The likelihood of a severe downturn in the U.S. housing market has risen, according to an August 17 report from credit reporting agency Fitch Ratings. “However, our ratings-case scenario provides for a more moderate pullback that includes a mid-single-digit decline in housing activity in 2023, and further pressure in 2024,” said Fitch, after it recently affirmed a…
‘Severe’ Housing Slump Possible With 15 Percent Price Drop: Fitch
August 17, 2022
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Business & Marketseconomyhousing marketinflationInvestmentMarketsmortgage ratesreal estaterecessionUSUS Real Estate
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Mortgage Demand Slumps to a 22-Year Low as Economic Downturn Sidelines Homebuyers, Says MBA
August 17, 2022
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Business & Marketseconomic policieseconomyhome buyersinflationInvestmentMarketsmortgagepersonal financereal estaterecessionUSUS Real Estate
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Total mortgage application volume fell 2.3 percent from the previous week, with demand standing at its lowest level in 22 years, after a similar low last month, according to the Mortgage Bankers Association’s seasonally adjusted index for the week ended Aug. 12. “Mortgage application activity was lower last week, with overall applications declining over 2 percent, to their…
Buffett’s Firm Buys More Apple, Amazon While Betting on Oil
OMAHA, Neb.—Warren Buffett’s company bet more on high-tech darling Apple during the second quarter, while also investing billions in old-school oil producers Occidental Petroleum and Chevron. Berkshire Hathaway detailed all its second-quarter investments Monday in a new filing with the Securities and Exchange Commission. Wall Street follows Berkshire’s investments closely because of Buffett’s remarkably successful…
Paul Volcker and 1982—Why Now Isn’t Then
August 15, 2022
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Business & MarketsBusiness ColumnistseconomyinflationInvestmentMarketsOpinionReaganrecessionViewpointsVolcker
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Commentary Jerome Powell isn’t Paul Volcker, and this isn’t 1982. As of late, market analysts are stumbling all over themselves, trying to outdo each other on the “why this time is different” related to the Federal Reserve’s ongoing inflation fight. One of the more interesting comparisons came from the always uber-bullish Tom Lee of FundStrat….
UK House Prices Fall for 1st Time This Year as Market Slows in Summer: Report
House prices in the UK have fallen for the first time in 2022 largely because of seasonal factors rather than wider economic conditions, a property website has said. According to the Rightmove website, the average asking price for UK properties fell by 1.3 percent, or £4,795 ($5,680), in cash terms month-on-month in August to reach…
9999 and 24K Gold: Are They the Same?
If you consider investing in precious metals, you may experience some confusion when you see the terms “24k gold,” “pure gold,” “9999 gold,” or “999 gold.” What’s the deal with each type of gold, and what is 9999 gold vs. 24k gold? Keep reading to set your gold-related terms straight and learn how to tell between…
Abbott to Add 1,000 Jobs in $450 Million Irish Investment
DUBLIN—U.S. healthcare company Abbott Laboratories plans to hire 1,000 more people in Ireland in one of the biggest job announcements this year in the country’s booming multinational sector, state investment agency IDA Ireland said on Friday. Abbott, which is one of the largest multinational employers in Ireland with 5,000 staff, will expand its manufacturing facilities…
UK PM Candidates Urged to Scrap Windfall Tax on Energy Profits as Soon as Possible
August 12, 2022
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Boris JohnsonBusiness & MarketseconomyenergyinflationInvestmentliz trussRishi SunakUKwindfall taxWorld
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A British energy industry body has urged the candidates in the running to become prime minister to scrap the windfall tax on profits as soon as possible. The temporary 25 percent profit levy on oil and gas giants was announced in May by then-chancellor Rishi Sunak to fund a relief package for households struggling with…
Five Chinese State-Owned Firms to Delist From US Stock Exchanges
A number of China’s biggest state-owned companies have announced plans to delist from U.S. stock exchanges after the Securities and Exchange Commission (SEC) warned that hundreds were at risk of getting kicked off for possible non-compliance with audit rules. In separate filings on the Hong Kong stock exchange where their shares are also listed, Aluminum…
Supreme Court Refuses to Put on Hold Lawsuits Against Crypto Giant Coinbase
The Supreme Court refused emergency applications from Coinbase, a major online cryptocurrency exchange, to stay two class-action lawsuits pending against the company. Coinbase had asked the court to put two lawsuits filed by former users on hold, arguing that not to do so would cause the company irreparable harm. The U.S. Court of Appeals for…
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