Russia cuts benchmark refinancing rate

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Source: Bloomberg
Russia unexpectedly lowered country's refinancing rate while increasing its overnight deposit rate after inflation decelerated, reaching the smallest year-end reading since the collapse of Soviet Union. Bank Rossii cut nation's refinancing rate from 8.25% to 8.0%. Decision was made to circumvent inflation risks and threats to economic growth.

 

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Fri, 23 Dec 2011 11:01:54 GMT

European shares higher on last trading day before holidays

European markets opened higher on Friday led by financials and resource companies as investor optimism was lifted by better-than-expected US economic data. Stoxx Europe 600 index added 0.9% at 241.77 while FTSE 100 index advanced 0.7% to 5,492.56. French CAC 40 index gained 1% at 3,104.37 and German DAX 30 index climbed 0.9% to 5,897.49.

Fri, 23 Dec 2011 08:39:28 GMT

US 30-year mortgage yields drop to record low

Mortgage rates for US 30-year loans fell to the lowest since 1971 amid signals property market is improving. The average borrowing cost on a 30-year mortgage decreased from 3.94% to 3.71% this week. Declining home prices and relatively low interest rates are propelling affordability, claimed Ellen Zentner, Nomura Securities International's senior US economist. 

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