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.
Feb 8, 2017
Reuters
,Canadian housing starts unexpectedly rose in January as Ontario saw a strong increase on ground breaking of new homes, suggesting home construction got off to a strong start in 2017.
The seasonally adjusted annualized rate of housing starts rose to 207,408 units from a downwardly revised 206,305 in December, the Canadian Mortgage and Housing Corporation (CMHC) said on Wednesday. Economists had expected starts to decline to 200,000.
The increase was driven by a 4.2 per cent gain in the multiples segment, which includes condominiums, while new construction on single-detached homes declined 4.6 percent.
Ground breaking in Ontario led the way higher with an increase of 25.1 per cent to 96,883 units, possibly helped by the weather.
"Milder than usual winter weather in Ontario may have brought out more hammers and shovels than normal – and at the potential expense of housing starts later," said Derek Holt, an economist at Scotiabank.
Starts also increased in the Atlantic provinces, although they declined in Quebec and the Prairies.
Ground breaking continued to fall in British Columbia and were down 32.6 per cent at 26,308. Housing activity had already begun to slow in the province last year before the provincial government implemented a tax on foreign home buyers in Vancouver in August.
Canada's housing market has been robust in the years since the global financial crisis, supported by low interest rates that have seen consumers take on more debt.
But last year's changes by the federal government to tighten mortgage lending rules are expected to mitigate some of the run-up in housing seen recently, particularly in the hot markets of Toronto and Vancouver.
Although housing is expected to slow later in the year, recent building permit data suggest housing starts could still see a few more strong readings, said Nick Exarhos, economist at CIBC Capital Markets.
Housing is likely to be a modest drag on overall economic growth this year as there is little room for the sector to accelerate from 2016's strong activity, Exarhos said.