HONG KONG, July 25 /Xinhua-PRNewswire/ --
Reserve bank set to lift Indian interest rates again
The Reserve Bank of India meets on Tuesday 29th. In June, It not only hiked its key repo rate on two occasions (by a total of 75 basis points) but also pushed up the cash reserve ratio for banks by 50 basis points to 8.75%. Meanwhile, some signs are now emerging that the economy is beginning to slow in response to the combination of the tighter monetary stance and the erosion of purchasing power.
Australia housing approvals to continue downtrend
The latest data on Australian housing approvals are due out on Wednesday 30th. This should confirm that developers are responding to weaker price signals and tighter credit conditions. Despite the most recent declines, housing approvals remain close to their long term average and above the 12,409 housing loans approved in May 07, before the on-set of the credit crunch.
US construction industry suffers as house prices fall
Tuesday July 29th will bring further evidence of the decline in house prices with the release of the S&P Case-Shiller index. A fall of around 1% in the 20 city composite index is expected. Consumer confidence figures released on the same day will show the percentage of respondents planning to buy a home within the next six months hitting another cycle low.
Spanish housing market activity to weaken further
Data on the Spanish housing market is due to be published by the INE on Monday 28th as part of its May Mortgage Statistics release. A key element of the INE release is the mortgage approvals figures. Approvals peaked in March 2006 at 173,551 and have since fallen by 28% to 125,298, according to the latest data.
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