April 17, 2024
United States:
US 30-Year Mortgage Rate Rises to a Four-Month High of 7.13%
US mortgage rates climbed to a four-month high last week, potentially signaling a bumpier recovery for the residential real estate market.
The contract rate on a 30-year fixed mortgage rose 12 basis points to 7.13% in the week ended April 12, according to Mortgage Bankers Association data released Wednesday. The effective rate, which includes fees and compound interest, increased to 7.32%.
Europe:
European Stocks Buoyed by LVMH and Adidas With Earnings in Focus
European stocks rose as investors focused on the latest earnings news, with reassuring results from LVMH spurring gains in luxury names that helped to outweigh weakness in the tech sector after orders at ASML Holding NV missed estimates.
The Stoxx Europe 600 Index rose 0.5% by 10:17 a.m. in London, with LVMH leading the gains after its earnings soothed worries over luxury demand. Adidas AG surged the most in 11 months after raising its profit forecast. Basic resources were higher after Rio Tinto Group said it expects China’s steel exports to remain historically elevated and support iron ore demand.
Asia:
China’s Small Caps Gain as CSRC Seeks to Ease Delisting Concerns
Chinese small-cap stocks pared much of a selloff earlier this week after the nation’s top securities regulator sought to ease concern over the potential delisting of firms with weak financial health.
The CSI 2000 Index climbed 6.7% after the China Securities Regulatory Commission said the latest delisting rules target “zombie” listed companies but not small-cap stocks as a whole. The tighter rules won’t have an impact on the broader market in the short term, the regulator said in a statement late Tuesday.
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