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  • Purdue University/CME Group Ag Economy Barometer: Farmer Sentiment Drifts Lower On Weaker Future Expectations

    Date 02/07/2024

    Farmer sentiment drifted downward in June as the Purdue University/CME Group Ag Economy Barometer reading of 105 was 3 points lower than a month earlier. The overall decline in sentiment was due to a five-point drop in the Index of Future Expectations, which fell to 112, while the June Current Conditions Index increased to 90, 1 point higher than the May index. High input costs, the risk of lower prices for their products, and rising interest rates continue to weigh on farmer sentiment. This month's Ag Economy Barometer survey was conducted from June 17-21.

  • New Members Appointed To Finansinspektionen’s Board Of Directors

    Date 02/07/2024

    The Government has appointed Martin Flodén and Roine Vestman, both professors in economics at Stockholm University, to FI’s Board of Directors.

  • Investor Activity On GPW In June 2024

    Date 02/07/2024

    GPW Main Market equity turnover reached PLN 24.3 billion in June 2024, a decrease of 2.4% year on year. Average daily equity turnover on the Warsaw Stock Exchange increased to PLN 1.21 billion, up 2.4% year on year. The broad market index WIG gained close to 13% in H1 2024.

  • FSB Consults On Interim Findings Of Its Evaluation Of The Effects Of The G20 Financial Regulatory Reforms On Securitisation

    Date 02/07/2024

    • Evaluation finds that risk retention and higher prudential requirements have enhanced the resilience of the securitisation market, without strong evidence of material negative side-effects on financing to the economy.
    • The reforms have contributed to a redistribution of risk from banks to the non-bank financial intermediation (NBFI) sector.
    • Further analysis will be undertaken, incorporating feedback from this public consultation, before publication of a final report at the end of 2024.

  • ICE Mortgage Monitor: As Market Gradually Shifts To Higher Rates, Latest Data Identifies Possible Refinance Tipping Point

    Date 02/07/2024

    • According to ICE Mortgage Technology data and analytics, as of May, 24% of mortgage holders had current interest rates of 5% or higher, up from 10% two years ago
    • Four million loans originated since 2022 have rates of 6.5% or higher – 1.9M at 7%+ – providing modest opportunity for growth in the number of mortgage holders with incentive to refinance as rates ease
    • An average of ~240K mortgages sit in each 1/8th of a percent rate band from 7-7.625% providing only modest increases to the number of in-the-money mortgages as those loans gain refinance incentive
    • There’s a spike of 690K loans with rates just below 7%, driven in part by borrowers buying down their rates for the comfort of an interest rate that starts with a 6, which could be a tipping point to more meaningful, albeit still modest, refi activity as those borrowers gain incentive to refinance
    • The VA share of rate/term refi activity experienced a noticeable upswing in recent weeks, accounting for more than 30% of recent rate locks, according to ICE originations data, up from less than 10% last year
    • The average VA refinance borrower is early into their 30-year term (average prior loan age of ~1 year) and benefitting from a 1pp cut in their first lien mortgage rate, for an average savings of $230 per month
    • Refinance retention hit its highest level in 18 months in Q1, driven in part by a tripling of rate/term retention – from 15% in Q4 to 46% in Q1 – among borrowers refinancing their VA and FHA loans

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