Fresh Stimulus Propels Emerging Markets to Fourth Week of Gains
Emerging-market currencies dipped Friday on dwindling optimism over Federal Reserve rate cuts, paring their fourth-straight week of gains.
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Emerging-market currencies dipped Friday on dwindling optimism over Federal Reserve rate cuts, paring their fourth-straight week of gains.
The owner of a historic office building in Manhattan’s Financial District has filed bankruptcy to sell the property, which has been subject to foreclosure and suffered from a lack of tenants due to the Covid-19 pandemic.
Deutsche Bank AG has entered a capital-relief deal with the European Investment Bank that allows the German lender to grant discounts on more than €600 million ($652 million) of green mortgages in its home market.
A unit of Abu Dhabi’s Mubadala Investment Co. said it anticipated a roughly $315 million credit hit related to loans issued to the now-insolvent Signa real estate conglomerate.
The Teranet-National Bank composite house price index which tracks home prices in 11 of Canada's largest cities remained stable from March to April.
Dec 11, 2020
Bloomberg News
,In the midst of a deep economic crisis, Canadians are becoming a whole lot richer.
The nation’s households have seen their net worth jump by more than $600 billion since the end of last year, according to third-quarter data released Friday by Statistics Canada. That’s despite a downturn that saw 3 million people lose jobs and the unemployment rate surge to historic highs.
The numbers show the extent to which efforts by the Bank of Canada and the federal government to flood the economy with cash have shored up household balance sheets, providing a cushion to the economy. The interest rate cuts by the central bank have stoked the housing market, while government support more than offsets falling incomes.
On a per capita basis, household net worth reached a record $320,441 in the third quarter, up about $12,000 since the end of last year.
The value of land and residential structures held by households, which grew by about $440 billion this year, was the main contributor to the wealth boost.
While mortgage debt is also increasing to finance some of those home purchases, the increase in leverage is nowhere near the gain in asset values. The ratio of debt to assets fell to near the lowest in 15 years.
Sharply higher household net worth was offset by a deterioration in government finances, with state borrowing surging to records this year.