Big Funds Bet the ‘Anything But Bonds’ Trade Is Poised to End
Big US bond investors have been aggressively shifting money into long-dated notes, betting that the unloved asset class will be one of the winners from eventual interest rate cuts.
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Big US bond investors have been aggressively shifting money into long-dated notes, betting that the unloved asset class will be one of the winners from eventual interest rate cuts.
A measure of underlying US inflation cooled in April for the first time in six months, a small step in the right direction for Federal Reserve officials looking to start cutting interest rates this year.
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.
Jul 13, 2022
The Canadian Press
Royal LePage is cutting its expectations for the growth in home prices this year after it says prices in the second quarter fell compared with the first three months of the year.
The real estate brokerage says it now expects the aggregate price of a home in Canada in the fourth quarter of this year will be up 5.0 per cent compared with the same quarter in 2021.
The forecast is down from an April estimate for a 15.0 per cent year-over-year increase for the fourth quarter.
It says it lowered the forecast following more aggressive than expected interest rate hikes by the Bank of Canada, resulting in an expected temporary drop in demand in parts of southern Ontario and British Columbia.
In its house price survey, Royal LePage says the aggregate price of a home in Canada in the second quarter was $815,000, up 12.1 per cent compared with a year ago. However, it was down 4.9 per cent compared with its record high in the first quarter of this year.
Royal LePage says it was the first quarter in more than three years to post a quarter-over-quarter decline in home prices.
"Some of the heat that was driving the market cooled during the quarter as rising interest rates coupled with economic uncertainty undermined consumer confidence and pushed buyers to the sidelines," Royal LePage CEO Phil Soper said in a statement.
"We have significantly reduced our outlook for 2022, however home prices are still forecast to end the year higher than 2021 and well above pre-pandemic norms."