U.S. home buyers needed to spend almost 30% of their average wage to afford a typical house in the fourth quarter, according to Bloomberg. The rate is the biggest share since 2008 despite borrowing costs hitting a record low of below 3% for a 30-year loan. Analysts link low mortgage rates to the fall in affordability as it spurred a buying frenzy, driving prices up as … [Read more...] about U.S. Record-low Mortgage Rates Push House Affordability Unexpectedly Lower
Forex News
Stocks Dust Off Challenging Year to Close Near Record Highs, Dollar Slips
U.S stocks hit near record highs as traders weighed on economic optimism fueled by government aid, reports Bloomberg. Attention now shifts at how fast vaccines can be distributed even as the dollar slipped. Here are the key moves in the markets: StocksThe S&P 500 Index rose 0.1% as of 10:55 a.m. New York time on Tuesday while the Stoxx Europe 600 Index gained 0.8%MSCI … [Read more...] about Stocks Dust Off Challenging Year to Close Near Record Highs, Dollar Slips
Why the Pandemic Showed Fed Matters in Crisis-hit Markets
Fed’s action during the early days of the coronavirus pandemic stemmed a rout in markets and kept financial costs low, according to Reuters. Fed restored trust in fragile moments, proving its critics wrong of role in preventing financial crisis. When the coronavirus crisis intensified in March, Fed’s initial moves propped up trading in Treasury bonds, short-term … [Read more...] about Why the Pandemic Showed Fed Matters in Crisis-hit Markets
China Jails Journalist for Four Years over Virus Reporting
A Chinese court on Monday jailed Zhang Zhan for four years for “picking quarrels and provoking trouble” while reporting the coronavirus outbreak in Wuhan, reports Reuters. Zhang, 37, a citizen-journalist, gave firsthand accounts from crowded hospitals and empty streets, revealing the dire impacts of the pandemic. Ms. Zhang believes she is being prosecuted for exercising her … [Read more...] about China Jails Journalist for Four Years over Virus Reporting
Mozambique Troops Repel Attack Near $20 Billion LNG Project
Mozambique security personnel repelled an attack by Islamic insurgents on a town close to the site where Total SE is building a $20 billion natural gas facility, Bloomberg reports. The attack occurred about 21 kilometers (13 miles) from Total’s project overnight on Wednesday. The attack near the LNP project is the second this month on the town of Mute in the northern Cabo … [Read more...] about Mozambique Troops Repel Attack Near $20 Billion LNG Project
