Asia: Housing boom stalls as tightening puts brakes on prices
From Mumbai to Melbourne, Asia’s property boom is stalling as the world’s highest interest rates and government efforts to curb prices take hold. In China’s biggest cities, growth slowed in April after the government stepped up property measures. In India and Australia, prices are falling after the steepest interest rate increases. In the financial hubs of Hong Kong and Singapore, price growth is moderating after increased deposit requirements and land releases. (Financial Daily)
India: Raises rates for 10th time since 2010 to tame prices
India’s central bank raised interest rates for the 10th time since the start of 2010, extending the longest streak of monetary tightening in a decade after inflation accelerated. The Reserve Bank of India increased the repurchase rate to 7.5% from 7.25%. (Bloomberg)
UK: Retail sales drop more than forecast on fuel, job fears
UK retail sales dropped more than economists forecast in May as higher fuel costs and concern about employment prospects restrained consumer spending. Sales fell 1.4% from April, when they rose 1.1%, boosted by warm weather and an extra public holiday. (Bloomberg)
Philippines: Central bank ordered lenders to set aside more money as reserves for the first time since 2005, joining China and India in tightening monetary policy as the region fights inflation amid easing growth. Bangko Sentral ng Pilipinas increased the reserve requirement to 20% from 19% effective June 24, it said in a statement in Manila. (Source: Bloomberg)
US: Housing starts increased more than forecast in May
Housing starts in the US increased more than forecast in May, led by a jump in the West as other parts of the country languished. Work began on 560,000 houses at an annual pace, up 3.5% from the prior month. Building permits, a sign of future construction, also increased. (Bloomberg)
US: Confidence eroding among factories, consumers
Manufacturing in the Philadelphia region unexpectedly contracted in June and Americans’ views on the economy’s outlook soured, signaling an erosion of confidence in the expansion. The Federal Reserve Bank of Philadelphia’s general economic index fell to minus 7.7, the lowest since July 2009, from 3.9 the prior month. (Bloomberg)
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