The largest Swiss bank UBS conducted a study showing that housing prices in Australia could drop by 30% if a recession occurs in the country. In the event of the first recession in 27 years, UBS experts also expect large-scale legal proceedings in connection with violations by banks in the sale of mortgage loans. According to them, in such conditions, the Central Bank of Australia will reduce rates to zero and will be forced to introduce its own version of quantitative easing. UBS analyst Jonathan Mott sees the rapidly deteriorating situation in the Australian housing market as a signal of approaching even more difficult times.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Samsung Electronics Co Ltd looks forward to the second half of the year as it expects a larger increase in chip demand brought by new smartphone launches. However, the company warned that the coronavirus crisis and trade disputes carry risks. Samsung, ...
The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
On Monday, the Australian Competition and Consumer Commission (ACCC) filed a case against Google (GOOGL) in federal court after allegations that the multinational technology company misled its consumers about the expanded use of their personal ...