Monday, January 9, 2017

Tuesday January 10 2017 Housing and Economic stories

TOP STORIES:

Total global debt tops 325 pct of GDP as government debt jumps: IIF - (www.reuters.com) Global debt levels rose to more than 325 percent of the world's gross domestic product last year as government debt rose sharply, a report from the Institute for International Finance showed on Wednesday. The IIF's report found that global debt had risen more than $11 trillion in the first nine months of 2016 to more than $217 trillion. The report also found that general government debt accounted for nearly half of the total increase. Emerging market debt rose substantially, as government bond and syndicated loan issuance in 2016 grew to almost three times its 2015 level. China accounted for the lion's share of the new debt, providing $710 million of the total $855 billion in new issuance during the year, the IIF reported.

Mall Companies Fall After Sears Announces Plans to Close Stores - (www.bloomberg.com) Shares of mall companies slumped after Sears Holdings Corp. announced plans to shutter 150 stores as part of an effort to turn around the ailing chain. A Bloomberg index of regional-mall landlords fell as much as 2.8 percent, the largest drop in almost two months. CBL & Associates Properties Inc. had the biggest decline among companies in the index, falling as much as 4.1 percent, and Simon Property Group Inc., the largest U.S. mall owner, dropped as much as 3.2 percent. By comparison, the broader Bloomberg real estate investment trust index, which also includes companies that own properties such as office buildings and hotels, was little changed.

Portugal 10-Year Yield Climbs Above 4% as Selloff Deepens: Chart - (www.bloomberg.com) The yield on Portuguese 10-year bonds rose above 4 percent for the first time since February amid a wider selloff in European debt. The region’s securities are declining amid a seasonal pick up in supply at the start of 2017, with Portugal among nations expected to sell bonds via banks this month.

Dismal holiday sales at Macy's, Kohl's spell gloom for sector - (www.bloomberg.com) Disappointing holiday-season sales at Macy's Inc (M.N) and Kohl's Corp (KSS.N) underscored the uphill task facing department stores to win back shoppers, who are increasingly turning to online retailers and spending less on apparel. Macy's shares fell as much as 14 percent on Thursday, their biggest percentage drop in seven months. Kohl's stock dropped as much as 20.5 percent, its biggest decline in more than 14 years. Both reported lower-than-expected sales for November and December and cut their full-year profit forecasts on Wednesday. Macy's, known the world over for its flagship Herald Square store in Manhattan and its annual Thanksgiving Day parade, is considered a bellwether for department stores.

Lampert’s Rescue of Sears Puts Him on the Hook for $1.2 Billion  - (www.bloomberg.com) Eddie Lampert is a tough guy, but he’s got a soft spot for Sears Holdings Corp. A billion-dollar soft spot. Lampert, the Sears president, chief executive officer, top shareholder and, through his hedge fund, owner of about $900 million in Sears debt, has almost singlehandedly bought time for his struggling retailer. Transactions just since Christmas include an additional $500 million loan facility (Jan. 4), two letters of credit worth as much as another half-billion (Dec. 29), an agreement to sell Craftsman tools for a total of $900 million (Jan. 5) and the announcement of 150 more store closings (same day).


GM December U.S. sales up 8 percent, sees record for industry in 2017 - (www.reuters.com)

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