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Prices of detached houses plunge C$207,000 from a year ago as sales collapse.
After having ballooned for 18 years with barely a dip during the Financial Crisis, Toronto’s housing market, Canada’s largest, and among the most inflated in the world, is heading south with a vengeance, both in terms of sales volume and prices, particularly at the high end.
Home sales in the Greater Toronto Area (GTA) plunged 39.5% in March compared to a year ago, to 7,228 homes, according to the Toronto Real Estate Board (TREB), the local real estate lobbying group. This was spread across all types of homes, even the formerly red-hot condo sector:
- Detached houses -46.3%
- Semi-detached houses -30.6%
- Townhouses -34.2%
- Condos -32.7%.
While new listings of homes for sale fell 12.4% year-over-year, at 14,866, they’d surged 41% from the prior month, and added to the listings of homes already on the market. The total number of active listings – new listings plus the listings from prior months that hadn’t sold or been pulled without having sold – more than doubled year-over-year to 15,971 homes, and were up 20% from February.
“If this trade war comes to pass, it will be an evenly matched total war between China and the US economies, and not some small scuffle. It would be delusional for the US to think it will be victorious at the end of this trade war.”
Barely a day after China dropped the hammer on US stock markets by unveiling retaliatory tariffs on $50 billion in US imports that – unlike US measures that mostly targeted obscure industrial products – actually struck at key industries like soybean farmers, automobiles and airplanes, the Communist Party crowed about what it already sees as its “victory” in the nascent trade war in an editorial published by the Global Times, China’s state-owned, English-language tabloid and extremely hawkish party mouthpiece.
“In light of China’s unfair retaliation, I have instructed the USTR to consider whether $100 billion of additional tariffs would be appropriate under section 301 and, if so, to identify the products upon which to impose such tariffs.”
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As reported by ForexLive earlier (and Finance Magnates), there is a login issue at Binance and it has created more fears about a possible hack (or other liquidity fears) sparking FUD-driven selling pressure across the crypto space.
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Beijing wasted no time in striking back at Washington’s latest round of tariffs on Chinese imports by announcing a new list of US products that would be subject to punitive action, as the world’s two largest economies edge ever closer towards an all-out trade war.
China’s State Council said on Wednesday it planned to impose additional tariffs of 25% on 106 US products imported into the country, including soybeans, airplanes, cars, and chemicals, CCTV reported. The Ministry of Commerce said the import value of the goods on the list in 2017 was $50 billion. The effective date will depend on when the U.S. action takes effect.
Beijing’s retaliation came just hours after the United States Trade Representative Office released details of hundreds of Chinese imports worth about $50 billion that it planned to hit with 25% tariffs, with the emphasis on industrial and hi-tech goods.
“China’s response was tougher than what the market was expecting – investors didn’t foresee the country levying additional tariffs on sensitive and important products such as soybeans and airplanes,” said Gao Qi, Singapore-based strategist at Scotiabank. “Investors believe a trade war will hurt both countries and their economies eventually.”
AMAZON shares have fallen after US President Donald Trump again attacked the online retailer, while the Dow Jones has taken a tumble in response to the US-China trade war.
AMAZON shares fell 4 per cent on Monday after US President Donald Trump again attacked the online retailer over the pricing of its deliveries through the United States Postal Service and promised unspecified changes.
“Only fools, or worse, are saying that our money losing Post Office makes money with Amazon,” Trump tweeted.
“They lose a fortune, and this will be changed. Also, our fully tax paying retailers are closing stores all over the country … not a level playing field!”
H/t reader kevin a.
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X22 still believes in Trump….
Good luck with that!
H/t reader squodgy:
Very interesting update on world events.”
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The heads of schools from various parts of England and Wales have described differences in the appearance of some of their pupils. Poverty stricken children are “grey and pale” and fill their pockets with food so they can have something to eat.
And the problem is only worsening as government regulations and tax burdens continue to make it hard for everyday people to get by. According to the BBC, on school head was quoted saying, “My children have grey skin, poor teeth, poor hair; they are thinner.” Lynn, a head teacher from a former industrial town in Cumbria, who did not want to give her full name, was one of a number of head teachers speaking to reporters at the National Education Union conference in Brighton.
Even though the government said measures were in place to tackle poverty, much of the UK is sliding into abject poverty as the country inches closer to Communism.
“Children are filling their pockets with food. In some establishments that would be called stealing. We call it survival,” Lynn said.
Jane Jenkins, a head teacher from Cardiff, said children in her school often only brought a slice of bread and margarine for lunch and that teachers supplemented this. “It’s really difficult and when people are asking you about standards, why we don’t go up the league tables?”
An aging football stadium in Michigan. A decrepit paper mill in Minnesota. A sun-bleached patch of desert in California.
These are the lots where Volkswagen is storing the hundreds of thousands of diesel vehicles that included software to help them cheat US emissions testing as the company races to buyback a huge chunk of its inventory ahead of a deadline agreed to as part of its settlement with the US government, per Reuters.
Under the terms of its landmark settlement with the US government, if 85% of the 500,000 cars VW promised to repurchase haven’t been bought back or fixed by then, the company will face higher punitive payments.
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When the initiative was first announced, McDonald’s decision to raise its employees’ wages to $1 above minimum wage (albeit only at corporate-owned stores, a minority of the company’s total count) was hailed as a radical example of corporate accountability – a direct repudiation of the far-left notion that “quarterly capitalism” and employers accepting responsibility for their employees were mutually exclusive.
As any steely eyed realist might’ve expected, McDonald’s widely lauded “wage hike” was little more than a publicity stunt. In the three years since McDonald’s announced the wage hike in 2015, the firm has essentially frozen employee wages, often leaving them just a few cents above minimum wage, as Bloomberg has discovered.
But the company doesn’t expect to experience any blowback from this decision: After all, McDonald’s never said it was pegging employees’ wages to $1 above minimum wage. The company, it appears, deliberately equivocated during its initial announced – and what’s worse, nobody in the media has called the company out.
Until now, that is.
In what we assume is a morbid April Fool’s joke, late on Sunday Elon Musk decided to have some “fun” with his 20 million Twitter followers and unknown number of investors, and after previewing earlier in the day that he will have “Important news in a few hours …”, the Tesla CEO tweeted that “Tesla Goes Bankrupt Palo Alto, California, April 1, 2018 — Despite intense efforts to raise money, including a last-ditch mass sale of Easter Eggs, we are sad to report that Tesla has gone completely and totally bankrupt. So bankrupt, you can’t believe it.”
Tesla Goes Bankrupt
Palo Alto, California, April 1, 2018 — Despite intense efforts to raise money, including a last-ditch mass sale of Easter Eggs, we are sad to report that Tesla has gone completely and totally bankrupt. So bankrupt, you can’t believe it.
— Elon Musk (@elonmusk) April 1, 2018
There was more “humor” – in a subsequent tweet, Musk tweeted that “There are many chapters of bankruptcy and, as critics so rightly pointed out, Tesla has them *all*, including Chapter 14 and a half (the worst one).”
There are many chapters of bankruptcy and, as critics so rightly pointed out, Tesla has them *all*, including Chapter 14 and a half (the worst one).
— Elon Musk (@elonmusk) April 1, 2018
Musk concluded joking that after the bankruptcy, he “was found passed out against a Tesla Model 3, surrounded by “Teslaquilla” bottles, the tracks of dried tears still visible on his cheeks. This is not a forward-looking statement, because, obviously, what’s the point? Happy New Month!”…
The Dow Jones Industrials is now down over 3300 points from its highs, and has broken below February’s spike-crash lows to the lowest since Nov 20th.
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Facebook’s problems are just getting worse, and now investors can add worker morale to the (bucket) list of problems as the New York Times reports that employees furious over a leaked 2016 memo from a top executive seeking to justify the company’s relentless growth and “questionable” data harvesting – even if it led to terrorists attacks organized on the platform.
VP Andrew “Boz” Bosworth – one of Facebook CEO Mark Zuckerberg’s most trusted executives, wrote that connecting people is the greater good even if it “costs someone a life by exposing someone to bullies.
“Maybe someone dies in a terrorist attack coordinated on our tools.”
On Friday, the fallout from Bosworth’s leaked memo – following several weeks of outrage over the company’s data harvesting practices, has Facebook employees in an uproar, according to The Times.
A change in the default crude oil transactional currency – which for decades has been the “Petrodollar”, blessing the US with global reserve currency status – would have monumental consequences for capital allocations and trade flows.
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Despite a brief bounce overnight, cryptos are sliding once again with Bitcoin below $7,000; Ethereum below $400; and Ripple back below 50c.
“It’s a sea of red,” said one seasoned crypto-trader, adding after a stoic pause, “again!”
Amid the worst month for tech stocks in years, cryptos are in freefall…
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