Markets in the US opened mostly higher on Monday before diving ahead of the Jackson Hole meeting of central bankers. The S&P 500 (^GSPC) was down 0.1%, the Dow (^DJI) was 0.6% lower and the Nasdaq (^IXIC) rose 0.4%.
“While the Nasdaq 100 has led the move higher, today’s rebound is running into trouble due to rising US yields which have pulled the market off the highs of the day,” said Michael Hewson, chief market analyst at CMC Markets.
“Last week’s break of the 50-day SMA on both the S&P500 and Nasdaq 100 has shifted the mood slightly on a technical basis shifting the bias to one of caution over whether we can expect to see further declines.”
The FTSE 100 was making muted moves by the afternoon on Monday in London as further evidence of price falls in the UK housing market hit.
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Around the closing bell, the FTSE (^FTSE) was trading flat, while Germany’s DAX (^GDAXI) was up 0.2% and the CAC (^FCHI) in Paris rose 0.5%.
Average asking prices for UK homes listed by new sellers fell by £7,012 to £364,895 this month, or about 1.9%, according to fresh data from online real estate portal Rightmove (RMV.L).
This was coupled with a falling number of agreed sales, which were 15% lower than levels seen in 2019.
Meanwhile, the data showed that rents continue to creep up, meaning it is becoming more attractive for first-time buyers to enter the market. The number of first-time buyers was above the average — sitting at 10% lower than levels seen in 2019.
Read more: Asking prices for UK houses fall as rents climb
Elsewhere, China adjusted its mortgage rates causing jitters in its markets during the trading day.
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