Russian mortgage applications have spiked thanks to lower interest rates, Russia’s Agency for Housing Mortgage Lending (AHML) reported Monday. Total borrowing is expected to hit 1.5 trillion rubles ($23 billion) by the end of 2016, returning to a pre-crisis high of 1.8 trillion rubles ($30 billion) by the end of 2017. Source: Moskow Times
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Norway’s sovereign wealth fund hit $1 trillion for the first time on Tuesday, driven higher by climbing stock markets and a weaker U.S. dollar. Source: Bloomberg
The Federal Reserve has said that it will start to run down some of the investments it made to boost the US economy after the financial crisis. In October the Fed will start to reduce a $4.2trn portfolio of US Treasury bonds and mortgage-backed securities, it said. Source: BBC News
S&P Global Ratings downgraded China’s long-term sovereign credit rating by one notch on Thursday to A+ from AA-, citing increasing risks from the country’s rapid build-up of credit. Source: Reuters