Refinance Rate For Second Mortgage
Mortgage applications in the United States fell for a second week as a measure of home purchases matched the lowest level since November 2003.
The Mortgage Bankers Association's index of applications to buy a home or refinance an existing loan dropped 1.3% last week to 533.8 from 540.8 the prior week. The gauge of purchase applications declined 2.4% to 389. Higher mortgage rates are slowing home sales after five straight record years. Combined with a slowdown in mortgage refinancing that's been a source of cash for homeowners the past several years, the weakening housing market will weigh on the economy, economists said. Anthony Chan, chief economist at JPMorgan Private Client Services in New York, said that the general trend is undeniably toward a softening in housing, which has been an important anchor for consumer spending.
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(AFX UK Focus) 2006-08-02 12:26 GMT: Euroshares remain higher midday, buoyed by series of strong earnings results
LONDON (AFX) - Euroshares remained higher at midday as investors absorbed a raft of positive earnings reports from the likes of BMW, Sanofi-Aventis, BNP-Paribas and Danone, which lifted sentiment and helped divert attention from growing inflationary concerns, dealers said.
At 12.00 noon, the Stoxx 50 was up 15.78 at 3,430.26, while the broader Stoxx 600 was 1.97 points higher at 325.47.
Among shares on the move today, Groupe Danone rallied as "exceptional" organic growth in the first half offset a slight disappointment in the operating margin. The stock was leading the market up, adding 2.80 or 2.78 pct at 103.50.
Danone's organic sales rose 8.9 pct in the first half and the group's reported sales put in record growth of 9 pct at 7.217 bln eur.
Danone chief financial officer Antoine Giscard d'Estaing said the recovery in France was continuing, with "very slight growth" in the second quarter.
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