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MNI China Daily Summary: Friday, Nov 24

MNI BRIEF: Belt And Road To Promote Economic Integration

PBOC Injects Net CNY312 Bln Fri; Rates Unchanged

GERMANY NOV IFO CURRENT COND  89.4

MNI: GERMANY NOV IFO BUSINESS CLIMATE INDEX 87.3

UK Timeline of Key Events (All Times in GMT)

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MNI BRIEF:Macklem-Fiscal Policy Turning Unhelpful On CPI Fight

MNI BRIEF: Stabilizing Prices Helps BOC Turn Neutral-Freeland

Investor Interest Driving Housing Finance

AUSTRALIA DATA
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New home loan values in September rose a slightly less-than-expected 0.6% m/m to be still down 4.7% y/y but up from -9.3%. The rise was driven by strong interest from investors with new loans rising 2% m/m and 2.6% y/y after 1.7% m/m and -2.9% y/y in August. Owner occupiers were more subdued with lending declining 0.1% m/m after August’s robust 2.8% rise but were still down 8.4% y/y. Rising house prices are likely to remain the RBA’s main concern in the sector. Financing is recovering but not a problem.

  • Investor lending is still 21.6% lower than the January 2022 peak and owner-occupiers are lagging down 29.2% but both are above pre-pandemic levels.
  • Lending to first time home buyers in September rose a strong 1.4% m/m after +4.5% to be 3.1% higher than a year ago. Values are still 16.5% lower than January 2022. But the number of new buyers is still down 0.6% y/y.
Australia value of new home loans $mn

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New home loan values in September rose a slightly less-than-expected 0.6% m/m to be still down 4.7% y/y but up from -9.3%. The rise was driven by strong interest from investors with new loans rising 2% m/m and 2.6% y/y after 1.7% m/m and -2.9% y/y in August. Owner occupiers were more subdued with lending declining 0.1% m/m after August’s robust 2.8% rise but were still down 8.4% y/y. Rising house prices are likely to remain the RBA’s main concern in the sector. Financing is recovering but not a problem.

  • Investor lending is still 21.6% lower than the January 2022 peak and owner-occupiers are lagging down 29.2% but both are above pre-pandemic levels.
  • Lending to first time home buyers in September rose a strong 1.4% m/m after +4.5% to be 3.1% higher than a year ago. Values are still 16.5% lower than January 2022. But the number of new buyers is still down 0.6% y/y.
Australia value of new home loans $mn

Keep reading...Show less