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US House Prices Rise for 8th Month in a Row: FHFA, US House Prices Continue to Rise at Faster Pace, Canada Weekly Earnings Rise 8.3% YoY in January, DAX 30 Hovers Around Record High

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US House Prices Rise for 8th Month in a Row: FHFA
The average prices of single-family houses with mortgages guaranteed by Fannie Mae and Freddie Mac in the United States advanced 1.0 percent from a month earlier in January 2021, following an upwardly revised 1.2 percent rise in December. For the nine census divisions, seasonally adjusted monthly house price changes ranged from -0.2 percent in the East South Central division to +1.5 percent in the Mountain division. Year-on-year, house prices rose 12.0 percent in January, with the changes ranging from +10.2 percent in the West South Central division to +14.8 percent in the Mountain division.

US House Prices Continue to Rise at Faster Pace
The S&P CoreLogic Case-Shiller 20-city home price index in the US jumped 11.1 percent from a year earlier in January of 2021, following an upwardly revised 10.2 percent growth in the previous month and slightly above market expectations of 11 percent. It is the biggest annual increase in house prices since March of 2014. Phoenix (15.8 percent), Seattle (14.3 percent), and San Diego (14.2 percent) continued to report the highest year-over-year gains among the 20 cities in January. Considering the whole nine US census divisions, house prices increased 11.2 percent, the highest price growth since February of 2006 and following a 10.4 percent rise in November. House prices have been rising at a faster pace in the past year amid strong house demand supported by low interest rates, the need of more space and as many people moved away from the big cities due to the coronavirus pandemic.

Canada Weekly Earnings Rise 8.3% YoY in January
Average weekly earnings of non-farm payroll employees in Canada grew 8.3% year-on-year to CAD 1,135 in January of 2021, following an upwardly revised 6.9% rise in December. It was the largest gain in earnings since July, as job losses since February 2020 have been concentrated among hourly paid and largely lower-paid employees. Payroll employment continued to fall in sectors directly affected by tightened public health measures, including retail trade (-3.4% to 65,900), accommodation and food services (-4.7% to 44,000), and arts, entertainment and recreation (-13.6% to 29,500). In contrast, job gains were registered in construction (2.4% to 24,800). Payroll employment also increased in professional, scientific and technical services in January (+16,300; +1.7%), surpassing its pre-pandemic level for the first time.

DAX 30 Hovers Around Record High
The DAX 30 held onto early gains on Tuesday afternoon, hovering around an all-time high of 14,924, while other major European bourses advanced between 0.1% and 0.6%. Automakers and travel & hospitality stocks were among the best performers, as investors focused on the prospect of a strong economic recovery, despite the uncertainty around rising infection rates and the slow rollout of vaccines. At the same time, bank shares rebounded amid hopes that Archegos Capital’s meltdown will be contained. On the economic data front, Germany’s consumer prices rose in March by the most since February 2020 and Spain’s inflation rate hit its highest level in almost two years, while consumer morale in France improved unexpectedly to a three-month high.

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