In dollar terms, the value of China’s exports in October fell 0.3 percent, year on year, falling far short of the 4.3-percent increase that analysts had predicted, due to the U.S. and European Union buying less.
Author: admin (Kendrick Williams)
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TORONTO’S HOME SALES FALL BY HALF IN OCTOBER
The number of homes sold in October in metro Toronto, Canada’s largest city, fell by 49.1 percent from a year earlier, with the number of homes for sale falling to a level last seen in 2020, the Toronto Regional Real Estate Board reported last week.
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IRON ORE PRICES FALL TO THREE-YEAR LOW
The price of iron ore fell to $79.50 a metric ton on 31 October, down 17 percent last month from September and reaching its lowest point since November 2019 as the world’s economy—and China’s in particular—continue to slow, S&P Global Commodity Insights reported.
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NORWAY’S CENTRAL BANK RAISES RATE BY SMALLER AMOUNT
Norges Bank, the central bank of Norway, added a quarter-point to its benchmark interest rate last week, after raising the rate by a half-point in September.
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ADJUSTABLE-RATE MORTGAGES PUT SPANISH HOMEOWNERS AT THE BRINK
The European Central Bank’s (ECB’s) recent interest rate increases are pushing Spain’s homeowners toward default, the Financial Times reported.
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BRACE FOR LONGEST U.K. RECESSION EVER
The Bank of England (BoE) has warned that Great Britain will fall into a “very challenging” two-year recession, during which real incomes will decline and unemployment will double to about 6.5 percent before 2025.
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MILD RECESSION WILL NOT CONTROL INFLATION, LAGARDE WARNS
A recession in Europe brought on by painfully high energy prices and soaring food costs will not have a significant impact on the 19-country Eurozone’s inflation rate, Christine Lagarde, president of the European Central Bank (ECB), said last week in comments quoted by Bloomberg.
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WHEN THE ECONOMY FALLS JOBS GO WITH IT
DRAGFLATION, slower economic growth and rising inflation, plus rising interest rate hikes are causing companies in many sectors to lay off employees.
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HOUSING MARKET MIGRANTS MOVE FARTHER FROM HOME
People who relocated during the 12 months ending 30 June moved a median distance of 50 miles from their previous residence, according to a National Association of Realtors (NAR) survey of 4,850 home buyers.
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CONSUMER CONFIDENCE IN HOUSING MARKET SINKS TO NEW LOW
In October, only 16 percent of consumers said they think now is a good time to buy a home, a monthly survey by the Federal Home Loan Mortgage Corp. (Fannie Mae) found.