Demand for mortgages surges as interest rates fall to lowest in months

The Good Brigade | Digital vision | Getty Images Consumers have returned from the holiday season to find mortgage rates at their lowest level since September, and they are reacting dramatically. The volume of mortgage applications jumped nearly 28% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. The … Read more

Credit Suisse CEO says outflows have decreased ‘very significantly’ as review progresses

Switzerland’s second largest bank, Credit Suisse, is seen here next to a Swiss flag in downtown Geneva. Fabrice Cofrini | AFP | Getty Images Swiss credit is seeing a sharp reduction in customer outflows as the struggling Swiss lender moves forward with its major strategic overhaul, new CEO Ulrich Koerner told CNBC on Wednesday. In … Read more

Layoffs at Microsoft: big job cuts are to come

New York/London CNN — Microsoft (MSFT) could announce thousands of job cuts on Wednesday, according to multiple reports, potentially becoming the latest tech company to lay off its workforce as the global economy slows. Sky News, without citing sources, said the layoffs would affect around 5% of the company’s workforce. Microsoft employs 221,000 people worldwide, … Read more

Exclusive: ECB union says staff are losing faith in leadership amid inflation and wages

40% of ECB staff have little or no confidence Two-thirds say trust is damaged 63% are worried about the ECB’s ability to protect purchasing power FRANKFURT, Jan 18 (Reuters) – (This story from Jan 17 has been corrected to restore deleted words in paragraph 11) European Central Bank staff are losing confidence in the institution’s … Read more

Fund manager names 2 stocks to play semiconductor sector

Semiconductor stocks are improving after a difficult 2022. The iShares Semiconductor ETF is up 11% this year, in stark contrast to the index’s 35.8% decline in 2022. The once-booming sector saw a slowdown last year, given declining demand for consumer products such as smartphones and personal computers; supply chain disruptions; and a broad sense of … Read more

China’s growth in 2023 largely depends on the consumer: KraneShares

The Bund in Shanghai, China on October 17, 2022. China’s gross domestic product grew 3% in 2022, less than half the rate of 2021. Qilai Shen | Bloomberg | Getty Images China’s economy looks poised for a rebound in 2023, but a lot hinges on one variable – the consumer, investment management firm KraneShares said. … Read more

UK inflation rate drops for second consecutive month to 10.5%

michelle mitha | iStock/360 | Getty Images LONDON — UK inflation eased during the month, in line with economists’ expectations, as fuel, clothing and leisure costs drove the index lower. Inflation slowed to 10.5% in December from 10.7% in November, Britain’s Office for National Statistics said on Wednesday. A panel of economists polled by Reuters … Read more