It was a seriously strong start to 2020 in the mortgage business for new home loans and refinances. Total mortgage application volume surged 30.2% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Refinancing led the surge, thanks to a drop in mortgage rates. The refinance share of mortgage activity increased to 62.9% of total applications from 58.9% the previous week. Purchase mortgage activity hit the highest level since October 2009.

Bernstein lowered its rating on Beyond Meat on Tuesday and said the red-hot stock was now fairly valued after the recent run-up. Shares of Beyond Meat are up 55% since the start of the year. Trading was briefly halted on Tuesday due to volatility as activity in the cult name picks up, frustrating short sellers. This is the second big rally in the young stock, which also jumped last summer following its May IPO before crashing back to earth. “As the risk/reward has become less attractive followin

in the grand ballroom of Trump International Hotel, U.S. Presidential candidate Donald J. Trump (center) speaks, with his daughter Ivanka Trump by his side, talks about the grand opening of their family’s latest property, Trump International Hotel – Old Post Office, in Washington, DC on October 26, 2016. This year, the meeting takes place at a time of heightened geopolitical tensions, trade disputes and further calls for action against climate change. Their dispute could set a precedent for othe

Mexico’s Ministry of Tourism announced in 2001 it was developing a program to highlight the most beautiful and culturally-rich towns in the country. With more to offer than just beach resorts, ports of call and salt-rimmed margaritas, Mexico focused on the small towns and villages that best represent regional traditions, history, festivals and food. The chosen few would be named Mexico’s “Pueblos Magicos,” or magic villages. Today, there are 121 such villages, some of which will ring a bell — li

Burnt trees are seen in Mallacoota on January 15, 2020 , Australia. Economic and political polarization will rise in 2020, according to the World Economic Forum’s latest Global Risks report, but severe threats to the climate account for all of the top five long-term risks. Respondents were asked to assess both the likelihood of a global risk occurring over the course of the next 10 years, and the severity of its impact at a global level if it were to occur. For the first time in the survey’s 10-

Denying climate change is dangerous and unreasonable in the year 2020, according to billionaire Amazon founder Jeff Bezos. “You can go back 10 years or 20 years and there were people who just did not acknowledge that climate change is real,” he said. Amazon’s climate pledge was announced after more than 4,500 employees urged the company to take aggressive action on climate change back in April. He added that he was using his own connections to work with CEOs around the world on climate change po

The German economy grew at 0.6% in 2019, according to Destatis, the country’s federal statistics office, marking a sharp slump in growth and the weakest expansion since 2013. The expansion in gross domestic product (GDP) was in line with forecasts from economists polled by Reuters. The 2019 full-year gross domestic product (GDP) figure shows a slowdown from the 1.5% growth recorded in 2018 and the 2.2% expansion seen in Germany’s economy in 2017. “The German economy thus has grown for the tenth

Vladimir Putin, Russia’s president, as he speaks during his annual state of the nation address in Moscow, Russia, on Wednesday, Jan. 15, 2020. Russian President Vladimir Putin said Russia is leading the world in terms of its weaponry, during his annual address to lawmakers, but added that the country is not a threat. It’s the other way around, the other leading powers are yet to create the weapons that Russia already has,” he claimed. In December 2019, Russia’s Defense Minister Sergei Shoigu dec

Tax policy is the key risk to U.S. stock prices arising from the 2020 U.S. election, according to Goldman Sachs. Goldman Sachs Chief U.S. Equity Strategist David Kostin told CNBC Wednesday that the best way to think about the U.S. equity market relative to the election is “united we fall, divided we rise.” “What happened in the tax cut is the effective tax rate for U.S. companies went from 27% to 19%, so all of that incremental income inured to the equity investor. That is the reason for stocks

But the big-box retailer said Wednesday that its holiday sales were weaker than planned. Target said its same-store sales during November and December were up just 1.4%, compared with growth of 5.7% a year earlier. Especially this holiday season, Target was expected to be a winner in the toys category. But this holiday season, Target said toy sales were about flat with the prior year. Macy’s, J.C. Penney and Kohl’s all in recent days have reported same-store sales declines during the holiday sea

Bank of America posted profit that exceeded analysts’ expectations on a rebound in trading revenue and as the company repurchased shares. The impact of lower interest rates was felt widely at Bank of America, impacting its core lending and banking operations. He also said that fourth-quarter trading revenue is expected to climb 7% to 8% from a year earlier (his guidance proved conservative — trading revenue actually climbed 13% in the quarter) and that investment banking revenue was headed 3% t

Hassan Rouhani, Iran’s president, looks on during a news conference in Tehran, Iran, on February 6, 2018. U.S. troops are “insecure” in the region today, and EU troops “might be in danger tomorrow,” Rouhani declared, according to a Reuters translation, marking the first time the leader has directed a threat toward European forces in the region. EU forces are also stationed in the Gulf Cooperation Council (GCC) countries, and France and Britain have small numbers of special forces in Syria. “The

The People’s Bank of China (PBOC) said on its website the interest rate on one-year MLF loans remained at 3.25%, unchanged from the previous operations. Separately, the PBOC also extended 100 billion yuan of 14-day reverse repos with the interest rate unchanged at 2.65%. The MLF now acts as a guide for the PBOC’s new lending benchmark Loan Prime Rate (LPR), with the monthly fixing due next Monday. “While MLF rate can serve as guidance for LPR, an adjustment in the LPR is in theory possible with

Tsai Ing-Wen (C) waves as she addresses supporters following her re-election as President of Taiwan on January 11, 2020 in Taipei, Taiwan. Taiwan President Tsai Ing-wen urged China on Wednesday to review its policy towards the island, days after she won a landslide re-election victory, in a rebuke that could fuel further tensions with China. “We hope China can understand the opinion and will expressed by Taiwanese people in this election and review their current policies,” Tsai told reporters in

Regional airline Flybe was rescued on Tuesday after the British government promised to review taxation of the industry and shareholders pledged more money to prevent its collapse. After crunch talks with shareholders, Britain’s finance ministry said that it would review both air passenger duty (APD) and Britain’s regional connectivity as part of the plan. “The reviews we are announcing today … will ensure that regional connections not only continue but flourish in the years to come.” Under the

Aerial view of the Hong Kong Container Terminals and the Stonecutters Bridge with the back ground of the Hong Kong island. We’ll be able to plan better and we’ll be able to bring more volume back to Hong Kong.” The Port of Hong Kong was the world’s busiest container port by volume in 2004, according to the Hong Kong Port and Maritime Board. According to the World Shipping Council, Hong Kong Port was the seventh largest in the world in 2018. “There is very little exported from here that is manufa

European stocks inched lower on Wednesday as investors await the signing of the so-called “phase one” trade deal between the U.S. and China, with optimism slightly dented by comments from the U.S. Treasury. The pan-European Stoxx 600 slid 0.2% in early trade, with autos falling 0.9% to lead losses white health care stocks bucked the trend to add 0.2%. Mnuchin also claimed that documents due to be released later on Wednesday will show that the “phase one” deal is fully enforceable and includes a

Investment in the U.K.’s technology sector grew at a faster pace than in the U.S. and China last year, according to new research released Wednesday. Venture capital funding for British start-ups grew 44% to a record $13.2 billion in 2019, a report prepared for the government by industry group Tech Nation and research firm Dealroom said. The stats showed that nearly half of the total amount invested in U.K. tech came from U.S. and Asian investors. Health firm Benevolent AI raised $90 million and