The GBP is going to be volatile today, while USD/TRY may be looking for a retest of its highs. Read more!
Home prices demonstrate another record in Hong Kong
In June, private home prices in Hong Kong demonstrated another record. They soared more than 10% in the first half of this year, according to the government data. However, market experts told that potential interest rate lifts as well as trade disputes could hamper lifts over the rest of 2018.
It’s apparent that any cooling in home prices in Hong Kong would be upbeat news for the authorities, which have repeatedly promised to make homes more affordable in the city. Traditionally these homes are considered to be the most expensive around the globe.
From May property prices tacked on by 1.6% breaking record levels for the 20th consecutive month, as follows from an index prepared by the Rating and Valuation Department on Tuesday. As a matter of fact, June prices managed to rally up to 15.9% in contrast with 2017.
A 650-square-foot flat on Hong Kong Island would be worth approximately HK$11.5 million, in accordance with calculations utilizing June data from Midland Realty.
However, after a 27-month-long run of soaring monthly prices, which appears to be the longest winning marathon in the city’s history, market experts actually expect the red-hot market to recede over the rest of 2018.
Besides this, the asking prices of some fresh projects happen to be less hawkish now. It’s a clue that developers are on the verge of ramping up sales, as some financial analysts pointed out.
Combined with concerns as for a trade conflict as well as a potential interest rate lift, home price leap in the second-half of 2018 won’t be as vivid as the first-half.
While a number of property consultancies actually expect home prices to ascend at a reduced tempo, Citigroup Global Markets Asia actually projected a 7% dive in the second-half of this year.
Australia will publish the level of employment change and the unemployment rate at 3:30 MT on October 17.
The escalation of the US-China trade dispute and the Brexit uncertainties keep affecting the market. Read more!
The reports that the UK and the EU are close to complete a draft Brexit deal have pushed the British pound higher.