HONG KONG (Reuters) – Hong Kong’s economy expanded by 3.3% in the second quarter from a year earlier, the government said on Friday, adding that the economy should continue to grow. The economy expanded by 2.7% in the first quarter of 2024. “Looking ahead, the economy should continue to grow in the remainder of the…
By Makailah Gause NEW YORK (Reuters) – The average rate on the popular U.S. 30-year mortgage rate was little changed near the lowest level in over a year this week, as signs of cooling inflation have held down the Treasury bond yields used in setting home loan costs. The 30-year fixed-rate mortgage averaged 6.49% during…
BANGKOK (Reuters) – Thailand will increase the size of a state mutual fund by between 100 billion baht and 150 billion baht ($2.8 billion-$4.3 billion) to invest in local stocks, officials said on Tuesday, in a bid to support Asia’s worst performing market this year. The Vayupak Mutual Fund will offer new units to the…
By Kevin Yao and Ellen Zhang BEIJING (Reuters) -China’s bank lending tumbled more than expected in July, hitting the lowest in nearly 15 years, dragged down by tepid credit demand and seasonal factors and raising expectations that the central bank may dole out more easing steps. Chinese banks extended 260 billion yuan ($36.28 billion) in…
PARIS (Reuters) – The French economy is on course to grow at least 0.35% in the third quarter as it benefits from a temporary boost from activity related to the Olympic Games, the central bank estimated on Friday. The central bank forecast underlying growth in the euro zone’s second-biggest economy of 0.1%-0.2% for this quarter…
By Makailah Gause NEW YORK (Reuters) – The average rate on the popular U.S. 30-year mortgage plunged to its lowest level since May 2023 this week, following days of market turbulence resulting from last week’s softer-than-expected employment report. The 30-year fixed-rate mortgage averaged 6.47% during the week ending Aug. 8, down from 6.73% in the…
By Pete Schroeder WASHINGTON (Reuters) – The U.S. Federal Reserve announced Thursday it had imposed an enforcement action against Customers Bancorp for “significant deficiencies” around the bank’s risk management and anti money-laundering practices. The bank’s stock fell sharply after the Fed announced the action, falling over 20% in midday trading. The enforcement action against the…
(Reuters) – Piper Sandler has agreed to pay a total of $16 million as a civil penalty to U.S. regulators to resolve investigations into its record-keeping practices, the investment banking firm said on Tuesday. The firm will pay $14 million to the U.S. Securities and Exchange Commission (SEC) and $2 million to the Commodity Futures…
(Reuters) – The World Bank said on Tuesday its board had approved a $1 billion credit for Ethiopia, as the Horn of Africa country tries to push ahead with a long-running debt restructuring. Africa’s second-most populous country after Nigeria secured a four-year, $3.4 billion programme from the International Monetary Fund on Monday, hours after the…
By Promit Mukherjee and Fergal Smith OTTAWA (Reuters) – The Bank of Canada is shifting its focus to boosting the economy rather than suppressing inflation, which raises prospects of further interest rate cuts in the coming months, analysts say. The Canadian central bank lowered its benchmark rate for a second straight month on Wednesday, cutting…
