The Q2 results from Wells Fargo and JP Morgan have again raised the issue of declining mortgage refinancings (if rates stay elevated), along with spurring more general worries about the housing market.
Here’s the Wall Street Journal on Friday: Read more
Above is a video by the FT’s Chris Booker this morning about the candidacies of Anthony Weiner and Eliot Spitzer for New York City mayor and comptroller, respectively. Read more
In this edition of Alphachat, Michael Pettis, Professor of Finance at Peking University and the original Alphachat guest, joined Cardiff, Kate and David to discuss China and its apparent drive to reorient the economy.
Live markets commentary from FT.com
Defining the business of banking || The Fed’s credibility and future promises || 6.5% growth in China? So what? || Schneider approaches Invensys on potential takeover || G4S faces fraud probe over tagging contracts || Transatlantic swaps deal averts market crunch || Market’s wrap || FTAV’s latest Read more
Well, not a problem apart from all that confusion that arises when a senior Chinese official apparently contradicts official GDP targets and expectations…
Chinese Finance Minister Lou Jiwei said a 6.5 percent economic-growth rate wouldn’t be a “big problem,” signaling the government may tolerate a slower pace of expansion than officials have previously indicated.
That’s from Bloomberg, and Lou made the comments at a press conference in Washington, so he knew it would be picked up by the western media. Xinhua also has a report that paraphrases Lou as saying he expects 7 per cent growth this year. (The official target, remember, is 7.5 per cent). Read more
Elsewhere on Friday,
- It’s a trade cycle, not a business cycle.
- Stop the link hoarding madness!!!
- Why you’ll probably hear more about basic income. Read more
Asian stocks mostly higher || Half public Lloyds stake could be earmarked for retail || China accuses GSK of ‘huge’ price scheme || Schneider Electric talks of £3.3bn bid for Invensys || China’s finance minister talks of 6.5% growth || Singapore grew at 15.2% in Q2 || Swiss deal on US tax cheats nears || BP is now a registered derivatives dealer Read more