Houses in Hercules, California, USA. Bloomberg | Bloomberg | Getty Images After rising over 8% in October, mortgage rates are falling back to 7%, giving the refinancing market a boost. Last week, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) fell from 7.37% to 7.17%, with points … [Read more…]
According to Statistics Canada, Canada’s gross domestic product (GDP) fell 1.1% in the third quarter. These figures point to stagnation in the economy, explains Benoît Durocher, senior economist at Mouvement Desjardins. • Also read: By early 2024, real estate prices in Canada could fall by 10% • Also read: What will the real estate market … [Read more…]
Stay up to date with free updates Simply sign up for the US Interest Rate myFT Digest – straight to your inbox. The dollar hit a three-month low on Tuesday and U.S. Treasury yields fell as investors became increasingly confident that the Federal Reserve will begin cutting interest rates in mid-2024. The U.S. currency fell … [Read more…]
44 minutes ago Nikkei 225 briefly hits its 33-year high, its highest level since May 1990 Japan’s Nikkei 225 briefly touched its 33-year high on Monday morning, while the benchmark Nikkei 225 hit a high of 33,848.98 intraday. This surpassed the previous high of 33,753 on March 7 and is the highest since May 1990. … [Read more…]
The Federal Reserve is leaving the key interest rate unchanged, but keeping open the possibility of a future increase The Federal Reserve is leaving the key interest rate unchanged, but keeping open the possibility of a future increase News this week that inflation fell more than expected in October reinforced the view that the Federal … [Read more…]
FILE – A PG&E helicopter inspects power lines near Forest Hill, California. San Francisco Chronicle/Hearst N/San Francisco Chronicle via Gett After the new plan goes into effect, customers will pay an average of $30 to $35 more per month. The change begins Jan. 1, meaning some customers won’t see the new rate until they receive … [Read more…]
It could have been worse, and it’s not like Wall Street expected much anyway. In short, this is Target’s third-quarter earnings as of Wednesday morning. After nearly two years of brutal results due to execution errors, rising retail theft and increasingly cautious consumer sentiment, Target has crushed analysts’ lowered estimates for sales, margins and profit. … [Read more…]
Unlock Editor’s Digest for free Roula Khalaf, editor of the FT, picks her favorite stories in this weekly newsletter. The European Central Bank will not start cutting interest rates at least “in the next few quarters,” said its President Christine Lagarde. Lagarde told the Financial Times’ Global Boardroom conference on Friday that inflation in the … [Read more…]