BEIJING, Sept 19 (Reuters) – Two months since many Chinese homebuyers stopped repaying mortgages to protest stalled construction on their properties, a lack of progress at more sites now threatens to intensify the boycott, despite assurances from authorities.
The mortgage protest became a rare act of public disobedience in China, pushed via social media in late June and forcing regulators to scramble to offer homebuyers loan payment holidays for up to six months and pledges to expedite construction.
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Frugal Is The New Cool For Young Chinese As Economy Falters
BEIJING, Sept 19 (Reuters) – Before the pandemic, Doris Fu imagined a different future for herself and her family: new car, bigger apartment, fine dining on weekends and holidays on tropical islands.
Instead, the 39-year old Shanghai marketing consultant is one of many Chinese in their 20s and 30s cutting spending and saving cash where they can, rattled by China’s coronavirus lockdowns, high youth unemployment and a faltering property market.
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Oil Prices Climb On Weak Dollar, Supply Concerns
SINGAPORE, Sept 19 (Reuters) – Oil prices climbed on Monday as a weaker dollar and supply concerns ahead of the European Union embargo on Russian oil in December offset fears of a global recession that could dampen fuel demand.
Brent crude futures rose 60 cents, or 0.7%, to $91.95 a barrel by 0330 GMT after settling up 0.5% on Friday. U.S. West Texas Intermediate crude was at $85.50 a barrel, up 39 cents, or 0.5%. The front-month contract expires on Tuesday.
Full coverage: REUTERS
Dollar Off 20-year Peak As Fed Headlines Big Central Bank Week
TOKYO, Sept 19 (Reuters) – The dollar lingered near a two-decade top on major peers on Monday, ahead of a week loaded with market holidays and central bank decisions from Washington to London and Tokyo.
The dollar index , which measures the currency against six counterparts, was 0.2% stronger than Friday at 109.84, consolidating after a volatile couple of weeks that took it as high as 110.79 on Sept. 7 for the first time since mid-2002.
Full coverage: REUTERS
Some Investors Fear Fed Will Tighten Rates Too Far As Inflation Bites
Sept 19 (Reuters) – Just months ago, investors worried the Federal Reserve was not fighting inflation aggressively enough. Several jumbo rate hikes later, some now fear the Fed will plunge the economy into recession by tightening monetary policy too quickly.
With markets reeling from last week’s robust inflation number, interest rate futures late Friday were pricing in a roughly 20% chance that the Fed will raise rates by 100 basis points at its Sept 21 meeting. That number was all but unthinkable earlier this month, when the market was debating whether the move would be 50 or 75 basis points. Investors are also pricing in meatier rate hikes down the road, with the terminal rate for U.S. fed funds now at 4.4%.
Full coverage: REUTERS
