Economic activity expands, but consumers feel the squeeze
Mortgage applications suffered another setback last week as rising interest rates dragged down demand for home loans, according to the Mortgage Bankers Association. For the week ending July 10, MBA’s Market Composite Index—a measure of total mortgage loan application volume—shed 2.7% on a seasonally adjusted basis from one week earlier. “Mortgage applications declined as the 30-year fixed…
Short-term rental giant Airbnb has shelled out a whopping $81.5 million for an infamous New York City building that gained widespread attention when scammer Anna Delvey tried to lease it as the headquarters for her so-called social club. The San Francisco–based company has revealed itself as the buyer of the historic property at 281 Park…
Australia and India finalized a long-delayed administrative arrangement on Thursday to permit Australian uranium exports to New Delhi, breaking a decade-long regulatory stalemate. The agreement permits commercial shipments under strict International Atomic Energy Agency (IAEA) safeguards to guarantee that New Delhi uses the nuclear fuel exclusively for civilian power generation. Although Australia holds roughly 28…
A Japanese 10,000-yen banknote arranged in Kyoto, Japan, on Thursday, Nov. 2, 2023. Bloomberg | Bloomberg | Getty Images Japanese government bond yields have been hitting multi-decade highs, with benchmark 10-year reaching levels not seen since 1996 last week. While Japanese bonds have been selling off amid policy normalization by the Bank of Japan and…
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FUNDAMENTAL OVERVIEW USD: The US dollar bounced back this week as US-Iran risks resurfaced after both parties exchanged attacks. The US launched a series of strikes on Iran in response to Iranian attacks on three vessels in the Strait of Hormuz. Iran retaliated by bombing US bases in Bahrain and Kuwait, warning of further strikes…