Vancouver Housing Market Freezes Up, Sales Crash,
Prices Sag, For-Sale Signs Proliferate - (www.wolfstreet.com) The numbers about the inglorious end of the totally
insane house price bubble in Vancouver are bad enough. But the photos of “For
Sale” signs along entire city blocks speak louder than the numbers ever could –
in fact, they make us doubt the numbers. The Real Estate
Board of Greater Vancouver (REBGV) today reported that in November, residential
home sales in Greater Vancouver plunged 37.2% year-over-year to just 2,214
homes. By category of home:
- Sales of detached homes
down 52.2%.
- Sales of attached homes down
40.9%.
- Sales of condos down 22.7%.
ECB
Buys Record Amount of Debt as QE Frontloaded Before Holidays - (www.bloomberg.com) The
European Central Bank bought a record monthly amount of assets under its
quantitative-easing program in November in an attempt to frontload purchases
before market liquidity may dry up during the holiday season. The ECB bought a
total of 85.4 billion euros ($91.6 billion) of debt last month even as the pace
of purchases of government bonds, which represent the bulk of the program,
dropped to 70.1 billion euros from 73 billion euro in October, ECB data
published on Monday showed. An increase in monthly buying of covered bonds,
asset-backed securities and corporate debt helped to make up for the
difference.
Poll:
Trump's Carrier deal is wildly popular - (www.politico.com) Donald
Trump’s first major action as president-elect — the deal he and Vice
President-elect Mike Pence struck last week with Carrier Corp. — is earning
high marks from American voters, a new Politico/Morning Consult poll shows. Voters
surveyed overwhelmingly view Trump’s negotiations with Carrier — which resulted
in about 1,000 manufacturing jobs at the heating, ventilation and air
conditioning company remaining in Indiana rather than moving to Mexico — as an
appropriate use of presidential prerogative. And a majority of voters say the
Carrier deal gives them a more favorable view of Trump, though his overall
favorability ratings were virtually unchanged from mid-November.
Monte
dei Paschi readied for state bailout after Renzi defeat - (www.ft.com) Bankers
are running out of private-sector solutions for Monte dei Paschi di Siena and have told the Italian lender to
prepare for a state bailout this weekend after prime minister Matteo Renzi was
felled by a referendum defeat. While financial markets responded relatively calmly to the referendum result, people briefed on the situation said the
political upheaval made it “more difficult” to secure a €1bn investment from
Qatar on which Monte dei Paschi’s €5bn capital-raising plan hinges. Senior
bankers fear that a failure to shore up the bank, which was the worst loser of
this summer’s European bank healthcheck, could damage already jittery investor
confidence about Italy’s overall banking sector, which is hobbled by €360bn of
bad loans and weak profitability.
Monte
dei Paschi subordinated debt drops as swap seen at risk - (www.reuters.com) The
yield on a Sept. 2020 subordinated bond by Monte dei Paschi targeted by a
debt-to-equity conversion offer launched by the Italian bank rose on Monday as
traders said the swap's take-up was seen as insufficient to ensure its success.
Monte dei Paschi said on Friday preliminary data showed take-up for the offer
had topped 1 billion euros. A large take-up would ease Monte dei Paschi's task
of raising 5 billion euros ($5.3 billion) in capital this year to remain in
business. Political turmoil in Italy following the outcome of Sunday's
constitutional referendum further complicates the bank's efforts.
Asian
Stocks to Join Post-Italy Vote Rally as Volatility Abates - (www.bloomberg.com)
Techs buoy S&P, Nasdaq; Goldman pushes Dow to record high - (www.reuters.com)
Everything You Need to Know About Italy's Five Star Movement: QuickTake Q&A - (www.bloomberg.com)
'Everybody loses': What an economic war between US and China would look like - (www.cnbc.com)
Matteo Renzi’s Loss in Italy Is Clear, but Who Are the Winners? - (www.nytimes.com)
Anti-immigrant, anti-euro populists gain ground in Italy as prime minister resigns - (www.washingtonpost.com)
Techs buoy S&P, Nasdaq; Goldman pushes Dow to record high - (www.reuters.com)
Everything You Need to Know About Italy's Five Star Movement: QuickTake Q&A - (www.bloomberg.com)
'Everybody loses': What an economic war between US and China would look like - (www.cnbc.com)
Matteo Renzi’s Loss in Italy Is Clear, but Who Are the Winners? - (www.nytimes.com)
Anti-immigrant, anti-euro populists gain ground in Italy as prime minister resigns - (www.washingtonpost.com)
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