SHANGHAI (Reuters) – China’s move to cool a rising yuan stands little chance of stopping further gains, international banks say, as the strength of the world’s number two economy and a near-record yield advantage drive big and steady inflows.

Over the weekend, the People’s Bank of China (PBOC) scrapped a requirement for banks to hold a reserve of yuan forward contracts, removing a guard against depreciation and sending the currency down 1% for its steepest drop since March.

Yet an identical move three years ago ultimately proved ineffective, and investors say this time the conditions are even more likely to buoy the yuan, perhaps as far as 6.5 per dollar.

“In all previous instances, the impact of the regulatory change was temporary,” said Eugenia Victorino, head of Asia strategy at Swedish bank SEB in Singapore.

“We continue to expect the yuan to remain on an appreciation trend, with USD/CNY approaching 6.60 by end-2021,” she said.

Goldman Sachs forecasts yuan, last quoted at 6.7436

, will hit 6.5 per dollar in 12 months.
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Much as in 2017, the PBOC’s move follows a long spell of appreciation. The yuan has strengthened more than 6% since late May and just closed its best quarter in a dozen years as China leads the world out of the coronavirus pandemic and soaks up capital flows.

Foreign holdings of Chinese government debt rose at the fastest pace in more than two years last month, with the spread between Chinese

and U.S. 10-year

government bond yields holding near record highs scaled in July. In another nudge for the yuan to weaken, Beijing granted $3.4 billion in outbound investment quotas last month, the first fresh permission for such flows since April 2019.
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Yet analysts say China’s economy, projected to keep growing as the rest of

Oct. 7 (UPI) — Mortgage rates in the United States have fallen to new lows and spurred a flurry of applications to refinance, an industry report said Wednesday.

The Mortgage Bankers Association said in its weekly report that interest rates for a 30-year fixed-rate mortgage fell to 3.01% last week. Moreover, refinancing applications rose 8% and are 50% higher than they were last year at this time.

“Mortgage rates declined across the board last week — with most falling to record lows — and borrowers responded,” Joel Kan, MBA associate vice president of economic and industry forecasting, said in a statement. “The refinance index … hit its highest level since mid-August.”

The lower mortgage rates — which have sunk to record levels multiple times in recent months — have not corresponded, however, to a surge in applications from homebuyers.

While those applications are 21% higher year-to-year, they declined by 2% last week and are 4% off their level a month ago.

The Market Composite Index, which measures application volume, increased 4.6% on a seasonally adjusted basis, MBA said. On an unadjusted basis, it rose 5%.

Analysts said in the report the COVID-19 pandemic has both contributed to and taxed the housing market.

“There are signs that demand is waning at the entry-level portion of the market because of supply and affordability hurdles, as well as the adverse economic impact the pandemic is having on hourly workers and low-and moderate-income households,” Kan noted.

“As a result, the lower price tiers are seeing slower growth, which is contributing to the rising trend in average loan balances.”

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By Miroslava Krufova and Alan Charlish

WARSAW (Reuters) – The Czech crown

looks set to lead the charge as central and eastern European currencies bounce back over the next 12 months from recent losses on hopes of improvement in the global pandemic situation, a Reuters poll found.
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September was a difficult month for CEE currencies, with the crown, the Polish zloty

and the Hungarian forint

losing 2-3% as rising numbers of coronavirus cases stoked fears of a damaging second wave.
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However, according to the poll of 39 analysts, the crown will gain 4.6% versus Wednesday’s European close to 25.80 against the euro in a year, as pandemic worries calm and the focus shifts back to fundamentals.

“While uncertainty regarding the second wave of the pandemic and regarding the impact of related restrictions on economic activity may last also in the coming weeks, I think the CEE currencies over-reacted with their recent depreciation,” said Radomir Jac, Chief Economist at Generali Investments CEE in Prague.

“The macroeconomic background remains supportive for the view that the Czech crown will recover from its recent losses as soon as concerns regarding the impact of the pandemic moderate.”

In Hungary, where the central bank faces a deep recession coupled with rising inflation, the forint is seen firming 1.4% against the euro to 358.50 in a year. However, expectations are less optimistic than in September when the forint was expected to be the region’s best-performing currency.

“HUF is to remain under pressure mainly because of the flight to safety due to the upcoming uncertainty regarding the U.S. elections and the COVID-19 situation,” said Peter Virovacz, senior economist at ING in Budapest.

“Hopefully the worst will be behind us by the second quarter of 2021 and then we will see some appreciation in the EM

AmeriHome, a residential mortgage producer and servicer, filed on Thursday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $300 million.

AmeriHome has created a flexible and scalable platform with a modern purpose-built infrastructure and advanced data and analytics capabilities. The company has grown its production volume 187% from 2015 and has positioned itself as the third largest correspondent producer.

The Thousand Oaks, CA-based company traces its roots to 1988 and booked $642 million in revenue for the 12 months ended June 30, 2020. It has not selected a listing exchange or ticker yet (RC ticker: AMHM.RC). AmeriHome filed confidentially on August 12, 2020. Credit Suisse, Goldman Sachs, J.P. Morgan, Wells Fargo Securities, Barclays, BofA Securities, and RBC Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.

The article Leading mortgage servicer AmeriHome files for an estimated $300 million IPO originally appeared on IPO investment manager Renaissance Capital’s web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital’s research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital’s Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Source Article

NEW YORK, Sept.¬†30, 2020 /PRNewswire/ —¬†Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Blink Charging Co. (NASDAQ: BLNK) between March 6, 2020 and August 19, 2020, inclusive (the “Class Period”), of the important October 23, 2020 lead plaintiff deadline in the securities class action. The lawsuit seeks to recover damages for Blink investors under the federal securities laws.

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Rosen Law Firm, P.A. Logo

To join the Blink class action, go to http://www.rosenlegal.com/cases-register-1931.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.

According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) many of Blink’s charging stations are damaged, neglected, non-functional, inaccessible, nor non-accessible; (2) Blink’s purported partnerships and expansions with other companies were overstated; (3) the purported growth of the Company’s network has been overstated; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than October 23, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-register-1931.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at [email protected] or [email protected]

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE.