Hello there! I appreciate you taking the time to join me. The housing market has seen some significant changes lately. In fact, recent data from lender Nationwide reveals that house prices have dropped to their lowest level since 2009.
Specifically, property values have contracted by 5.3% in the year leading up to August, following a decline of 3.8% in July. This decline can have implications for homeowners and potential buyers alike.
Ready for the day? Here are 5 things to kickstart your morning:
1) British defence giant BAE considers building artillery in Ukraine: BAE, a leading company in the UK’s FTSE 100, is exploring the possibility of local manufacturing and direct deals with the Ukrainian army.
2) France accuses Unilever and Nestle of refusing to lower prices: In a battle against double-digit food inflation, Paris has criticized these two major companies for their reluctance to reduce prices.
3) Waitrose experiences glitch resulting in last-minute order cancellations for customers: An IT problem has caused disruptions, leaving many store shelves empty and disappointing online shoppers.
4) French delivery company strikes a deal with Post Office, impacting Royal Mail: DPD is now offering customers the convenience of selecting and paying for UK and international parcel services online, which poses a challenge for its competitors.
5) Titanic shipyard triumphs in legal battle, allowed to store gas in Northern Irish caves: The facility has a lifespan of 40 years and could potentially fulfill 25% of the UK’s storage needs.
What happened while you were sleeping:
While you were resting, the Asian stock markets experienced some interesting developments. China introduced further stimulus measures to support its struggling economy, and traders eagerly awaited the release of the US jobs figures.
Mainland China shares saw a rise following a month of over 5% in losses. Financial and real estate stocks played a leading role in this upward trend. However, the Hong Kong stock market remained closed due to a strong storm hitting the city.
Meanwhile, Japan’s Topix Index is on track to achieve its best weekly advance since October. This can be attributed to a significant 11.6% annual increase in companies’ profits during the second quarter. However, it’s worth noting that Japanese businesses reduced their spending for the first time in five quarters, potentially leading to a downward revision in second-quarter economic growth data.
As for Wall Street, it experienced a downturn, concluding the month as the first losing month since February. The S&P 500 fell 0.2% to close at 4,507.66, signaling an end to a four-day winning streak. The Dow Jones Industrial Average also dropped 0.5% to 34,721.91, while the Nasdaq Composite dipped 0.1% to 14,034.97.
Finally, let’s take a look at the bond market. The yield on the 10-year Treasury slipped to 4.10% from 4.11% on Wednesday, while the yield on the 2-year Treasury, which reflects expectations for the Fed, slightly decreased to 4.85% from 4.88%.
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