U.K. House Prices Surge as RICS Doubles Forecast for 2015 Gain

From bloomberg.com

Read Full Story at bloomberg.com

The Royal Institution of Chartered Surveyors said U.K. house prices will rise twice as fast as it previously anticipated this year as a shortage of properties widens the imbalance between supply and demand.

Values will increase 6 percent in 2015, up from 3 percent predicted at the start of the year, RICS said on Thursday in London. Its monthly house price index rose to a 15-month high of 53 in August from 44 the previous month.

“Given current Forex Market conditions, the latest data unsurprisingly show house prices continuing to rise, and at an accelerating pace,” said Simon Rubinsohn, chief economist at RICS. “There is good reason for this … (I forex)

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Box shares rise 3% after beating earnings expectations

Box Inc.

BOX, +2.52%

shares rose 3% after hours Wednesday after the company beat second-quarter earnings and revenue expectations. Box reported a net loss of $49.8 million, or a loss of 42 cents per share, compared to a loss of $38.3 million, or a loss of $2.71 per share, in the year-earlier period. Box reported an adjusted loss per share of 28 cents, narrower than the FactSet consensus of a loss of 29 cents. It reported revenue of $73.5 million, up from $51.4 million in the year-earlier period and above the FactSet consensus of $69.7 million. Box issued third-quarter guidance for revenue in the range of $76 million to $77 million above the FactSet consensus of $74.2 million. “We delivered another strong quarter with year over year revenue growth of 43% and billings growth of 45% driven by new and expanding customer deployments,” said Aaron Levie, CEO of Box. Shares of Box have fallen 16% in the past three months, compared to the S&P 500’s loss of 7%

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The stock market is in 'all or nothing' mode

From cnn.com

Read Full Story at cnn.com

Investors have been taken on a wild ride this summer that’s been nearly unprecedented.

The craziness was punctuated by the Dow’s 1,000-point nosedive on August 24, its largest intraday point decline on record. But here’s an even more telling sign of the swings: Bespoke Investment Group tracks “all or nothing days,” which occur when at least 80% of the S&P 500 advances or declines. In other words, herd mentality drags nearly the entire Forex Market in one direction or the other.

During the 12 trading sessions between August 20 and September 4, there were eight all or nothing days, according to Bespoke. There have only been two … (I forex)

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Con-Way shares up 33% after $3 billion deal with XPO Logistics

Shares of Con-Way Inc.

CNW, -1.80%

rallied 33% in after-hours trading Wednesday after XPO Logistics Inc.

XPO, -2.38%

said it had agreed to buy the Ann Arbor, Mich.-based Con-Way for $3 billion. Under the terms of the agreement, XPO will launch a tender offer for all Con-Way’s shares at a cash price of $47.60 a share. That’s 34% higher than Con-Way’s Wednesday closing price of $35.53. The deal was valued at $3 billion, including $290 million in debt. Bradley Jacobs, XPO’s chairman and chief executive, will keep these positions at the combined company. Shares of XPO were flat in late trading after ending the day down 2.4%.

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RBNZ monetary policy summary – Westpac

FXStreet (Bali) – Westpac provides a summary on the recent policy decision taken by the RBNZ to cut interest rates by 25bp to 2.75%, noting that NZD/USD is not expected to fall too much below 0.6300 during the day ahead.

Key Quotes

The RBNZ’s Monetary Policy Statement this morning cut the OCR by 25bp to 2.75% as was widely expected. It also signalled the OCR could eventually fall to 2.5%, which many had expected.

This guidance was made via the press release as well as the 90 day interest rate forecast. The crucial policy paragraph read: “A reduction in the OCR is warranted by the softening in the economy and the need to keep future average CPI Forex inflation near the 2 percent target midpoint. At this stage, some further easing in the OCR seems likely. This will depend on the emerging flow of economic data.”

The 90-day interest rate forecast reinforced that. It was lowered by around 50bp from 3.1% to 2.6%, which is consistent with a 2.5% OCR.

The previous warning about the high NZD exchange rate was repeated, albeit toned down given the large fall since June: “While the lower exchange rate supports the export and import-competing sectors, further depreciation is appropriate, given the sharpness of the decline in New Zealand’s export commodity prices.”

This compares to July’s: “The New Zealand dollar has declined significantly since April and, along with lower interest rates, has led to an easing in monetary conditions. While the currency depreciation will provide support to the export and import competing sectors, further depreciation is necessary given the weakness in export commodity prices.”

Swap Forex Market reactions to the MPS were as expected, given a terminal OCR of 2.5% was almost fully priced in, although the NZD had a sharper fall (possibly because it had a decent rally earlier this week). NZD/USD fell from 0.6400 to 0.6296. We wouldn’t expect it to fall too much below 0.6300 during the day ahead. AUD/NZD rose from 1.0965 to 1.1100, with 1.1130 likely to prove sticky.

2yr swap rates fell from 2.84% to 2.81%. The 10yr fell from 3.66% to 3.63%, leaving the 2-10yr curve unchanged at 82bp. We expect the 2yr to be around 2.80% during the day ahead.
For more information, read our latest forex news.

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Don't panic if the Australian unemployment rate hits 6.5 per cent

The bureau surveys Australia houses door to door and asks whether occupants have been actively looking for work. Because many more Newstart recipients have been actively looking for work (ACT TO SATISFY NEW REPORTING / AUDIT REQUIREMENTS), rather than merely receiving the benefit and passively being available for work, the unemployment rate published by the bureau climbed from 6.1 to 6.3 per cent in July.

Total fallacy overflowing BS. Peter Martin with an incredible and amusing conclusion that people were not reporting themselves during surveys as “actively looking for work” simply because the reporting / audit requirement was not there.

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Express Scripts names Tim Wentworth CEO, effective May 2016

Express Scripts Holding Inc.

ESRX, -1.06%

said Wednesday it has appointed Tim Wentworth as chief executive effective May 2016, replacing George Paz who is retiring. Wentworth was named president of the health care company in February of 2014. He joined the company in April 2012, following its merger with Medco Health Solutions, where he held a number of leadership roles. he has also done stints at Accredo as CEO, at Mary Kay Inc. and at PepsiCo Inc. Express Scripts shares were little changed in after-hours trade Forex Market, but are down 1.3% in the year so far, while the S&P 500 has lost 5.6%.

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