As
global populism rises, so does fear among corporate elite: Survey - (www.cnbc.com) From Brexit to the election of Donald Trump and
the recent constitutional referendum in Italy, worldwide populist revolt is
sending shock waves beyond the halls of government and into the elite C-suite. Chief
financial officers at major corporations expressed growing fears about the rise
of populism and serious downside risks to the global economy in a recent
survey. Although not representing the majority, nearly 41 percent of CFOs
believe the rise of populism in Europe and the United States had a negative
impact on consumer demand, according to the latest CNBC Global CFO Council
survey. That's a finding heightened by the fact that for the second quarter in
a row, consumer demand was cited as the biggest external risk factor by CFOs.
Freddie
Mac Issues Warning As Mortgage Rates Soar - (www.zerohedge.com)
Blink, and you missed your chance to refi. And according to nationalized
mortgage giant Freddie Mac, it's about to get worse. As shown last week,
as a result of the recent spike in yields, the population of eligible refinance
candidates has already plunged by more than half. As Black Knight pointed out,
as of the end of November, though there are still 2M borrowers who could save
$200+/month by refinancing and a cumulative $1B/month in potential savings,
this is less than half of the $2.1B/ month available just four weeks ago.
Canada's
Gravity-Defying Household Debt Swells to C$2 Trillion - (www.bloomberg.com) The appetite for bank borrowing remained
unabated in the third quarter, setting fresh records for total credit and
mortgage borrowing, Statistics Canada reported Wednesday. The widely-followed
ratio of household debt to after-tax income rose to another record high of
almost 167 percent. The numbers will intensify concern among policy makers the
economy has become over-reliant on bank borrowing, and is vulnerable to a
housing downturn and rising interest rates. The latest report covers the three
months before Finance Minister Bill Morneau tightened mortgage lending rules
again in October, a move designed to discourage Vancouver and Toronto home
buyers from signing larger mortgages than they could handle.
Shadow
Banking in China Appears to Have Made a Roaring Comeback - (www.bloomberg.com) Time to don the tin hats? Chinese shadow-banking
activity registered a surprise jump in November, throwing into sharp
relief how policy makers are struggling to make good on their vow to rein in
the runaway loan growth that threatens the stability of
the financial sector.
Often cast as one of the weakest links in the global financial system given the potential threat it poses to Asia's largest economy,
shadow credit — which consists of trust loans, entrusted loans and
bank-acceptance bills — rose sharply to 479 billion yuan ($69 billion), after
having dropped to 55 billion yuan in October.
Hong
Kong Property Shares Turn Toxic as Mortgage Costs Spike - (www.bloomberg.com) Hong
Kong’s property developers are fast falling out of favor among investors as
surging mortgage costs and punitive taxes threaten to choke home sales. Your
cheat sheet on life, in one weekly email. A gauge of real estate companies
traded on the city’s stock market has tumbled 13 percent this quarter, with
developers accounting for half of the biggest losers on the benchmark Hang Seng
Index, which has fallen 5.3 percent. During the three-month period, a key
interbank rate -- known as Hibor -- has doubled to an eight-year high, while
the government also slapped a 15 percent levy on residential purchases.
Yield Stress Tests Find Emerging Markets Have Most to Lose: S&P - (www.bloomberg.com)
Finance Titans Face Off Over $5 Trillion London Gold Market - (www.bloomberg.com)
China central bank advisers rally behind beleaguered yuan as Trump threat looms - (www.reuters.com)
China says damage to 'one China' principle would impact peace - (www.reuters.com)
Too big to fail: China maps out its Trump strategy - (www.reuters.com)
Exclusive: China installs weapons systems on artificial islands - U.S. think tank - (www.reuters.com)
Anxious Mutual-Fund Industry Holds ‘Seismic Shift Senior Leadership Forum’ - (www.wsj.com)
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