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According to the Nationwide Building Society, annual house price growth in the UK has cooled but is still in double digits. Growth fell back to 10.5% in July from a 17-year high of 13.4% in June. The average home price fell 0.5% MoM to $244,229, following a 0.7% increase in June.
Robert Gardner, chief economist at Nationwides, said:
Given the significant gains recorded in recent months, the slight decline in July is not surprising. In fact, home prices rose an average of 1.6% per month from April to June, more than six times the average monthly increase recorded in the five years before the pandemic.
The cut in the UK stamp duty relief may also have removed some of the market heat. The nil rate band threshold decreased from 500,000 to 250,000 at the end of June (reverting to 125,000 at the end of September), which provided a strong incentive to complete home purchases before the end of June, especially for high-end properties. , the maximum savings in stamp duty has been reduced from 15,000 to 2,500 since the end of June.
He said land registration data showed that higher-priced properties have driven a strong housing market since the outbreak of the pandemic. Over the past six months, sales of single-family and semi-detached homes have risen, while sales of apartments have declined significantly as people have shifted to telecommuting and looking for larger properties.
The German Consumer Confidence Index continued to rise until August, when the GfK barometer remained unchanged at -0.3 points, with economists forecasting improvement to 1.0.
A survey of 2,000 people found that Germans were more willing to spend, but were less optimistic about the economic outlook than a month ago amid rising COVID-19 infections. After declining for more than two months, it is increasing again from early July, mainly due to the spread of the more contagious delta variant. About 60% of Germans received their first dose of the Covid-19 vaccine and half were fully vaccinated.
Wizz Air says passenger numbers are starting to rise and by August the first big airline in Europe is expected to return to pre-pandemic levels, but has plunged into deeper first-quarter losses after operating at 33% during the first quarter. latest lock.
Asian stocks lost their fourth day as a sell-off in mainland China and Hong Kong shook the region after the Chinese government tightened regulations on tech and education companies. Japan’s Nikkei fell 1.4% (SoftBank, a major Chinese tech investor, down 4.7%) and the Australian market fell 0.7%.
China’s stock market has been volatile, with the Shanghai Composite slashing losses to 0.46% after the Shanghai Composite fell to 2% as the state-owned financial media demanded composure. Hong Kong Hang Seng reversed its previous losses with a late rebound of 1.3% after plummeting more than 4% on Monday and Tuesday. Shares of Hong Kong-based internet giant Tencent fell 3.5% and Alibaba fell 3%.
Analysts at Bespoke Investment Group reported on CNBC that there was only one year in 2011 when Hang Seng fell more than 7.5% in two days. Since then they have written:
The decline in two days since the financial crisis has never exceeded the past two days.
U.S. stocks recorded major declines ahead of earnings reports from tech giants Google, Apple and Microsoft. They reported record quarterly sales and profits on Tuesday night as companies continue to benefit from the pandemic that has caused a perfectly positive storm for the tech giant. European stocks are expected to rise slightly this morning.
The US Federal Reserve is due to release its monthly policy decisions after tonight’s meeting. Investors are looking for clues as to how quickly the US central bank will ease stimulus.
7:45 AM BST: France Consumer Confidence Index for July (Prediction: 102) 9:00 AM BST: Italian Business and Consumer Confidence Index for July 12 PM BST: US MBA Mortgage Application for the Week of July 23 1:30 PM BST: Canadian Inflation for June (Predicted: 3.2%) 1:30 PM BST: US Commodities Trading for June 7:00 PM BST: US Federal Reserve Rate Decision 7:30 PM BST: US Fed Press Conference
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