New data suggests home prices in America will keep climbing, despite continued weakness in the labor market causing unemployment to rise. Builders are increasingly confident about the single-family home market, according to a new study by the National Association of Homebuilders. The NAHB’s Housing Market Index rose by 2 points in June because of more buying activity and a limitation on places to build new homes.
President Mahamadou Issoufou has called on France to renew its commitment in fighting terrorist organization Boko Harm, according to Times Live. The Nigerien leader requested increased intelligence and other forms of military assistance. France intends to send more troops to the region to help African states counter terrorism.
On Wednesday, the remarkably poor African nation of Mozambique received a delegation from the International Monetary Fund (IMF). The IMF was invited to visit Mozambique to help the government find a way out of a crisis of debt that has crippled the nation and could lead to civil and political unrest.
The IMF delegation is scheduled to stay until June 24, but diplomats and analysts do not appear optimistic about the chances of a successful resolution. Mozambique acquired more than $2 billion in private debt deals while already indebted to a number of foreign nation donors.
Citing the economic risk of Britain leaving the European Union, Federal Reserve chief Janet Yellen kept interest rates low in an effort to help America’s deteriorating economy.
While several negative economic indicators at home have moved analysts to predict a rate hike would not happen in June, the Fed chair cited the risks of a Brexit for both Americans and people around the world. When asked if the possibility of a Brexit influenced the Fed’s decision to delay its plan on increasing Americans’ borrowing costs, Yellen said it was a factor.
Newly elected ruling party National League for Democracy (NLD) will welcome French Foreign Affairs and International Development Minister Jean-Marc Ayrault in the latest effort to open up Myanmar to the world, according to The Diplomat.
Ayrault intends to strengthen diplomatic ties with Myanmar and ensure that French development efforts enhance the economy. Myanmar has been plagued by decades of civil war and has slowly transitioned from military rule to a civilian-led government.
According to a report by the World Bank, in 2015 India hit a decade low level of investment in public infrastructure from sources both public and private, foreign and domestic. The reduction appears akin to similar contractions in investments seen in other distressed emerging economies, like China and Brazil.
More fund managers are preparing for a steep decline in stocks as the Federal Reserve announces whether it will raise interest rates. The Federal Open Market Committee press release, due Wednesday afternoon, is a much-awaited announcement on whether this is the meeting where the Federal Reserve will change monetary policy.
After months of pricing in a low chance of a rate hike, markets reacted sharply last month after several Fed executives gave public speeches and interviews asserting the strength of the American economy and the need to rein in inflation.
BMI Research states that Syria’s economy will contract at an annual 3.9 percent from 2016 to 2019 as civil war rages on, according to Business Insider. Growth is expected to return in 2020, but only through humanitarian assistance and investment from Russia and Iran. Syria’s GDP has plummeted since 2011.
The Organization for Economic Cooperation and Development (OECD) issued a policy paper this week on the matter of Great Britain’s exit from the European Union (EU), often called “Brexit.” According to the OECD, exiting the EU would cause “a major negative shock to the UK economy.” Thus, the organization has strongly warned against Brexit.
As Britain nears its vote to leave the EU, several new warnings have appeared urging voters to vote against an exit. While several politicians, economists, and financial chiefs have attempted to deter voters from voting to split from the EU in recent months, new warnings in recent days have cast aspersions on the UK’s ability to go it alone economically.
The BBC reported a 0.2% decline against the U.S. dollar, a 0.6% decline against the euro, and a 1% decline against the Japanese yen in recent trading, while noting volatility has increased in recent days.
