“It is just an easy mantra for international commentators and for analysts based overseas to just say, well you know there’s a bit of housing bubble emerging in Australia,” Hockey told a Bloomberg event in Sydney on Tuesday. “That is a rather lazy analysis. I don’t see at the moment any substantial risk.” He also dismissed suggestions the property bubble was “credit-fuelled”.
Costa Rica’s credit rating was cut to junk by Moody’s Investors Service as the Central American country struggles to contain a widening deficit and foreign companies from Intel Corp. to Bank of America Corp. trim operations.
Moody’s lowered the credit rating to Ba1 from Baa3, putting the $50 billion economy in the same high-yield, high-risk category as Morocco and Portugal.
The average price of a British home stood at £272,000 following three consecutive months of double-digit price rises. Most of the UK's regions saw house values jump above their pre-financial crisis peaks, fuelling concerns that much of the UK's recovery has been fuelled to a large degree by a booming housing market.
Experts say fracking and wastewater disposal may also be linked to the soaring number of earthquakes rocking Oklahoma, which has already surpassed last year's record-breaking 222 "felt" earthquakes, defined as those strong enough to rattle items on a shelf.
Bank of Japan Governor Haruhiko Kuroda said stable yen moves are crucial for the country's business sector, nodding to complaints from some companies that rising import costs from sharp yen declines were starting to hurt their bottom line.
“This is like ‘printing money’ as base money is created,” Shen Jian-guang, Hong Kong-based chief Asia economist at Mizuho Securities Asia Ltd., said in an e-mail. “The immediate impact is similar to an RRR cut of 50 basis points to all banks.” RRR is banks’ required reserve ratio; cutting it increases the amount they have available to lend.
Global central banks from Japan to Europe and the U.S. have kept interest rates low and provided additional liquidity during a five-year bull market. The Fed is on track to end its monthly bond-buying next month. The move by China’s central bank today comes after increasing signs that growth is slowing in the world’s second-largest economy.
Gross bad loans at Italian lenders continued to rise, totalling 172.3 billion euros ($223 billion) in July from 170.3 billion euros a month earlier.
The ruble fell to a record for a fourth day as sanctions over the Ukraine crisis exacerbated a foreign-currency shortage in Russia, while the government canceled its ninth straight debt sale.
The state-owned company, which is on the brink of bankruptcy, generates and distributes electricity on the island……Burdened with a $9 billion debt, PREPA recently was unable to pay $671 million to its bondholders, and negotiated with them for an extension until March to reorganize its finances and come up with the payments.
Those flaws are among an estimated $2 billion in infrastructure problems in San Diego that city officials hope to fix in coming years by devoting more money to road repair, building upgrades, playing field maintenance and sidewalk renovations.
Padoan said the fall in government bond yields would save Italy 5 billion euros in debt servicing costs in 2014, partly offsetting the impact of the shrinking economy on public finances.
Gold & Silver
Provided daily by the Peak Prosperity Gold & Silver Group
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