The U.S. announced on July 12 that its annual inflation had fallen to 3% lower than the expected 3.1%
Thursday, markets saw Europe stocks open higher following the news.
More pain is expected in the Eurozone as further interest rate hikes are needed, and BoE expects mortgage payments to be hiked.
Europe stocks have opened higher, with Stoxx 600 up 0.67% at 13:20 London time on July 13. The tech stocks were also up 1.5%, with almost each other sector trading in green.
Europe stocks get a spike though the U.K. economy contracted in May
The U.K. economy is left behind by its west counterpart, the U.S. The U.S. reported strong market data in June, with its inflation falling to the lowest point since 2021. On the other hand, the U.K. reported a contraction of 0.1% in May.
International markets are, however, expecting a 90% possibility of July seeing a rates hike in the U.S. However, a smoother way ahead may be inbound for the U.S., as it was expected that only two more hikes could be necessary this year. As such, markets are reacting well to the information.
Shortly after the news of the falling inflation rates in the U.S. hit the headlines, the STOXX 600 rose by 1.5%, showing more hope among traders, at the same time. The S&P 500 closed Wednesday at its highest level since April 2022.
The U.S. Producer Price Index was released on July 13, 2023, detailing that the final demand increased by 0.1% in June. Concurrently, the Prices for final demand services rose 0.2 percent in the same period.
The US Producer Price Index for final demand increased 0.1 percent in June. Prices for final demand services rose 0.2 percent, and the index for final demand goods was unchanged. Prices for final demand advanced 0.1% for the 12 months ended in June.https://t.co/YctBSFrKz6
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US CPI has risen to 305.11 points in June from 304.13 points in May, but the country’s inflation rate stands at 3%.
The consumer price index for all urban consumers (CPI-U) rose 0.2% in June on a seasonally adjusted basis.
Over the last 12 months, all items index increased 3.0% before seasonal adjustment.
The US CPI has risen to 305.11 points in June from 304.13 points in May. Over the last 12 months, all items index increased 3.0% before seasonal adjustment. The index for shelter was the largest contributor to the monthly all-items increase, accounting for over 70 percent of the increase.
More fear in the markets as CPI increases in the US
The USConsumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. In June, it rose to 305.109 points after the Federal Reserve skipped a rates hike for the first time in months.
According to data from the Bureau of Labor Statistics, the index for shelter was the largest contributor to the monthly all-items increase, accounting for over 70 percent of the increase, with the index for motor vehicle insurance also contributing. The food index increased 0.1 percent in June after increasing 0.2 percent the previous month. The index for food at home was unchanged over the month, while the index for food away from home rose 0.4 percent in June. The energy index rose 0.6 percent in June as the major energy component indexes were mixed.
The index for all items less food and energy also rose in the month by 0.2%, the smallest 1-month increase in that index since August 2021. The indexes that increased in June include
Shelter
Motor vehicle insurance
Apparel
Recreation
Personal care.
At the same time, some indexes decreased. They include:
Airline fares,
communications
Used vehicles
Household furnishing
Operations
The report also indicated that all items index increased 3.0% in the past 12 months ending June, the smallest increase since March 2021. It also indicated that all items food and energy index rose 4.8 percent over the last 12 months. The energy index decreased 16.7 percent for the 12 months ending June, and the food index increased 5.7 percent over the last year.
Percent changes in CPI for All Urban Consumers (CPI-U): U.S. city average
BoE has released a Financial Stability Report stating that over 2 million households cannot manage to pay mortgages.
The report shows that over 2 million registered mortgage financiers will see monthly payments increase between $259 and $645 by the end of 2026.
Over 1 million financiers will see their monthly mortgage payments jump by more than £500 in the time frame.
UK mortgage financing is set to become harder for middle and struggling social classes as inflation worsens and BoE projects hikes of up to $645 in monthly payments.
No end in sight for UK Mortage agony
As reported by Fintech Express on July 11, there is no end in sight to UK Mortgage crisis agony. BoE has reported expected rises in monthly mortgage payments through 2026.
The Bank of England has warned that struggling homeowners are set to persevere more pain as UK Mortgages get adjusted and increased by up to $645. However, it has been added that stressed households today are more indebted than they were in the 2007 financial meltdown.
In the Wednesday Financial Stability Report, BoE said that its model shows that over 2 million UK mortgage holders will see monthly payments increase between £200 to £499 ($259 to $645) by the end of 2026. It added that over 1 million people will see their mortgages shoot up by £500 over the same timeframe
This report comes after the U.K.‘s average 2-year mortgage deal rose to its highest level since 2008, with the average 5-year mortgage deal following closely behind. The bank expects more pain in the markets as the inflation rates still run wild, which means more action must be taken to prevent embedding inflation.
As such, the expected interest rate hikes will bring more pain to the markets and mean higher mortgages for the borrowers. Keep watching Fintech Express for more updates on this and other fintech-related developments.
The housing sector in the U.K. has been heavily impacted as interest rates hike pushes mortgages to multi-year record highs.
More pain is expected as the inflation rates in the country are still high and need more action from the Bank of England.
The average level of the two-year fixed deal stands at 6.66%
Mortgage rates are spiking in Britain following tough economic times and decisions from the European Central Bank and the Bank of England. The country has been experiencing record-high inflation rates that have necessitated the introduction of higher bank rates, which have raised living costs.
Mortgage rates are expected to rise further in the U.K.
More pain is expected in the British housing markets after mortgage rates have skyrocketed despite inflation remaining malignantly high. The Bank of England is expected to keep hiking interest rates to avoid embedding inflation.
A key mortgage rate went up on July 11, showing that the 2-year fixed deal now stands at 6.66% per figures provided by Moneyfacts. This increase marks a 15-year high record of the specific housing mortgage deal. It had hit a closer 6.65% increase in October 2022 following the defunding of tax cuts in the mortgage market.
In the same report, the 5-year mortgage rate rose to 6.17%, a marginal increase from the past days but still lower than the 6.51% level reached in October 2022. These mortgage rates are expected to rise even further following the need for more interest rate hikes from BoE.
Britain’s economic outlook becomes worse than previously expected
Britain had expected its inflation rates to fall below 2% by the end of the year, a target that keeps getting shadowed each day the deadline approaches. It seems increasingly unlikely that the Bank of England will hit this target without pushing the economy into a recession.
Figures from earlier today show that wage rates are spiking in the country, and a housing sector meltdown is imminent. These are signs of a deteriorating economy. And sadly, there are still no signs of the British economy hitting a turnaround soon. Therefore investors should brace for impact and choose less risky investment options in the country.
Keep watching Fintech Express for more updates on this and other fintech-related developments.
10-year treasury yields traded lower at 3.962% on Tuesday
The 2-year treasury yield was down by more than two basis points to 4.837%
US treasury yields have fallen as investors await key economic data that could impact the Federal Reserve monetary policies.
US treasury yields fall as investors weigh Federal Reserve monetary policy
Investors on Tuesday pushed the US Treasury Yields down as they anticipate the release of June CPI data, which is set to be released on July 12 at 8:30 Eastern time.
At 3:51 a.m. ET, the yield on the 10-year Treasury traded over four basis points lower at 3.9621%. The 2-year Treasury yield fell by over two basis points to 4.8367%.
Investors are wary of further interest rates hike that Fed chair Jerome Powell has indicated could be necessary. The Federal Reserve is expected to post two more interest rates hikes. Investors are also on the lookout for other key economic data expected this week, like the wholesale inflation coming n July 13, 2023.
Keep watching Fintech Express for more finance and fintech-related developments.
