Yields continue to tumble as markets wait for the results of this weekend’s election in Greece. The party that has been the strongest voice against austerity has been softening its messaging, saying it prefers to keep Greece in the Eurozone.
Data in North America is showing more weakness today. U.S. Consumer sentiment took a hit in June. The University of Michigan survey fell more than 5 points to 74.1, down from May’s reading of 79.3. Slowing employment growth and the debt troubles in Europe are dampening consumers’ spirits.
U.S. manufacturing gave back some capacity in May, dropping 0.1% to 79%. The Empire State Manufacturing Survey for June shows a 15 point decline in general business conditions, but remained positive at 2.3 with a slight expansion of manufacturing activity.
Manufacturing sales in Canada were down 0.8% in April, the third decline in four months. Sales fell in 13 of 21 industries, representing approximately 45% of the manufacturing sector. Sales of durable goods decreased 0.7%, while non-durable goods sales declined 1.0%. Auto sales showed a strong increase, up 9% – the 10th consecutive increase and the strongest growth since before the recession.
Tags: Commercial, Mortgages, Apartment, Multi-family, Financing, Lending, Canada, Vancouver, Calgary, Montreal, Toronto, Halifax, CMHC