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Vancouver's Home Sales Stabilized in May, No Sight of A Significant Boost, Says National Bank
Based on data from the Real Estate Board of Greater Vancouver (REBGV), National Bank of Canada's preliminary estimate is that seasonally adjusted home sales edged up 0.5% from April to May, the first increase in three months.Despite this stabilization, transactions continued to be very low on a historical basis and stood 32.7% below their historical average, noted the bank.While the marginal improvement in transactions in May remains good news, activity in Vancouver's real estate market doesn't appear to be showing any signs of a significant recovery, likely due to ongoing affordability issues, economic uncertainty and, more recently, geopolitical turmoil, stated National Bank.In addition, the labor market improvement the bank has seen in the region over the past year has recently been completely wiped out, with the unemployment rate jumping from 5.8% in February to 7.0% in April -- its highest level since June 2021.Should trade relations improve and the labor market stabilize, the potential boost in consumer confidence could stimulate activity in the residential market, added National Bank. However, the recent rise in fixed mortgage rates due to rising inflation could limit this recovery.
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Treasury
SocGen's Overnight Economic News Summary
Societe Generale in its early Wednesday economic news summary pointed out:Bond yields, US dollar (USD) carry over gains after the strongest gain in JOLTS job openings since April 21 (+731,000). The United States administration proposes a minimum 10% levy on imports from 60 countries over investigation under Section 301 over forced labor concerns. Canada, Mexico, the European Union, Taiwan and the United Kingdom face 10%, while China, India, Japan, South Korea, Brazil and Switzerland are subject to a higher 12.5% levy. New tariffs subject to review.ECB: European Central Bank Governing Council member Pierre Wunsch repeats case for June rate hike in FT, says if the U.S. and Iran agree to a peace deal, the discussion "might be a bit less easy. But there is probably still a case for hiking, it's just a bit less strong."Australia Q1 gross domestic product growth slows to 0.3% quarter over quarter from 0.9% in Q4 (unchanged in year-over-year terms at 2.5%). Household consumption +0.5% quarter over quarter and government consumption -0.2% quarter over quarter. Net trade detracts 0.8pp. ACGB three-year yields +2bps at 4.55%.Day ahead: U.S. ADP employment, ISM services, factory orders. Federal Reserve speakers Barr and Logan. Fed Beige Book. ECB speakers.Nikkei +2.8%, EUR 10-year IRS unchanged at 3.02%, Brent crude +1.3% at US$97.2/barrel, Gold -0.7% at US$4,462/oz.
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Treasury
Whirlpool Prices Upsized Offering of Senior Notes
Whirlpool (WHR) said late Tuesday it has priced an offering of $1 billion of 7.500% senior secured second lien notes due July 1, 2031, and $1 billion of 7.875% senior secured second lien notes due July 1, 2034.The offering was upsized from $750 million of each of the 2031 notes and 2034 notes previously, the company said. The offering is expected to close on June 16.Net proceeds will be used among others to help pay its 1.250% senior notes due 2026 and 1.100% senior notes due 2027, it said.
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