German Real Estate Firm Adler Reaches Agreement With Lenders
Troubled German real estate firm Adler Group SA has reached a non-binding agreement with bondholders, according to a company statement released on Thursday morning.
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Troubled German real estate firm Adler Group SA has reached a non-binding agreement with bondholders, according to a company statement released on Thursday morning.
The deep freeze that’s gripped Europe’s real estate markets since borrowing costs jumped worsened at the start of the year as deals plunged to their lowest levels since 2011.
Investors are looking for the next policy domino to fall in Asia amid an escalating campaign against a resurgent dollar, after Indonesia used a surprise interest rate hike to defend the rupiah.
Vietnamese billionaire Pham Nhat Vuong pledged to invest at least another $1 billion of his personal wealth into VinFast Auto Ltd., providing the capital needed for expansion of the struggling electric vehicle maker.
Macrotech Developers Ltd., a real estate firm that operates under the brand name Lodha, expects pre-sales to grow about 20% in the year to March after reporting its highest ever quarterly revenue.
Oct 18, 2020
Bloomberg News
,(Bloomberg) -- A string of positive New Zealand data has got investors reassessing the odds of negative interest rates. Inflation figures due this week may help to clarify the picture.
The report may be key for the New Zealand dollar, which has been consolidating against the greenback since mid-September. Depending on the print, the kiwi could breach its 100-day moving average to drop toward 64 U.S. cents or head higher to test resistance around 68 cents.
New Zealand’s currency has been caught in a tug-of-war as traders try to get a handle on when and if the central bank will deploy sub-zero rates to shore up growth. While policy makers insist the tool remains an option, there’s been some skepticism that the rhetoric is merely an attempt to keep the currency’s gains in check.
The kiwi has been confined within the 65 to 68 cent range since reaching a 17-month high of 67.98 cents on Sept. 18. It traded around 66 cents on Friday.
“If anything, the market is getting cold feet about rate cuts following a run of strong data, including the REINZ housing market data,” said Jason Wong, a currency strategist at Bank of New Zealand in Wellington.
Manufacturing, retail-card spending and house sales have all improved, giving credence to the argument that the economy is regaining some momentum. That has helped drive down the probability of the official cash rate falling to -0.25% by April to 28% from 40% on Oct. 8.
Third-quarter inflation data due Friday may give traders a better steer. Economists predict that prices climbed 1.7% on year, versus a 1.5% increase in the previous three months. A better-than-expected reading would cool easing bets and bolster the currency.
The Reserve Bank of New Zealand is aiming to get inflation in the middle of a 1%-3% band. In August, it forecast annual price gains would drop as low as 0.3% in late 2021.
With the election risk now out of the way, investors will be watching to see if the upcoming inflation print also helps to clarify the picture.
Below are the key Asian economic data and events due this week:
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