Trading Floors Buzz With Excitement as BOJ Axes Negative Rates
One word echoed across trading floors from Tokyo to Singapore as the Bank of Japan raised rates for the first time in 17 years — ‘finally’.
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One word echoed across trading floors from Tokyo to Singapore as the Bank of Japan raised rates for the first time in 17 years — ‘finally’.
China Evergrande Group’s alleged $78 billion revenue overstatement escalates the legal peril of founder Hui Ka Yan, who now stands at the center of one of the biggest financial fraud cases in history.
Japan’s real estate shares were the biggest winners on Tuesday after a widely expected move by the Bank of Japan to end its negative rates regime, with investors focusing on the dovish tone by the central bank and the inflation outlook.
The painful decoupling offers a glimpse of what awaits both sides if the war in Gaza permanently ruptures ties.
Donald Trump lost his bid to prevent testimony from a porn star and a Playboy model at the former president’s criminal trial in New York, where he’s accused of falsifying business records related to hush-money payments before the 2016 election.
Apr 11, 2018
The Canadian Press
TORONTO - Nearly half of all existing mortgages in Canada will need to be renewed in this year, substantially more than in prior years, according to a new report, amid rising interest rates and new rules that make it tougher for some borrowers to shop around.
A CIBC Capital Markets report says an estimated 47 per cent of all existing mortgages will need to be refinanced this year, up from the 25 to 35 per cent range in a typical year.
The increase is an unintended consequence of various rounds of regulatory changes aimed at reducing risk coupled with rising house prices that made it harder for homebuyers to qualify, says CIBC's executive director and head of North American Rates Strategy.
Ian Pollick says borrowers in recent years have taken on mortgages with two- or three-year durations, which are now up for renewal alongside the typical five-year mortgages.
The increase in renewals comes as mortgage rates have been rising with five-year fixed rates up about half a percentage point compared with a year ago.
Meanwhile, new lending rules introduced this year stipulate that homeowners looking to renew their uninsured mortgage are subject to a new stress test, unless they stick with their existing provider, hobbling their ability to seek out a more competitive rate.