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https://www.pressreader.com/spain/el-economista/20230930/page/3/textviewNegativo intervencionismo en viviendahttps://www.eleconomista.es/opinion/noticias/12468012/09/23/la-baja-demanda-insta-la-guerra-hipotecaria.html#:https://www.eleconomista.es/vivienda-inmobiliario/noticias/12468064/09/23/la-vivienda-de-obra-nueva-pincha-en-barcelona-con-la-fuga-de-promotores.htmlhttps://www.eleconomista.es/vivienda-inmobiliario/noticias/12464909/09/23/el-precio-de-la-vivienda-en-palma-supera-los-maximos-de-la-burbuja-y-se-acerca-en-madrid-y-barcelona-.htmlhttps://www.eleconomista.es/vivienda-inmobiliario/noticias/12464712/09/23/la-coinversion-inmobiliaria-un-valor-anadido-para-seguir-creciendo.htmlhttps://www.eleconomista.es/vivienda-inmobiliario/noticias/12460901/09/23/alquilar-una-vivienda-por-habitaciones-que-zonas-son-mas-rentables-.htmlSaludos.
(Nota: la negrita es del autor)CitarWhere the Housing Bubbles AreJeremy Grantham was on The Compound and Friends with Michael and Josh last week talking bubblesGrantham says real estate is a global bubble and prices should fall 30% or so.I partially agree and partially disagree with Grantham here.I continue to believe the U.S. housing market is not in a bubble.Is the housing market broken in many ways? Yes.Is affordability as bad as it’s ever been? Also yes.Does that mean we are in for another housing market crash like we experienced during the Great Financial Crisis? I don’t think so.Here’s why:We didn’t binge on adjustable-rate mortgages. One of the biggest reasons the housing market crashed last time is that so many people took out loans with low teaser rates that adjusted higher a few years later.The use of ARMs is so much lower today:Most borrowers spent the pandemic years locking in low fixed-rate loans.Roughly two-thirds of all mortgage borrowers have a rate under 4%. Nearly 40% of homeowners own their home outright with no mortgage.It’s hard to see forced selling when so many people have affordable housing payments locked down.Borrowers have far better credit profiles. We’re not reliving The Big Short where strippers could get loans to buy 5 houses and lenders were incentivized to make subprime loans.There aren’t many loans being made right now but most of them are going to people with excellent credit scores:In fact, two-thirds of all mortgage loans since 2017 have gone to borrowers with sterling credit scores (760 and up) while just 2.6% have gone to subprime borrowers (620 and below).From 2003-2007 more than 11% of loans went to subprime borrowers and just 26% to borrowers with the best credit scores.No more NINJA loans this time around.We didn’t build enough houses. From 2000-2007 nearly 14 million new homes were built in the United States. Not only were the loans bad but supply began to outstrip demand.Then the housing bust happened and we only built 9.1 million new homes in the 2010s.When you combine a lack of housing supply with millennials reaching their prime household formation years, prices were bound to go up.The pandemic just supercharged this dynamic.Consumers are in pretty good shape. Households still have the ability to pay their mortgage debt:It would take severe job losses to bring about a fire sale of houses on the market.I’m not saying U.S. housing prices can’t or won’t fall but it’s hard to call the current situation a bubble, even with the insane run-up we’ve seen in prices.So where are the housing bubbles today?A few weeks ago I compared Canada to the United States to show what an actual insane housing market looks like.Since I already had the data it made sense to look at some other foreign markets to see how out of whack price gains have been relative to incomes over the past 3+ decades.These charts show the real (inflation-adjusted) growth in both housing prices and disposable incomes since 1990:Canada and Australia stand out as the outliers in terms of housing prices growing much faster than incomes. France and the UK are up there too.The United States, Spain and Germany look relatively tame with prices and incomes growing in tandem for most of this period.Then you have prices going in the opposite direction in Japan and South Korea but that’s more of a function of the Japanese housing bubble of the 1980s.Many of these foreign markets are more susceptible to falling prices because higher interest rates will have a much bigger impact on borrowers. In the U.S. we’re used to fixed rate mortgages but lots of developed nations rely heavily on variable mortgage products:In countries like Canada and Australia, many loans automatically reset rates every 5 years or so. This was a wonderful thing for borrowers when rates were falling. But now that mortgage rates have more than doubled, homeowners are looking at much higher borrowing rates.The markets are starting to price this in (although we have a long way to go in terms of getting back to more affordable levels).Since the second quarter of last year, housing prices in Canada are down 20% on a real basis. In Australia, prices are down 10% after accounting for inflation. Prices in France and the UK are down marginally, -5% and -4%, respectively.I don’t have the ability to predict housing prices. But if you’re looking for a potential bear market in housing, the United States is in much better shape than other nations around the globe.Prices have grown much faster in Canada, Australia and the UK. And borrowers in those countries are now looking down the barrel of much higher mortgage rates.If there is a housing bubble it doesn’t appear to be in the United States.In The Big Short 2, Steve Carell and Ryan Gosling wouldn’t be making trips to Las Vegas and Florida.They would be paying visits to Toronto, Sydney, Vancouver and ghost towns in China.
Where the Housing Bubbles AreJeremy Grantham was on The Compound and Friends with Michael and Josh last week talking bubblesGrantham says real estate is a global bubble and prices should fall 30% or so.I partially agree and partially disagree with Grantham here.I continue to believe the U.S. housing market is not in a bubble.Is the housing market broken in many ways? Yes.Is affordability as bad as it’s ever been? Also yes.Does that mean we are in for another housing market crash like we experienced during the Great Financial Crisis? I don’t think so.Here’s why:We didn’t binge on adjustable-rate mortgages. One of the biggest reasons the housing market crashed last time is that so many people took out loans with low teaser rates that adjusted higher a few years later.The use of ARMs is so much lower today:Most borrowers spent the pandemic years locking in low fixed-rate loans.Roughly two-thirds of all mortgage borrowers have a rate under 4%. Nearly 40% of homeowners own their home outright with no mortgage.It’s hard to see forced selling when so many people have affordable housing payments locked down.Borrowers have far better credit profiles. We’re not reliving The Big Short where strippers could get loans to buy 5 houses and lenders were incentivized to make subprime loans.There aren’t many loans being made right now but most of them are going to people with excellent credit scores:In fact, two-thirds of all mortgage loans since 2017 have gone to borrowers with sterling credit scores (760 and up) while just 2.6% have gone to subprime borrowers (620 and below).From 2003-2007 more than 11% of loans went to subprime borrowers and just 26% to borrowers with the best credit scores.No more NINJA loans this time around.We didn’t build enough houses. From 2000-2007 nearly 14 million new homes were built in the United States. Not only were the loans bad but supply began to outstrip demand.Then the housing bust happened and we only built 9.1 million new homes in the 2010s.When you combine a lack of housing supply with millennials reaching their prime household formation years, prices were bound to go up.The pandemic just supercharged this dynamic.Consumers are in pretty good shape. Households still have the ability to pay their mortgage debt:It would take severe job losses to bring about a fire sale of houses on the market.I’m not saying U.S. housing prices can’t or won’t fall but it’s hard to call the current situation a bubble, even with the insane run-up we’ve seen in prices.So where are the housing bubbles today?A few weeks ago I compared Canada to the United States to show what an actual insane housing market looks like.Since I already had the data it made sense to look at some other foreign markets to see how out of whack price gains have been relative to incomes over the past 3+ decades.These charts show the real (inflation-adjusted) growth in both housing prices and disposable incomes since 1990:Canada and Australia stand out as the outliers in terms of housing prices growing much faster than incomes. France and the UK are up there too.The United States, Spain and Germany look relatively tame with prices and incomes growing in tandem for most of this period.Then you have prices going in the opposite direction in Japan and South Korea but that’s more of a function of the Japanese housing bubble of the 1980s.Many of these foreign markets are more susceptible to falling prices because higher interest rates will have a much bigger impact on borrowers. In the U.S. we’re used to fixed rate mortgages but lots of developed nations rely heavily on variable mortgage products:In countries like Canada and Australia, many loans automatically reset rates every 5 years or so. This was a wonderful thing for borrowers when rates were falling. But now that mortgage rates have more than doubled, homeowners are looking at much higher borrowing rates.The markets are starting to price this in (although we have a long way to go in terms of getting back to more affordable levels).Since the second quarter of last year, housing prices in Canada are down 20% on a real basis. In Australia, prices are down 10% after accounting for inflation. Prices in France and the UK are down marginally, -5% and -4%, respectively.I don’t have the ability to predict housing prices. But if you’re looking for a potential bear market in housing, the United States is in much better shape than other nations around the globe.Prices have grown much faster in Canada, Australia and the UK. And borrowers in those countries are now looking down the barrel of much higher mortgage rates.If there is a housing bubble it doesn’t appear to be in the United States.In The Big Short 2, Steve Carell and Ryan Gosling wouldn’t be making trips to Las Vegas and Florida.They would be paying visits to Toronto, Sydney, Vancouver and ghost towns in China.
Eurozone inflation hits 2-year low as US price pressures easeData helps steady bond markets and signals prospect of end to interest rate rises on both sides of AtlanticEurozone inflation has fallen to its lowest level for almost two years and US price rises last month were less than expected, raising the prospect that interest rate rises on both sides of the Atlantic have come to an end.Bond markets steadied on Friday after a month of turmoil, helped by the news that consumer prices in Europe’s single currency bloc rose 4.3 per cent in September, below economists’ expectations of 4.5 per cent and August’s rate of 5.2 per cent.The last time inflation was lower was in October 2021.US data also bolstered hopes that the biggest surge in consumer prices for a generation is fading fast.“The main takeaway is that the tightening cycle is coming to an end,” said Seema Shah, chief global strategist at Principal Asset Management, referring to the series of interest rate rises by the European Central Bank, the US Federal Reserve and other institutions over the past two years.However, bond yields remain close to their highest levels for a decade or more.(...)
THE US securities regulator has collected thousands of staff messages from more than a dozen major investment companies, escalating its probe into Wall Street’s use of private messaging apps, said four people with direct knowledge of the matter.Previously, the Securities and Exchange Commission (SEC) had asked the companies to internally review the messages in its investigation of Wall Street’s use of WhatsApp, Signal and other unapproved messaging apps to discuss work. The two-year crackdown into potential breaches of record-keeping rules initially targeted broker dealers, netting regulators over US$2 billion in fines.While Reuters and other media have reported that the SEC’s “off-channel” communication probe has expanded to investment advisers, its move to review thousands of their staff messages has not previously been reported. It marks an escalation of the investigation and raises the stakes for the companies and executives concerned, by exposing their conduct to SEC scrutiny.“It increases risk,” one source said. “The more information you give the SEC, the more you fuel the beast.” In the latest phase of the probe of more than a dozen investment advisers, the SEC has in recent months asked for messages on personal devices or applications during the first half of 2021 that discuss business, the sources said. It has targeted a selection of employees, in some cases as many as a dozen, including senior executives.The firms include Carlyle Group, Apollo Global Management, KKR & Co, TPG and Blackstone, according to three people with direct knowledge of the matter, as well as some hedge funds, including Citadel, said a different person with direct knowledge.The executives gave their personal phones and other devices to their employers or lawyers to be copied, and messages discussing business have been handed to the SEC, three people said.
U.S. corn prices slump as top buyer China turns to BrazilBeijing's push for food security boosts imports from South American countryTOKYO -- U.S. corn prices have slipped to their lowest levels in almost three years as China ramps up imports from Brazil, cutting into demand for American exports ahead of an expected bumper crop.Benchmark Chicago corn futures sank below $5 a bushel in late August and have remained down since. On Sept. 19, they dipped under $4.70 to the lowest since December 2020.(...)
El alquiler de habitaciones bate nuevos récords: más de 640 euros por una camaAlquilar una habitación en Barcelona cuesta lo mismo que la renta de un piso pequeño hace 20 añosPor más que muchas inmobiliarias y expertos en marketing recurran al anglicismo de coliving como algo divertido y de moda, lo cierto es que vivir en un piso compartido es un reflejo de la precaria situación de millones de españoles que no pueden ni pagar el alquiler de una vivienda.Según las cifras de Fotocasa el precio medio del alquiler en España está en 11,34 euros el metro cuadrado. O sea, que por un piso de 100 metros cuadrados se pagarían unos 1.134 euros, y por uno más pequeño de 70, unos 794 euros.La grieta entre salario y alquilerHay ciudades que superan largamente estas cifras. Según Idealista, el alquiler en Madrid está en 17,4 €/m2 y en Barcelona 19,4 €/m2, por lo que alquilar un piso de 70 metros cuadrados cuesta 1.218 y 1.358 euros, respectivamente.Teniendo en cuenta que más de la mitad de los trabajadores cobran menos de 1.500 euros brutos al mes según el INE, se entiende que el alquiler de habitación es la única alternativa para millones de personas.El disparatado aumento de las últimas décadasPero rentar un pequeño espacio privado con cama y un par de muebles también se ha incrementado notablemente, al punto que lo que costaba un alquiler en la capital catalana hace 20 años ahora apenas alcanza para pagar una habitación.Concretamente, Barcelona es la ciudad más cara para compartir piso, donde una habitación se paga una media de 645,42 euros al mes. Le siguen Madrid a 534,21 euros mensuales, San Sebastián a 517,86 euros, Valencia a 479,93 euros y Palma a 462,06 euros por mes.En el otro extremo está Ciudad Real, donde el precio del alquiler mensual de un dormitorio está en los 154 euros mensuales; y a una cierta distancia, Palencia, Badajoz y Jaén, donde se pagan 194,29; 226,75 y 233,17 euros, respectivamente.Barcelona y Madrid concentran las ofertasBarcelona y Madrid concentran una de cada cinco habitaciones disponibles en España, en parte impulsado por la gran cantidad de estudiantes que residen temporalmente; pero también porque los alquileres son cada vez más prohibitivos.Pero si se amplía el foco al ámbito regional, el estudio revela que las provincias de Madrid y Barcelona aglutinan el 44% de la demanda.Según un estudio de Pisocompartido.com, el precio medio de una habitación en España está en 413,45 euros mensuales, más del 20% comparado con hace una década.Los jóvenes, el segmento que más alquila habitacionesAnalizando las ofertas, las mujeres llevan las de ganar: el 19,45% de los anuncios solo buscan chicas, mientras que apenas el 3,14% de los que realquilan habitaciones aceptan hombres.Casi todos los pisos y sus dormitorios (el 87,93%) ya cuentan con muebles, y menos de la mitad de las habitaciones disponibles (45,52%) tienen vistas al exterior.Poco más de la mitad de las personas que viven en pisos compartidos son jóvenes de 18 a 25 años, con el 51% del total; seguido por la franja de 26 a 35 años, que representan al 29,34%.Lo preocupante, en todo caso, es que el restante 20% son personas de 36 a 80 años; que se supone que ya habrían tenido la posibilidad de tener una vivienda propia, o al menos, poder alquilar un piso sin tener que compartir con extraños.
Ya que sale la papelería, aprovecho para decir que tetraedro regular es el poliedro más elemental que hay, pero sirve para poca cosa más allá de nuestras idas de la olla. Me lo corroboraron en su día los suecos de esa empresa especial del papel y cartón, y artes gráficas, que es Tetra Pak, que empezaron históricamente con él —de ahí el nombre de la empresa—, pero lo desecharon porque, aunque no lo parezca, no se puede rellenar el espacio con tetraedros, no es apilable y no era óptimo en la relación materiales/cabida.]
https://www.economiadigital.es/economia/alquiler-habitaciones-madrid-barcelona-precios.htmlCitarEl alquiler de habitaciones bate nuevos récords: más de 640 euros por una camaAlquilar una habitación en Barcelona cuesta lo mismo que la renta de un piso pequeño hace 20 añosPor más que muchas inmobiliarias y expertos en marketing recurran al anglicismo de coliving como algo divertido y de moda, lo cierto es que vivir en un piso compartido es un reflejo de la precaria situación de millones de españoles que no pueden ni pagar el alquiler de una vivienda.Según las cifras de Fotocasa el precio medio del alquiler en España está en 11,34 euros el metro cuadrado. O sea, que por un piso de 100 metros cuadrados se pagarían unos 1.134 euros, y por uno más pequeño de 70, unos 794 euros.La grieta entre salario y alquilerHay ciudades que superan largamente estas cifras. Según Idealista, el alquiler en Madrid está en 17,4 €/m2 y en Barcelona 19,4 €/m2, por lo que alquilar un piso de 70 metros cuadrados cuesta 1.218 y 1.358 euros, respectivamente.Teniendo en cuenta que más de la mitad de los trabajadores cobran menos de 1.500 euros brutos al mes según el INE, se entiende que el alquiler de habitación es la única alternativa para millones de personas.El disparatado aumento de las últimas décadasPero rentar un pequeño espacio privado con cama y un par de muebles también se ha incrementado notablemente, al punto que lo que costaba un alquiler en la capital catalana hace 20 años ahora apenas alcanza para pagar una habitación.Concretamente, Barcelona es la ciudad más cara para compartir piso, donde una habitación se paga una media de 645,42 euros al mes. Le siguen Madrid a 534,21 euros mensuales, San Sebastián a 517,86 euros, Valencia a 479,93 euros y Palma a 462,06 euros por mes.En el otro extremo está Ciudad Real, donde el precio del alquiler mensual de un dormitorio está en los 154 euros mensuales; y a una cierta distancia, Palencia, Badajoz y Jaén, donde se pagan 194,29; 226,75 y 233,17 euros, respectivamente.Barcelona y Madrid concentran las ofertasBarcelona y Madrid concentran una de cada cinco habitaciones disponibles en España, en parte impulsado por la gran cantidad de estudiantes que residen temporalmente; pero también porque los alquileres son cada vez más prohibitivos.Pero si se amplía el foco al ámbito regional, el estudio revela que las provincias de Madrid y Barcelona aglutinan el 44% de la demanda.Según un estudio de Pisocompartido.com, el precio medio de una habitación en España está en 413,45 euros mensuales, más del 20% comparado con hace una década.Los jóvenes, el segmento que más alquila habitacionesAnalizando las ofertas, las mujeres llevan las de ganar: el 19,45% de los anuncios solo buscan chicas, mientras que apenas el 3,14% de los que realquilan habitaciones aceptan hombres.Casi todos los pisos y sus dormitorios (el 87,93%) ya cuentan con muebles, y menos de la mitad de las habitaciones disponibles (45,52%) tienen vistas al exterior.Poco más de la mitad de las personas que viven en pisos compartidos son jóvenes de 18 a 25 años, con el 51% del total; seguido por la franja de 26 a 35 años, que representan al 29,34%.Lo preocupante, en todo caso, es que el restante 20% son personas de 36 a 80 años; que se supone que ya habrían tenido la posibilidad de tener una vivienda propia, o al menos, poder alquilar un piso sin tener que compartir con extraños.https://www.rae.es/dpd/rentarrentar1. En el español general significa, dicho de una cosa, 'producir [beneficio o utilidad]': «Los locales que poseía en la ciudad de México […] le rentaban todos juntos cuatro mil ducados anuales» (Miralles Cortés [Méx. 2001]). En algunos países de América, especialmente en México, está asentado en la lengua culta el uso de rentar con el sentido de 'ceder o tomar [algo] en alquiler', por influjo del verbo inglés rent: «Quedó a mi cargo la tarea de rentar La Vereda, vender la camioneta» (Aguilar Golfo [Méx. 1986]); «Compraron tierras o rentaron terrenos a sus propietarios originales» (Chao Altos [Méx. 1991]). Es preferible, con este sentido, el uso del verbo alquilar, común a todo el ámbito hispánico.
Once Unthinkable Bond Yields Are Now the New Normal for MarketsDramatic bond selloff reinforces shift from easy-money eraLarry Fink sees ‘embedded inflation’ pushing US 10-year to 5%It was the week that bond markets finally seemed to grasp what central bankers have been warning all year: higher interest rates are here to stay.From the US to Germany to Japan, yields that were almost unthinkable at the start of 2023 are now within reach. The selloff has been so extreme it’s forced bullish investors to capitulate and Wall Street banks to tear up their forecasts.Yields on 10-year German debt are close to 3%, a level not reached since 2011. Their US equivalent are back in line with the average from before the Global Financial Crisis and within striking distance of 5%.The question now is how much higher they can go, with no real top in sight after key levels were broken. While some argue the moves have already gone too far, others are calling it the new normal, a return to the world that prevailed before the era of central bank easy money distorted markets with trillions of dollars of bond buying. The implications stretch far beyond markets to the rates paid on mortgages, student loans and credit cards, and to the growth of the global economy itself.At the heart of the selloff were the world’s longest-dated government securities, those most exposed to the ever growing list of headwinds. Oil prices are rising, the US government is piling on more debt and at risk of another shutdown, and tensions with China are on the rise. For anyone who doubted the tough inflation-fighting talk of Jerome Powell and Christine Lagarde against this backdrop, the read-across is not pretty.“What happened over the last few months was basically markets were wrong because they thought inflation would come down quickly and central banks would be very dovish,” said Frederic Dodard, head of asset allocation at State Street Global Advisors. “Everything will depend about how inflation lands over the medium to long run, but it’s fair to say that we have changed from the ultra low-yield regime.”Some of the world’s most prominent investors, including BlackRock Inc.’s Larry Fink and Pershing Square Capital’s Bill Ackman, are among those saying the current trend may not be done.Already, the milestones have been coming thick and fast. Germany’s 10-year yield just had its biggest monthly jump this year. Japan’s government bonds saw their worst quarterly selloff in a quarter century and the US 30-year yield posted its largest quarterly jump since 2009.Even a US government shutdown hasn’t spurred a sustained bid for Treasuries, the world’s defacto haven asset. House Republicans on Friday failed to pass a short-term funding bill, making a lengthy federal closure more likely.Amid the rout, few corners of the market escaped damage. Austria’s century bond, a poster-child for long-dated debt issued during the low-rate era, took a fresh drubbing, falling to 35 cents on the euro.Meanwhile, central bankers continued to try to give the market a clear message.Fed officials mainly stuck to their mantra of higher-for-longer rates. In Europe, ECB President Lagarde is pushing back strongly against the idea of imminent relief. She told the European Parliament at the start of the week that the central bank would keep interest rates at sufficiently restrictive levels for as long as necessary to cool inflation.Until now, the aggressive rate hikes unleashed by central banks had taken the greatest toll on shorter maturities, driving yields up and resulting in deeply inverted curves. Expectations of recessions, along with rate cuts in response, had kept longer-end yields pinned down.But in the US at least, that recession never showed up, forcing investors to price out monetary loosening. European economies have proved less resilient, but the ECB — which has a single mandate of price stability — has reiterated time and again that it’s too soon to talk about easing with inflation still well above its 2% target.Exacerbating the bond moves is a rise in the compensation investors demand for holding longer-dated debt. In Europe, that so-called “term premium” could add 50 basis points to 10-year rates, according to Societe Generale.“Rebuilding term premium can only feed long-end steepening forces,” said Adam Kurpiel, a rates strategists at the French bank. “It looks like the pain trade of even higher yields could continue until something breaks.”CitarWhat Bloomberg’s Strategists Say...“The secular picture for bonds remains inhospitable. Rising inflation expectations, mounting supply and bonds’ diminishing hedging utility (these are all sides of the same coin), mean that any rally in bonds would be considered a trade, not an investment.”— Simon White, Macro strategistTo be sure, there’s a view from some that the selloff has already gone too far. Take Jack McIntyre, a portfolio manager at Brandywine Global Investment Management, who has been overweight Treasuries for much of the year and now senses a long-looked-for turning point.“I think we are in the fear stage for Treasuries, and that won’t last,” he said. “In our mind, inflation is settling and growth will slow. We will get there in six months.”Notable too was a revised forecast from Goldman Sachs strategists, who now see 10-year Treasuries ending the year at 4.30%. While that’s some 40 basis points higher than their previous target, it’s below current levels.At Candriam, global head of multi-asset Nadège Dufossé says the current market trend may not have much more to run, and she’s is considering gradually shifting into longer maturities.“We believe we are at the end of this movement, with signs of decelerating inflation and economies weakening in Europe,” she said. “We need to endure this overshoot phase in long rates and take advantage of it.”Even if the pressure on the long end starts to ease, another major test lies ahead as the Bank of Japan — the laggard among central banks globally — edges toward normalizing policy. Yields have already crept to multi-year highs ongoing despite efforts by policymakers to stymie the moves. “Japan we do think is a live issue and there’s a debate to be had about what impact that should have on the global market,” said Martin Harvey, a portfolio manager at the Hartford World Bond Fund. “It’s a potential catalyst for further steepening and one that we need to monitor.”As the week drew to a close, one piece of data offered the Fed some hope that it’s getting on top of the inflation battle. Its preferred measure of underlying price growth rose at the slowest monthly pace since late 2020.But even if the inflation picture continues to soften in the US and elsewhere, it’s clear markets are in a new world.“We’re just maybe reverting back to what the world looked like before 2008,” said Rob Robis, chief global fixed income strategist at BCA Research. “That period post-Lehman, pre-Covid, was one of inflation struggling to stay at 2%, growth being kind of choppy and central banks having to keep rates very low for longer.”
What Bloomberg’s Strategists Say...“The secular picture for bonds remains inhospitable. Rising inflation expectations, mounting supply and bonds’ diminishing hedging utility (these are all sides of the same coin), mean that any rally in bonds would be considered a trade, not an investment.”— Simon White, Macro strategist
En vez de plumas y alquitrán se les premia con un 8% de subidita en la renta que reciben del estado.Porque somos así de resilientes.
La nómina de las pensiones contributivas en agosto es de 12.039,2 millones de euros. Se abonan 10.069.148 pensiones contributivas a más de 9,1 millones de pensionistas.
Las estadísticas del mercado inmobiliario tienen muchas carencias y no hay cifras oficiales. Sin embargo, se puede obtener una aproximación gracias a los datos de la Dirección General del Catastro, dependiente del Ministerio de Hacienda, que tiene registrados alrededor de 270.000 titulares de más de 10 inmuebles en todo el país, aunque no especifica si son de propiedad pública o privada, si son viviendas, garajes o trasteros o si se trata de personas físicas o empresas. De ese total, casi el 20% está en las provincias de Barcelona y Madrid. Las cifras del Catastro no incluyen al País Vasco y Navarra, que tienen sus propias agencias catastrales.