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New Zealand House Prices Rise Faster In June
New Zealand house prices rose at a faster rate in June, data from Quotable Value, or QV, showed Monday. Property prices rose 2.1 percent sequentially in the three months ended June following the 0.7 percent increase in the three months ended May. Current house prices were 15 percent above the previous market peak of late 2007. Meanwhile, house prices rose at a slower rate of 8 percent year-over-year in June after the 8.2 percent growth in May. "The nationwide index is still increasing but the picture around the country is mixed." Andrea Rush, QV National Spokesperson, said. "Residential property values in Auckland and Christchurch are still increasing at a similar rate to what they were in June last year. While values in Wellington and Dunedin are showing a downward trend this month, as are a number of other provincial centres around the country." "Sales volumes and home loan approvals (new and existing) are also down considerably at between 15-20% less than at this time last year." She added.
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U.K. Economy Stabilizes In Q2: BCC
The U.K. economy is still strong and moving in the right direction, the Quarterly Economic Survey from the British Chambers of Commerce showed Tuesday. In manufacturing, balances for domestic sales, profitability confidence and capacity utilization were at their all time highs in the second quarter. At the same time, there were no balances at their all-time highs in services. Meanwhile, exports and investment balances declined in the second quarter, for both manufacturing and services, survey based on responses from 7,000 businesses revealed. Despite these falls, the second quarter export balances and most investment balances are still above their average 2007 pre-recession levels. In the recent economic forecast, BCC predicted that quarterly GDP growth for the second quarter would be 0.8 percent, with full-year growth of 3.1 percent, said David Kern, chief economist at the BCC. However, these results mean that risks of a downgrade have increased. Further, the survey showed that that intentions to raise prices in both manufacturing and services eased and wage pressures weakened in the second quarter.
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China CPI Dips To 2.3% In June
Consumer prices in China were up 2.3 percent on year in June, the National Bureau of Statistics said on Wednesday. That was shy of forecasts for 2.4 percent, and it was down from 2.5 percent in May. Individually, food prices jumped an annual 3.7 percent in June, while non-food prices gained 1.7 percent. The statistics bureau also noted that producer prices were down 1.1 percent on year versus forecasts for -1.0 percent following the 1.4 percent contraction in May.
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China Has $31.6 Billion Trade Surplus
China posted a merchandise trade surplus of $31.6 billion in June, the customs office said on Thursday. That missed forecasts for a surplus of $36.95 billion, and was down from $35.92 billion in May. Exports were up 7.2 percent on year - also missing expectations for 10.4 percent but up from 7.0 percent in the previous month. Imports gained an annual 5.5 percent versus forecasts for 6.0 percent following the 1.6 percent decline a month earlier.
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Australian Housing Loans Unchanged In May
The number home loans in Australia remained unchanged in May, figures from the Australian Bureau of Statistics showed Friday. The total number of home loans for owner occupied housing came in at a seasonally adjusted 52,092 in May, remaining roughly unchanged month-over-month. Previously, the figure had declined a revised 0.2 percent in April. This was higher than the consensus estimate for a 0.5 percent decline in home loans. The value of loans for owner occupied housing declined 0.7 percent month-on-month in May, following the 1.3 percent increase in April. The value of total dwelling loans dropped 0.8 percent and the value of investment housing loans fell 0.9 percent in May.
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New Zealand House Prices Fall In June
New Zealand's house prices index declined percent in June, data from the Real Estate Institute of New Zealand, or REINZ, showed Monday. The REINZ housing price Index dropped 0.3 percent month-over-month to 3,913.3 in June. Prices in Christchurch and Wellington fell 1.9 percent and 4.3 percent, respectively, in June. Meanwhile, prices in Auckland rose 1.6 percent. Annually, the REINZ housing price index rose 6.2 percent in June. The number of dwellings sold decreased 12.3 percent month-on-month and 6.1 percent year-on-year in June.
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Yen Falls Slightly After BOJ Rate Decision
As expected, the Bank of Japan maintained target for monetary base expansion at an annual pace of 60-70 trillion yen. Following the announcement, the yen fell slightly against other major currencies. The yen was trading at 101.61 against the greenback, 138.36 against the euro, 173.57 against the pound and 113.88 against the franc around 11.10.
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Chinese Yuan Advances To 1-week High Against U.S. Dollar
The Chinese yuan climbed against the U.S. dollar in Asia on Thursday. The yuan hit 6.2013 against the greenback, setting a 1-week high. On the upside, 6.19 is seen as next possible resistance level for the yuan. The pair was worth 6.2040 at yesterday's close. The People's Bank of China set today's daily reference rate for the yuan at 6.1564 per dollar, compared to yesterday's reference rate of 6.1535. The People's Bank of China sets the daily reference rate every morning and allows the currency to move upto 2 percent from that level.
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U.K. House Price Sentiment Rises At Slower Rate In July
The U.K 's current house prices sentiment rose in July, although at a slower pace than in June, results of a survey by Knight Frank and Markit Economics showed Friday. The house price sentiment index, an indicator of house price trends, came in at 62.4 in July, a slight decrease from the 62.5 reading in the previous month. Any reading above 50 indicates rise in prices and this month's reading marked the sixteenth consecutive month of increase in house prices. The index rose in all the surveyed regions, with London showing the steepest increase as the index came in at 70.5 in July. The index was at 69.7 in the South East region and 68.3 in the East of England region. The future house price sentiment index, measuring the expectations of house prices, inched up to 71.7 in July from 71.6 in June. This was above the recent 75.1 peak reading, indicating that a more modest rise in prices is expected. However, the rate at which house prices are expected to rise eased in five of the eleven surveyed regions. Future price rise expectations decline in London, as the index decreased to 76.8 in July. This was notably lower than April's peak reading of 83.1. Those who own their home outright are the most confident that prices will rise over the next year. "There is increasing evidence that momentum in the housing market may be starting to ease, with expectations for future price rises remaining near six-month lows." said Gr?inne Gilmore, head of UK residential research at Knight Frank. "Increased discussion about interest rate rises may be taking some of the steam out of the market, as well as new mortgage rules which are serving to slow down the lending process, and make it trickier for buyers to climb onto the housing ladder, especially in areas where house price to income ratios are at their highest."
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U.S. Dollar Slides Against Euro, Yen
The U.S. dollar weakened against the euro and the yen in the Asian session on Monday. Against the euro, the U.S. dollar fell to a 4-day low of 1.3537, from an early high of 1.3522. The greenback slipped to 101.21 against the yen, from an early high of 101.37. If the greenback extends its decline, it is likely to find the support around 1.36 against the euro and 100.97 against the yen.
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