In spite of the government's best efforts to rein them in,new home prices in China continue to rise.A report shows new home prices are up in 67 of 70 cities.Developers are not cooperating with Beijing;nor are certain local officials.They are perhaps waiting to see how things will play out.
All the same,Peter Churchouse of Portwood Capital says we're already seeing a decline in secondary home prices.He expects to see this in new homes in the back half of the year.
The Japanese stock market is closed today,Monday,for Respect For the Aged Day.
The Australian and New Zealand dollars were down on renewed Euro debt fears as European finance ministers failed to come up with concrete measures at a weekend meeting.The euro dollar was also lower,and the dollar yen was higher.New Zealand economists see slower growth ahead because of a delay in rebuilding following recent earthquakes.
At least 18 people died in a 6.9 earthquake on the Indian-Nepalese border in the Himalayas.India sent five military aircraft to assist the residents there.Kathmandu,Nepal reported extensive damage.
At the BMW Championship near Chicago,English golfer Justin Rose took the title,while Australians John Senden and Geoff Ogilvy were second and third on the leader board,respectively.
It was 72F in Shanghai on Monday under mostly cloudy skies.Winds were W at 22 mph,and the humidity was 60%.
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