US mortgage rates jump to 7.09%, highest since 2002
The average rate on a 30-year fixed-rate loan was 7.09%, up from 6.96% last week and the highest since April 2002. Recent increases in credit costs and home prices caused…
China’s hidden financial dangers emerge in shadow banking crisis
Until a week ago, Zhongzhi Enterprise Group was little noticed in China and barely mentioned elsewhere. Shadow banking giant Zhongzhi – a private management company with more than $137 billion…
Malaysia struggles to grow due to El Niño
Malaysia’s economic growth in the second quarter was the lowest in nearly two years due to falling exports and a slowing global economy, prompting the country’s central bank to warn…
Global yields reach 15-year highs amid fears of a rate hikes
Global government bond yields continued their ascent – the US 30-year hit its highest level since 2011 and other benchmarks returned to 2008 levels – as resilient economic data refuted…
Dutch economy officially enters recession
The Netherlands unexpectedly fell into its first recession since the pandemic due to a decline in consumer spending and exports. GDP shrank by 0.3% in Q2 of 2023 compared to…
China Evergrande files for Chapter 15 bankruptcy in New York
China Evergrande Group has sought Chapter 15 bankruptcy protection in New York, court documents showed Thursday. Chapter 15 bankruptcy protects the company’s assets in the US while it restructures elsewhere.…