications increased 3.9% in the week ended Nov. 17, the most since June.
Europe:
Russia’s Fuel Sales Driven Higher By Surging Diesel Exports
Russian oil-product flows have surged so far this month as local refiners boost processing rates due to the end of seasonal maintenance and the nation continued easing export restrictions.
The rebound helps to offset what has been a grinding decline in seaborne crude cargoes over the past several weeks. That’s important because Russia counts combined crude and fuel flows as metrics for compliance with a pact with OPEC+. The producer group will meet in the next several days to discuss future supply plans.
Asia:
China Puts Country Garden on Draft List of Builders to Support
Country Garden Holdings Co. and Sino-Ocean Group have been included on China’s draft list of 50 developers eligible for a range of financing support, according to people familiar with the matter, signaling a pivot by Beijing to help some of the nation’s most distressed builders.
CIFI Holdings Group Co., another builder that has missed debt payments, was also included on the so-called white list, the people said, asking not to be identified because the matter is private. Regulators are set to finalize the roster and distribute it to banks and other financial institutions within days, the people said, adding that some details could change.
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