GBPJPY Keeps Recovering, But It's Approaching Resistance
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CBC
30 minutes ago
- CBC
Home sales rose in June, though fewer home sales expected for this year, says CREA
Social Sharing For the second time this year, the Canadian Real Estate Association (CREA) has downgraded its forecast for home sales in 2025, even as it reported the number of homes changing hands across the country in June rose 3.5 per cent compared with a year ago. The association said Canadian home sales last month also increased 2.8 per cent compared with May on a seasonally adjusted basis. In its outlook released Tuesday, CREA said it now expects a total of 469,503 residential properties to be sold this year, a three per cent decline from 2024. In April, the association forecast the number of home sales for 2025 to remain essentially unchanged from last year, which itself marked a steep cut from its January forecast of an 8.6 per cent year-over-year increase. The national average home price is forecast to fall 1.7 per cent on an annual basis to $677,368 in 2025, which would be around $10,000 lower than predicted in April. CREA senior economist Shaun Cathcart said that despite a "chaotic start to the year," the latest data suggests the housing market rebound originally forecast for this year — before it was upended by the Canada-U.S. trade war — may have "only been delayed by a few months." "At the national level, June was pretty close to a carbon copy of May," said Cathcart in a news release, cautioning "we're not out of the woods yet" given U.S. President Donald Trump's latest 35 per cent tariff threat. WATCH | Rise in home sales largely due to Greater Toronto Area, CREA says: Home sales rose in June while prices held steady: CREA 1 hour ago The association said the tariff-related uncertainty that drove so many buyers back to the sidelines earlier this year ended up taking a larger bite out of activity in B.C., Alberta and Ontario than was expected three months ago, but "the good news is markets appear to be entering their long-expected recovery phase, fuelled by pent-up demand, lower interest rates, and an economy that is expected to avoid worst-case tariff scenarios." "Most housing markets continued to turn a corner in June, although market conditions still vary considerably depending on where you are in Canada," said CREA chair Valerie Paquin. "If the spring market was mostly held back by economic uncertainty, barring any further big shocks, that delayed activity could very likely surface this summer and into the fall." CREA said it now forecasts national home sales in 2026 to improve by 6.3 per cent to 499,081. That would put activity back on track with what was expected in its April forecast, when it predicted a 2.9 per cent gain in sales next year. The national average home price is expected to increase three per cent from 2025 to $697,929 next year. Meanwhile, the national average sale price fell 1.3 per cent in June compared with a year earlier to $691,643. There were 47,871 home sales recorded last month, up from 46,237 in June 2024. Why the condo market is plummeting during a housing crisis 2 months ago The association said the recovery in sales activity over the past two months was led overwhelmingly by the Greater Toronto Area The number of newly listed properties throughout the country was down 2.9 per cent month-over-month from May. A total of 206,435 properties were listed for sale by the end of the month, up 11.4 per cent from a year earlier and just one per cent below the long-term average for this time of the year. "June's sales performance came in broadly as expected, with Canadian transactions continuing their gradual recovery from their early-year depths," said TD economist Marc Ercolao in a note. "We expect home sales will continue to rise in the second half of the year as pent-up demand continues to trickle into the market. That said, the sales level should remain subdued as economic uncertainty remains elevated, especially with Canada facing new tariff threats."
CTV News
an hour ago
- CTV News
Citigroup profit beats estimates on trading and deals windfall, shares rise
A Citibank office in New York is shown in this Jan. 13, 2021, file photo. (AP Photo/Mark Lennihan, File) NEW YORK — Citigroup's profit beat Wall Street estimates on Tuesday, as its traders brought in a windfall from turbulent markets and investment bankers gained from resilient dealmaking in the second quarter. Stocks and bonds have whipsawed since April, when U.S. President Donald Trump stunned markets by announcing sweeping tariffs against major trading partners. Volatility tends to help Wall Street trading desks as clients adjust their portfolios. The third-largest U.S. lender's net income was US$4 billion, or US$1.96 per share, in the three months ended June 30. Total net income rose 25 per cent from a year earlier. Analysts, on average, had expected US$1.60 per share, according to estimates compiled by LSEG. The bank's stock rose 1.3 per cent in early trading. Markets have rebounded, and some deals resumed after the initial shock of U.S. tariff announcements in April subsided. A string of large initial public offerings and multi-billion-dollar buyouts since June have fueled optimism for the second half. Citi is 'at the center of some of the most significant transactions,' CEO Jane Fraser said in a statement. Its investment banking fees climbed 13 per cent in the second quarter, while overall banking revenue increased nearly 19 per cent to US$1.9 billion. 'We are discussing with clients how the strategic mandates are evolving in light of some of the uncertainty,' Chief Financial Officer Mark Mason told journalists, referring to the August 1 implementation date for some tariffs. 'The equity and debt issuance markets remain constructive in light of equity evaluations and the direction of interest rates.' Citi's investment banking fees in the quarter were led by mergers and acquisitions, which rose 52 per cent over a year ago, mainly with healthcare and tech deals in North America. Financial sponsors such as private equity firms have also become active, Mason added. Equity capital markets fees climbed 25 per cent in the quarter, driven by strength in convertibles and IPOs. The banking division has grown rapidly since its leader, Viswas Raghavan, joined from JPMorgan a year ago. Markets revenue jumped 16 per cent to US$5.9 billion, its best performance since the second quarter of 2020. Citi jointly led the US$1.05-billion IPO of stablecoin issuer Circle and the US$650-million listing of retail trading platform eToro. The bank also advised Charter Communications on its US$21.9-billion deal to buy privately held Cox Communications in May. UBS analyst Erika Najarian said in a note to clients that this quarter may mark a more lasting change for the bank. 'Citigroup is a well-known capital return potential story, but 2Q results imply that it could be more than this, which could attract more long-term shareholders that had been reticent about owning shares.' Rival banks beat estimates Earlier on Tuesday, rivals JPMorgan Chase and Wells Fargo beat Wall Street estimates for second-quarter profit. Citi's revenue rose eight per cent in the quarter from a year earlier to US$21.7 billion, notching second-quarter records for its services, wealth, and U.S. personal banking businesses. Revenue in the wealth unit jumped 20 per cent. Citi executives have said the business is a key growth area. The bank continues to expect a rise in new net investment assets, Mason said. U.S. personal banking revenues climbed six per cent in the second quarter, driven by higher interest-earning balances on credit cards. Most of the credit losses this quarter, of US$2.2 billion, were related to the credit card portfolio. The bank built around US$600 million as an allowance for credit losses to address some downgrades in the corporate lending portfolio and some transfer risk of dividends in Russia belonging to clients. Citi is also working to address regulatory orders to fix longstanding deficiencies in its risk management, controls, and data governance. As part of those efforts, Citi retired 211 applications in the first half of the year, it said in a presentation. It also enhanced controls in 85 countries to detect 'large, anomalous payments.' The bank was hit by regulatory punishments known as consent orders in 2020 after it erroneously sent US$900 million to Revlon lenders. The compliance issues have weighed on Citi's stock, which continues to trade at a steep discount to its Wall Street peers, below its book value. The bank has narrowed the gap by growing its price-to-book ratio over the past year. It has 17 buy recommendations and five hold recommendations from analysts, according to data compiled by LSEG. Citi shares have risen 24.3 per cent year to date, compared with a 6.6 per cent gain in the S&P 500 through Monday. --- Reporting by Tatiana Bautzer in New York and Manya Saini in Bengaluru, editing by Lananh Nguyen, Sriraj Kalluvila and Rod Nickel
Globe and Mail
2 hours ago
- Globe and Mail
Here's Why You Should Buy This AI ETF Right Now and Hold for 10 Years
Key Points Given the incredible user interest and massive capital investment being directed to it, AI likely isn't going anywhere. Investors can choose this tech-driven ETF to gain valuable exposure to the AI trend. The ETF's returns have been impressive in the past decade, and they could continue to provide a boost to investor portfolios. 10 stocks we like better than Invesco QQQ Trust › This November will mark the third anniversary of the release of OpenAI's ChatGPT. That was a smash success, as it became the fastest app to reach 100 million monthly active users. In March, OpenAI said that ChatGPT had 500 million weekly active users, showing that its adoption continues to increase. We now have greater confidence that artificial intelligence (AI) isn't going away. Businesses are spending tons of capital on talent and physical infrastructure to bolster their AI capabilities, hoping to become leaders in what many think could be the next technological paradigm. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Learn More » From an investment perspective, AI can no longer be ignored. The smart money is figuring out the best way to allocate capital to gain portfolio exposure. Luckily, investors can skip trying to pick individual winners. That's because there's a top AI exchange-traded fund (ETF) to home in on. Here's why you should buy it right now and hold for 10 years. QQQ's diversified exposure to AI There are numerous ETFs that investors can choose from. However, the one that provides adequate exposure to the AI trend is the Invesco QQQ Trust (NASDAQ: QQQ). It contains the 100 largest nonfinancial companies that trade on the Nasdaq stock exchange. As of July 10, it had $356 billion in assets under management. With 100 different stocks in its portfolio, investors might initially think that there's sufficient diversification. But it's important to understand that there's heavy concentration toward the top. The largest 10 positions combined make up 50.7% of the QQQ Trust. In essence, the performance of these businesses has a big influence on how the ETF fares. Besides Costco, the other nine stocks are directly related to technological trends. And AI is increasingly becoming a more important part of their corporate strategies. For instance, Nvidia, the top stock with a 9.4% weighting, is the poster child of the AI boom, selling powerful graphics processing units that support AI data centers. Microsoft, Amazon, and Alphabet, the so-called hyperscalers, are developing their own chips to bolster their cloud platforms. Tesla is another example of a top 10 holding that's betting on AI to have a profound impact on its business model. Improving its autonomous driving system certainly relies on the technology. Monster gains and a low cost The Invesco QQQ Trust has produced a total return of 466% in the past decade. This is significantly ahead of the S&P 500 index's 265% total return during the same period. That's a tremendous outcome that has been driven by the success of those previously mentioned companies. The expense ratio is 0.2%. In other words, for every $1,000 invested in the Invesco QQQ Trust, only $2 goes to the ETF sponsor on an annual basis. That's a very favorable fee. The trailing-10-year return of the Invesco QQQ Trust is phenomenal. It would be wonderful to see this performance repeat itself over the next decade, but investors would be wise to temper their expectations a bit. Since its inception in March 1999, the ETF has generated an annualized return of 9.6%. This is still a fine result, and it could revert to the mean and match this performance from this point forward. But maybe a more reasonable perspective as we look out to 2035 is to expect the Invesco QQQ Trust to be somewhere in the middle of its long-term average and the annualized 18.9% it registered over the past decade. It would be hard to argue with that result, which makes this AI ETF a smart buy-and-hold candidate. Should you invest $1,000 in Invesco QQQ Trust right now? Before you buy stock in Invesco QQQ Trust, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Invesco QQQ Trust wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $671,477!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,010,880!* Now, it's worth noting Stock Advisor 's total average return is1,047% — a market-crushing outperformance compared to180%for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 14, 2025 Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors. John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Neil Patel has positions in Invesco QQQ Trust. The Motley Fool has positions in and recommends Alphabet, Amazon, Costco Wholesale, Microsoft, Nvidia, and Tesla. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.
