Stock Market Recovers, Fed Meeting Is Eyed
A selloff in stocks stopped. S&P 500 has reversed up from the 100-day moving average. It should be the perfect time to buy the index.
China's new home prices rally in September led by smaller cities
In September, China's new home prices managed to surge at a firm tempo, backed by profits in smaller cities and demonstrating that the market was still resilient notwithstanding pressures from softer investment, a decelerating economy as well as government curbs on the sector.
In the country’s 70 key cities, in September, average new home prices headed north by 0.9% from August, which is slower than the previous month's outcome of 1.4% that appeared to be the fastest surge for two years.
In contrast with 2017, new home prices rallied by 7.9%, which is the quickest year-on-year leap since August last year and also faster than August’s 7% leap.
Prices kept soaring notwithstanding tougher curbs expected to tame a near-three-year real estate boom, which has spilled over from megalopolises to the hinterland.
While firm surge in the sector could cushion the influence of a mighty multi-year government clampdown on debt as well as escalating trade clashes with America, it could also generate fears of another bubble if prices surge greatly.
Real estate has appeared to be one of the few bright sectors the Asian country’s investment landscape, partly because of good sales in smaller cities exactly where a government crackdown on speculation hasn’t been as hawkish as in larger cities.
Prices in the country’s largest cities exactly where the severest control measures are taken, were generally steady in September, although Guangzhou prices added 0.4% on-month as well as 4.3% year-on-year.
In September, the top price performer was the capital of the country’s northwestern Shaanxi province, Xian whose prices headed north by 6.2% from August, as NBS data revealed.
According to official data, surge in the country’s real estate investment speeded down in September.
Additionally, real estate investment surged by up to 8.9% in September from 2017.
Similar
Strong US Retail Sales Pressed Gold
The US showed strong retail sales for August despite the spread of the Delta virus strain. As a result, the US dollar rocketed and gold dropped by 2286 points in half an hour after the release.
Fed Jackson Hole Conference To Take Place Virtually
The Kansas City Federal Reserve announced Friday the annual Jackson Hole symposium will be held virtually, a reversal from prior plans that saw a modified, in-person program…
Latest news
Will USD Stop Falling Today? Market Wrap
The US dollar is heading to close the seventh day in the red as it remains under selling pressure. The US data at 15:30 GMT+3 (jobless claims and Philly Fed Manufacturing Index) may support the greenback if it's strong.
Major Event Alert: Canadian Retail Sales
Canada will publish the Retail Sales and Core Retail Sales on October 22, at 15:30 MT time (GMT+3).
Weekly US employment: a chance for the USD
The United States will release the weekly Unemployment Claims on October 21, at 15:30 MT time (GMT+3).
Deposit with your local payment systems
