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House prices fall as mortgage rates remain high

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Thanks for joining me. House prices unexpectedly fell last month, according to the Nationwide house price index.

Prices were down 0.2pc between February and March as mortgage approvals remained subdued. 

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What happened overnight 

Asian stocks rose while currencies stayed strong against the yen amid concerns about a possible intervention by the Bank of Japan.

Hong Kong’s Hang Seng was the standout, piling on more than 2pc on the first day of trading since Thursday as investors cheered data showing China’s manufacturing grew more than forecast last month.

Sydney, Seoul, Singapore, Taipei and Manila were in positive territory. Shanghai was slightly lower with Wellington and Jakarta.

Japan’s Nikkei was volatile. It reclaimed the 40,000 points mark in the morning session but was last flat, below the mark.

The yen was slightly weaker at 151.76 per dollar, not too far from the 34-year low of 151.975 it touched last week, with traders keenly watching for hints of intervention from Japanese authorities.

Meanwhile, expectations the Federal Reserve was close to cutting interest rates faded as data on Monday showed US manufacturing grew for the first time in one and a half years in March as production rebounded sharply and new orders increased, highlighting the strength of the economy.

The robust manufacturing data sent yields on US Treasuries higher, with two-year and 10-year yields climbing to two-week peaks, boosting the dollar.

Read More: House prices fall as mortgage rates remain high

2024-04-02 06:57:06

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