Housing Market

Key Events In The Coming Week: BOE, SNB, Inflation And Retail Sales

In a somewhat quieter week for economic news, this week's focus is on BoE and SNB policy meetings as well as on inflation releases in US, UK, China and others. Other releases of note include retail sales in the US, UK and China along with industrial production in US, Eurozone & China.

After The Storms Are Over: America Can't Afford To Rebuild

"There’s no meat left on that bone. There isn’t even a bone left. There’s only a debt-ridden mirage of a bone. If you’re looking to define the country in bumper-sticker terms, that’s it. A debt-ridden mirage. Which can only wait until it’s relieved of its suffering. Irma may well do that..."

Australia Mortgage Market Is Now A $1.7 Trillion "House Of Cards"

"This approach allows lenders to report the cross-collateral security of one property which is then used as collateral against the total loan size to purchase another property. This approach substitutes as a cash deposit.  It's a classic mortgage Ponzi finance model."

The Canadian Cointoss: Bank Of Canada Monetary Policy Decision Preview

The majority expect the Bank of Canada (BoC) to leave its overnight rate unchanged at 0.75%. Markets are more aggressive following a strong June retail sales release and impressive Q2 GDP release. Swaps are currently pricing in a 45% chance of a hike this week with an October hike baked into the curve.

Australia's Dystopian Future: A Nation Of High-Rise Renters

"Young Australians are increasingly likely to live most of their lives in high-density rented accommodation...The Committee for Economic Development of Australia (CEDA) concluded that capital city home ownership would continue to be unaffordable for at least the next four decades..."

The Week's Key Events: All Eyes On The ECB

With the US markets closed today, market events this week will be dominated by G10 central bank meetings, among which the ECB stands out. In the US, the key economic release this week is ISM non-manufacturing on Wednesday, while several Fed officials are scheduled to speak this week.

Loonie Spikes After Canada's Best First-Half Economic Growth In 15 Years

Thanks to a surge in government spending in Q2, Canada's GDP grew at 4.5% SAAR. This is the best growth since Q3 2011 and is the best growth of all G-7 nations in Q2. Canada’s economic growth over the past two quarters was the best first half for the economy since 2002.