RPT-Fitch: Strong Refinancing Activity in German Multifamily Housing Market

RPT-Fitch: Strong Refinancing Activity in German Multifamily Housing Market
Tue May 14, 2013 3:40am EDT

http://www.reuters.com/article/2013/05/14/fitch-strong-refinancing-activity-in-ger-idUSFit65614820130514

May 14 (Reuters) - (The following statement was released by the rating agency)

Fitch Ratings says in a new report that refinancing activity has been strong in the German multifamily (MFH) CMBS transactions, but balloon risk still remains.

Peru: Deteriorating terms of trade and trade balance in Q1

Peru: Deteriorating terms of trade and trade balance in Q1

Nader Nazmi, Oscar Munoz - Market Economics
Latam Macro Snapshot | 13 May 2013 20:37 |

The trade balance shifted to a deficit of USD 29mn in Q1 from a surplus of USD 1.5bn in Q4. On a 12-month accumulated basis, Peru’s trade surplus narrowed to USD 3.4bn in March from USD 10.8bn a year ago.

Why are Chinese copper imports falling?

May 8, 2013
Metal Detector Update
Why are Chinese copper imports falling?

Max Layton, Roger Yuan, Jeffrey Currie

Lower Chinese copper imports do not equal weak consumption

Chinese unwrought copper imports for April fell by 7% mom, and dropped 21% yoy over the same period, implying a 20-25kt mom fall in refined copper imports in April, to c.195-200kt. The mom fall reflects China’s ability to draw on domestic SHFE and Chinese bonded copper stocks accumulated in 2012, as well as lower Chilean exports owing to the port strike in late March/early April. Owing primarily to the large Chinese stock draws, the early indications are that Chinese apparent demand rose significantly in April, following a small pick-up in March (apparent demand equals refined production plus net imports minus estimated stock change). This estimated pick-up in apparent demand is line with strong semi-fabricated output growth in 1Q13 and industry anecdotes of a further pick-up in demand in April.

Chile: Deeper Deflation than Expected

Chile: Deeper Deflation than Expected

Nader Nazmi - Market Economics
Latam Macro Snapshot | 08 May 2013 14:04 |

Consumer prices declined 0.5% m/m in April. The monthly decline exceeded the 0.1% m/m drop that the consensus and we had anticipated. The main difference was a 2.0% m/m decline in transportation prices, which subtracted 0.4pp from headline inflation. The decline in transportation prices was driven by a 13.2% m/m drop in bus fares due to holiday-related factors.

Canadian Cool Down

Canadian Cool Down

Bricklin Dwyer - Market Economics
US Daily Spotlight | 09 May 2013 00:20 |

The housing market in Canada continues to be the most significant risk facing the economy. While the economy is closely tied to both US economic (mostly autos and housing) growth and global commodity prices, the Canadian consumer has been the driving force behind economic growth, making up over 54% of GDP. In spite of the lacklustre 0.7% q/q saar and 0.6% rates of GDP growth in Q3 and Q4 last year, personal consumption expenditures contributed 1.5pp to growth each quarter and kept the economy expanding. Despite this persistent strength in consumption, growth in disposable income and residential investment has slowed substantially – pointing to vulnerability in consumer demand.

Germany: Good order figures with one blemish

Commerzbank Corporates & Markets
Economic Research
https://research.commerzbank.com

Economic Briefing
Germany: Good order figures with one blemish

Germany’s industrial orders surprised on the positive side in March by rising 2.2% on the previous month. Consequently, the basis trend in orders is slightly upwards again. The one flaw in these otherwise good figures is the sharp fall of domestic core capital goods orders, which could indicate a lower willingness to invest again.

Melbourne office slump set to continue

Melbourne office slump set to continue
Published:06 May 2013 Author:Claire Chaffey Source:Property Week

The Melbourne office market is set to get worse before it gets better, potentially setting off market panic, according to the latest BIS Shrapnel report.

http://www.propertyoz.com.au/Article/NewsDetail.aspx?p=16&id=7590

Chile: Growth Disappoints in March and in Q1

Chile: Growth Disappoints in March and in Q1

Nader Nazmi - Market Economics
Latam Macro Snapshot | 06 May 2013 14:50 |

Chile’s monthly GDP (Imacec) fell well short of expectations with growth slowing to a 20-month low in March. Real GDP growth decelerated from 3.8% y/y in February to 3.1% y/y in March compared to the consensus and our projections of 4.7% y/y and 5.1% y/y, respectively. A 3.0% y/y contraction in manufacturing output was the main drag on growth, as expected. Growth in the service sector (+4.1% y/y), however, also disappointed. Mining output increased 6.9% y/y.

Sun Sentinel Investigation: Tax lien sharks use shell companies to squeeze out locals

Sun Sentinel Investigation: Tax lien sharks use shell companies to squeeze out locals

By Megan O'Matz and John Maines, Sun Sentinel
5:47 p.m. EDT, May 3, 2013

Tax lien auctions are a little-known but juicy Florida financial market worth up to $1 billion a year. And, the Sun Sentinel has found, banks, hedge funds and other financial powerhouses have hit upon a way to game the system, squeeze out the little guy and gobble up most of the good deals.

http://www.sun-sentinel.com/news/palm-beach/fl-inside-florida-tax-lien-market-20130428,0,2224747,full.story

US insurers target European commercial real estate debt

US insurers target European commercial real estate debt
Author: Louie Woodall
Source: Insurance Risk | 03 May 2013
Categories: Asset allocation, Insurance

Attractive yields and supply demand mismatch spur interest

American insurers are increasing their investment in UK and European commercial real estate (CRE) debt, as domestic insurers struggle to meet burgeoning demand.

http://www.risk.net/insurance-risk/news/2266005/us-insurers-target-european-commercial-real-estate-debt