May 1, 2024
United States:
US Holds Quarterly Debt Sale Steady, Details Buybacks Start
The US Treasury left its quarterly issuance of longer-term debt unchanged on Wednesday, with the government set to benefit from an expected slowdown in the Federal Reserve’s shrinking holdings of Treasuries.
The Treasury Department said in a statement it will sell $125 billion of longer-term securities next week at its so-called quarterly refunding auctions, which span 3-, 10- and 30-year Treasuries. That’s after boosting them the three previous quarters, taking some auction sizes to record levels.
United Kingdom:
UK House Prices Fall Again After Mortgage Rates Creep Higher
UK house prices fell at the sharpest pace in eight months after the cost of mortgages crept higher, one of the country’s biggest lenders said, underscoring continued cost-of-living pressures on consumers ahead of a general election later this year.
The figures from Nationwide Building Society followed a scaling back of bets on Bank of England interest rate cuts this year, which pushed up the cost of home loans in markets. That’s strained the ability of people to afford to buy a property and held back a recovery from last year’s slump.
Asia:
South Korea’s Export Growth Picks Up, Led by Record US Demand
South Korea’s export growth accelerated last month, led by record demand from the US fed by strong economic momentum as China struggles to recover from a domestic slump.
Shipments that reflect working-day differences increased 11.3% from a year earlier, according to data released Wednesday by the customs office. Without the adjustment, headline exports rose 13.8% while overall imports increased 5.4%. The trade surplus came to $1.5 billion.
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