November 16, 2023
United States:
US Continuing Jobless Claims Rise to Highest in Almost Two Years
Continuing applications for US unemployment benefits rose to the highest level in almost two years, underscoring the increasing challenges unemployed workers are facing in finding new jobs.
Recurring jobless claims, a proxy for the number of people continuously receiving unemployment benefits, jumped to 1.87 million in the week ended Nov. 4, according to Labor Department data out Thursday. That marked an eighth straight week of increases.
Europe:
ECB Urges Global Rules for Debt Erased in Credit Suisse Rescue
The European Union’s top bank regulator urged global rules for a type of hybrid debt issued by lenders, after the market for the securities was rattled this year when such bonds were wiped out in the rescue of Credit Suisse.
Global rules would help additional tier 1 bonds fulfill their regulatory purpose because then “everybody understands how these instruments work in times of stress,” Andrea Enria, the head of the European Central Bank’s supervisory arm, said at a conference. He suggested the international standard-setting body known as Basel Committee should standardize the debt.
Asia:
China Housing Woes Worsen as Prices Fall Most in Eight Years
China home prices fell the most in eight years in October, signaling the property slump is worsening even after the government ramped up efforts to revive demand.
New-home prices in 70 cities, excluding state-subsidized housing, declined 0.38% last month from September, when they dropped 0.3%, National Bureau of Statistics figures showed Thursday. The decrease was the steepest since February 2015.
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