Mar 8, 2021

US Futures Indicator: Futures Fell on Monday Waiting Toward Final Stimulus Package this week According To Jesse Pound

 cnbc.com

Stock futures slip even after Senate passes $1.9 trillion Covid relief bill as bond yields jump

Jesse Pound

U.S. stock futures fell on Monday even as a new stimulus package from Washington headed toward final passage this week. Higher bond yields continued to cause a rotation out of technology stocks that have led the market's comeback during the pandemic.

Futures for the tech-heavy Nasdaq-100 index got hit the hardest, down 1.5%. S&P 500 futures were off by 0.6%. Dow Jones Industrial Average futures erased earlier gains of more than 100 points to trade lower by 45 points, or 0.1%.

The Senate passed a $1.9 trillion economic relief and stimulus bill on Saturday, paving the way for extensions to unemployment benefits, another round of stimulus checks and aid to state and local governments. The Democrat-controlled House is expected to pass the bill later this week. President Joe Biden is expected to sign it into law before unemployment aid programs expire on March 14.

The benchmark 10-year yield has risen sharply in recent weeks in anticipation of more stimulus on top of a booming economic recovery. The 10-year Treasury yield was up 3 basis points to 1.59% in early trading Monday. The yield rose as high as 1.62% on Friday after starting the calendar year below the 1% mark.

The rapid move in the bond marked has unnerved equity investors as well, contributing to weakness in stocks with high valuations.

"10-year yields finally caught up to other asset markets. This is putting pressure on valuations, especially for the most expensive stocks that had reached nosebleed valuations," Mike Wilson, the chief U.S. equity strategist at Morgan Stanley, said in a note.

Shares of Tesla were off another 3% in premarket trading Monday.

The stock market is coming off an afternoon rally on Friday that took some of the sting out of a rough week for high-flying momentum names. The tech-heavy Nasdaq finished with a week-to-date loss of 2.1%, while the S&P 500 gained 0.8%. The Dow, more reliant on cyclical stocks, rose 1.8%.

The Friday turnaround doesn't signal that the recent weakness for the market is over, but the divergence between tech and cyclical plays shows that the bullish story remains intact, Morgan Stanley's Wilson said.

"The bull market continues to be under the hood, with value and cyclicals leading the way. Growth stocks can rejoin the party once the valuation correction and repositioning is finished," Wilson said.

On the economic front, investors will get a look at wholesale inventory data from January on Monday. Several economic measures in recent weeks have shown a recovery that is picking up steam, including a better-than-expected February jobs report released on Friday.

Mar 5, 2021

Biggest Moves Premarket: IMAX, CorelLogic,CoStar Group & More.

 cnbc.com

Stocks making the biggest moves in the premarket: IMAX, CoreLogic, CoStar Group & more

Peter Schacknow

Take a look at some of the biggest movers in the premarket:

IMAX (IMAX) – IMAX lost 21 cents per share, one cent a share more than analysts had anticipated. The movie theater operator's revenue came in above Wall Street estimates. Sales were helped by stronger performances in Asian markets, and the company is anticipating improved results as consumers return to theaters this year. IMAX shares lost 3.7% in premarket trading.

CoreLogic (CLGX) – CoStar Group (CSGP) dropped its bid to buy CoreLogic, with the commercial property data provider saying rising interest rates will hurt CoreLogic's value. CoStar's latest bid had been worth $6.6 billion or $90 per share, compared to a prior higher bid of $6.9 billion or $95.76 per share. CoreLogic — a provider of real estate data that competes with Zillow (Z) — had accepted a buyout bid last month from private-equity firms Stone Capital and Insight Partners for $6 billion or $80 per share. CoStar jumped 5.5% in premarket trading, while CoreLogic fell 3.4%.

Big Lots (BIG) – The discount retailer reported quarterly profit of $2.59 per share, 9 cents a share above estimates. Revenue matched forecasts, however, and a comparable sales increase of 7.9% was shy of the consensus FactSet estimate of 8.4%. Big Lots said it expected its results this year to be significantly affected by the pandemic. Shares rose 1.3% in premarket trading.

Costco (COST) – Costco reported quarterly earnings of $2.14 per share, falling short of the $2.45 per share consensus estimate. The warehouse retailer's revenue came in above forecasts. Costco's comparable sales rose 13%, while its digital sales surged 76%. The company also experienced supply chain issues resulting in higher costs. Costco shares fell 1.9% in premarket trading.

Norwegian Cruise Line (NCLH) – The cruise line operator's shares tumbled 7% in premarket trading after it announced a public stock offering of 47.58 million shares. Norwegian plans to use the proceeds to retire exchangeable debt held by private-equity firm L Catterton.

Gap (GPS) – The parent of Gap, Old Navy and Banana Republic is predicting an apparel sales rebound this year, as the Covid-19 pandemic recedes and people return to offices and schools. Sales in its most recent quarter came in below Wall Street forecasts, though an online sales surge help offset a pandemic-related decline in-store traffic. Shares jumped 3.2% in premarket action.

Broadcom (AVGO) – The chipmaker beat estimates by 6 cents a share, with quarterly earnings of $6.61 per share. The company's revenue came in slightly above estimates. Shares fell 1% in the premarket, however, as semiconductor sales were below analysts' forecasts. The company and its peers continue to be impacted by a shortage of materials used to make chips.

Virgin Galactic (SPCE) – The space company's chairman, Chamath Palihapitya, sold his personal holdings of 6.2 million shares for about $213 million, according to a Securities and Exchange Commission filing. He still owns 15.8 million shares with investment partner Ian Osborne. Its shares fell 3.1% in the premarket.

The Trade Desk (TTD) – The Trade Desk is on watch once again after losing 20% in value over the past two days. The provider of programmatic advertising technology was hit after Alphabet's (GOOGL) Google said it would not use ad tracking technology to follow people individually across the internet. The stock lost another 1.4% in the premarket.

Western Digital (WDC) – Western Digital shares rose 2.5% in premarket action after the disk drive and memory chip maker was upgraded to "buy" from "neutral" at Goldman Sachs. Goldman cited an improved outlook for memory chip prices, among other factors.

Boeing (BA) – The jet maker has approached a group of banks seeking a new $4 billion credit facility, according to reports from Bloomberg and Reuters. Boeing had told analysts in January that the company had sufficient liquidity, but was open to raising more debt as it considers options to strengthen its balance sheet.

Van Eck Vectors Social Sentiment ETF (BUZZ) – The new exchange-traded fund is on watch again today after falling 3.6% in its Wall Street debut Thursday. The ETF is designed to receiving attention from investors on Reddit, Twitter (TWTR) and other social media platforms.

Fifth Third Bancorp (FITB) – The bank was added to the "Conviction Buy" list at Goldman Sachs, which foresees a significant improvement in net interest income for Fifth Third based on current trends in both long and short term rates. Fifth Third rose 1.2% in premarket action.

Is There a Sand Shortage? One of a Crucial but unappreciated Commodity.

cnbc.com

A sand shortage? The world is running out of a crucial — but under-appreciated — commodity

Sam Meredith

LONDON — An insatiable global appetite for sand, one of the world's most important but least appreciated commodities, is unlikely to let up anytime soon. The problem, however, is that this resource is slipping away.

Our entire society is built on sand. It is the world's most consumed raw material after water and an essential ingredient to our everyday lives.

Sand is the primary substance used in the construction of roads, bridges, high-speed trains and even land regeneration projects. Sand, gravel and rock crushed together are melted down to make the glass used in every window, computer screen and smart phone. Even the production of silicon chips uses sand.

Yet, the world is facing a shortage — and climate scientists say it constitutes one of the greatest sustainability challenges of the 21st century.

"Is it time for panicking? Well, that will certainly not help, but it is time to take a look and change our perception about sand," Pascal Peduzzi, a climate scientist with the United Nations Environment Programme, said during a webinar hosted by think tank Chatham House.

Peduzzi, who is the director of UNEP's Global Resource Information Database in Geneva, Switzerland, described the global governance of sand resources as "the elephant in the room."

"We just think that sand is everywhere. We never thought we would run out of sand, but it is starting in some places. It is about anticipating what can happen in the next decade or so because if we don't look forward, if we don't anticipate, we will have massive problems about sand supply but also about land planning," he added.

A sand-fueled construction boom

At present, it is not possible to accurately monitor global sand use. However, Peduzzi said it could be measured indirectly, citing a "very, very good" correlation between the use of sand and cement.

The UN estimates that 4.1 billion tons of cement is produced every year, driven primarily by China, which constitutes 58% of today's sand-fueled construction boom.

It takes 10 tons of sand to produce every ton of cement. This means that, for construction alone, the world consumes roughly 40 to 50 billion tons of sand on an annual basis. That's enough to build a wall of 27 meters high by 27 meters wide that wraps around the planet every year.

Sand dunes in the Sahara desert.

Getty Images

The global rate of sand use — which has tripled over the last two decades partially as a result of surging urbanization — far exceeds the natural rate at which sand is being replenished by the weathering of rocks by wind and water.

Sand can be found on almost every country on Earth, blanketing deserts and lining coastlines around the world. But that is not to say that all sand is useful. Desert sand grains, eroded by the wind rather than water, is too smooth and rounded to bind together for construction purposes.

The sand that is highly sought after is more angular and can lock together. It is typically sourced and extracted from seabeds, coastlines, quarries and rivers around the world.

'A grain of change'

Louise Gallagher, environmental governance lead at the UNEP/GRID-Geneva's Global Sand Observatory Initiative, said the issues around sand had become a "diffuse" and "complex" problem to resolve.

For instance, she said the banning of river sand extraction would inevitably have a knock-on effect for the people and communities who rely on this practice to earn a living.

China and India top the list of areas where sand extraction impacts on rivers, lakes and on coastlines, largely as a result of soaring infrastructure and construction demand.

UNEP has previously warned of thriving "sand mafias," with groups comprising of builders, dealers and businessmen known to be operating in countries such as Cambodia, Vietnam, Kenya and Sierra Leone. Activists working to shine a light on their activities, UNEP said, are being threatened and even killed.

Construction cranes and vehicles cover the A10 highway between Paris and Bordeaux with sand on November 6, 2019 near Monts, central France.

GUILLAUME SOUVANT | AFP | Getty Images

Sand is "perceived as cheap, available and infinite and that is partly because the environmental and social costs are pretty priced in," Gallagher said on Tuesday during the same webinar.

"It seems like we believe the highest use value for this material right now is to extract it from the natural environment rather than keeping it in the system for the other types of benefits we get from it like say, for example, climate resilience in coastal areas," she continued.

"We need to think about putting a little order on the chaos of that crazy fragmented picture — and that's happening. That's the good news. We are not ignoring, I think, this problem any further. It is not as invisible as it used to be."

Gallagher identified five priorities for sand resource governance over the next two years: cooperation on global standards across all sectors, cost-effective and viable alternatives to river and marine sand, updating environmental, social and corporate governance frameworks in the financial sector to include sand, bringing in ground-level voices and setting regional, national and global goals on sand use at the right scale.

'No-one is even talking about this issue'

"I'd say a grain of sand can be a grain of change," said Kiran Pereira, researcher and founder of SandStories.org.

"It is important to focus on good things that are happening. Zurich, for example, is building buildings with 98% recycled concrete. The city of Amsterdam has committed to becoming 100% circular by 2050 (and) they aim to halve their natural resource use by 2030. That is the way to go," Pereira said.

The wake-up call on the global sand shortage, Peduzzi said, came in 2019 when governments recognized the environmental crisis for the first time and the issue was finally placed on the political agenda as a result of a UN resolution.

An excavator and a bulldozer are working on the grounds of the gravel plant and the concrete mixing plant of the Max Bögl group of companies.

Soeren Stache | picture alliance | Getty Images

Unfortunately, Peduzzi told CNBC that the challenge has still not been adequately addressed on the global stage.

"It is still very much new. In many of the development policies, there is no-one even talking about this issue of sand, where it is coming from, the social impacts or the environmental impacts, so there is a lot of things to be done," he continued.

"Yet, no big plans, no standard on how it should be extracted, no land planning on where you should extract and where you should not extract, no monitoring to where it is coming from in most of the places (and) no enforcement of laws because countries are pondering between development needs and the protection of the environment."

Looking ahead, industrialization, population growth and urbanization are all trends likely to fuel explosive growth in the demand for sand.

"It's time to wake up," Peduzzi said.

The Cybersecurity 202: Hard Job have Companies to Report Cybersecurity Risks to Investors.

 washingtonpost.com

The Cybersecurity 202: Companies are doing a terrible job of reporting cybersecurity risks to investors, a new study says

Tonya Riley

with Aaron Schaffer

Many publicly traded companies are leaving investors in the dark on important cybersecurity risks, a new report suggests. That includes vulnerabilities like the ones that allowed Russian hackers to exploit SolarWinds and other firms to infiltrate nine federal agencies and at least 100 companies.

The study's authors found that many publicly traded companies fail to provide investors with some of the most basic information required by the Securities and Exchange Commission. Instead, many companies rely on boilerplate legal statements like “[c]yber-attacks could have a disruptive effect on our business,” an analysis of annual and quarterly reports for publicly traded organizations showed.

That tells investors nothing about how a company would handle the growing threat of ransomware attacks or hackers exploiting vulnerabilities in a third-party supplier, explains Kevin Gronberg, vice president of policy and government affairs at SecurityScorecard. 

SecurityScorecard commissioned the report alongside the nonprofit Cyber Threat Alliance, the National Association of Corporate Directors, software company Diligent and analytics company IHS Markit.

“We're not looking for companies to give a road map to the crown jewels, but we are looking for more granular [details] and more candor in their annual reports with regard to the cyber risk that they are facing,” says Gronberg.

The report focuses on concerns with how firms are interpreting SEC guidance.

With some exceptions in the finance and health industries, most  American companies are not required to report breaches to the government or customers. 

However, the SEC issued guidance in 2018 that publicly traded companies should disclose “material cybersecurity risks and incidents in a timely fashion” to investors, weighing factors such as financial risk to investors and the importance of any compromised information. The guidelines say that companies should report such risks “periodically.”

That's a far cry from what most publicly traded companies are actually doing, the report found. In 2020, only 17 percent of Fortune 100 companies disclosed management-level cyber-related issues to the board or relevant board committees at a “frequency of at least annually or quarterly,” the report says.

The report's authors say “current disclosure regulations are adequate,” but private companies need to provide more detail to meet the SEC guidance. The report recommends voluntary steps such as regularizing internal reporting and making that a part of disclosures to the SEC.

Capitol Hill wants to take a more hands-on approach.

House members last week said they had plans to introduce legislation that would involve mandatory breach and cybersecurity incident reporting to both the government and customers, depending on the incident. 

Big name cybersecurity players including Microsoft, FireEye and CrowdStrike tell Congress they support the idea of incident reporting legislation.

The report doesn't weigh in on mandatory disclosures to the government, but its authors hope the problems it outlines could be helpful in informing the current debate.

“We have to have a better understanding of what we're talking about when we disclose things,” says Gronberg. “Without being able to measure something, you can't get better at it. And if the government is going to require disclosures, disclosures without being actionable are meaningless."

Other legislation could be waiting in the wings.

A bipartisan group of lawmakers introduced 2019 legislation requiring SEC-registered companies to disclose the level of cybersecurity expertise on their boards. Gronberg says he spoke with bill co-sponsor Rep. Jim Himes's (D-Conn.) office about the report and believes there's a chance the bill would be reintroduced in the coming weeks. Himes's office did not return a request for comment.

A Biden SEC could also weigh in.

The division of the SEC dedicated to compliance and risk investigations this week named cybersecurity compliance areas including threat management, incident response, and third-party vendor management a top priority for 2021. That means that more guidance on reporting could be forthcoming.

The keys

FireEye identifies 40 new victims of hackers exploiting of Microsoft Exchange.

The newly disclosed victims include U.S.-based retailers, local governments, a university and an engineering firm, FireEye researchers said in a statement.

Microsoft and cybersecurity companies announced the hacking campaign earlier this week, attributing it to a group with Chinese ties. The group, Hafnium, targeted infectious-disease researchers, law firms, universities, defense contractors and nongovernmental organizations.

The Cybersecurity and Infrastructure Security Agency urged all users of the affected Microsoft software to patch the vulnerability this week and required federal agencies to disconnect or patch off any devices until they were secured. It's still unclear if any federal agencies were compromised.

FireEye began seeing the problem at Microsof  as early as January. In addition to the activity seen by Microsoft, FireEye says that it has seen new clusters of activity from unnamed groups.

A government watchdog found that the Defense Department did not enforce cybersecurity requirements for weapons contracts.

Some contracts that the Government Accountability Office looked at didn’t have any cybersecurity requirements when they were awarded, Bloomberg News’s Alyza Sebenius reports

“Some contracts we reviewed had no cybersecurity requirements when they were awarded, with vague requirements added later,” the GAO said, noting in the report that “DOD and contractor officials told us that contracting for cybersecurity requirements is a general challenge.”

“Until they can get detailed requirements into the contracts it’s still going to be a challenge to ensure that you’re getting robust cybersecurity,” Bill Russell, a director in the GAO’s contracting and national security acquisitions team, told Sebenius. 

The GAO said in the report that the Pentagon had made some cybersecurity progress since 2018.

The Senate is working on a $30 billion bill to boost the chip industry.

The bill, which is being drafted by Senate Majority Leader Charles E. Schumer (D-N.Y.), comes amid a growing global shortage of the technology, Reuters’s Alexandra Alper reports

Lawmakers have rallied for funding for U.S. chip makers as both a means of increasing production and providing a secure alternative to chips made by tech-rival China.

Biden last month issued a 100-day government review into potential vulnerabilities in the U.S. supply chain for critical items, including chips used by manufacturers including the automobile industry. 

Hill happenings

Members of Congress want regulators to crack down on fertility-tracking apps that share personal information.

Senate Foreign Relations Committee Chairman Robert Menendez (D-N.J.) and Reps. Bonnie Watson Coleman (D-N.J.) and Mikie Sherrill (D-N.J.) told acting Federal Trade Commission chairwoman Rebecca Kelly Slaughter that the commission should take enforcement action on menstruation-tracking apps that have had data breaches or have improperly shared personal data. The letter comes after mounting media reports that popular fertility and menstruation-tracking apps have shared data without getting consent from users.

Cyber insecurity

Hackers compromised at least four major hacking forums.

Hackers say they were able to get user data from two of the sites, where elite cyber criminals communicate and offer their services, Krebs on Security’s Brian Krebs reports

Internet-messaging identifiers were leaked online, potentially allowing researchers to tie accounts on various sites to one another. The timing has users of the elite hacking forums concerned that foreign intelligence agencies plundered the data.

“Only intelligence services or people who know where the servers are located can pull off things like that,” one user of the Exploit forum said. “Three forums in one month is just weird. I don’t think those were regular hackers. Someone is purposefully ruining forums.”

Global cyberspace

Russian hackers used Lithuanian networks to attack coronavirus vaccine developers, the country’s intelligence agency said.

A Russian hacking group known as Cozy Bear used Lithuanian IT infrastructure to launch cyberattacks on developers of coronavirus vaccines abroad, according to the NATO country’s annual threat assessment. The report also said that it is likely that Russia and other adversaries have shifted to using cyberattacks as their primary way to gather intelligence amid the coronavirus pandemic and prevalence of remote work.

The report also suggested that foreign adversaries are using ransomware hacking groups to destabilize their target countries by going after groups that are working on managing the pandemic. Hackers linked to Russian intelligence also targeted “high-ranking decision-makers” in the country last year, according to the report.

Daybook

  • Anne Neuberger, the deputy national security adviser for cyber and emerging technology, delivers a keynote address at the annual ICS Security Summit today at 9 a.m.
  • Wiktor Staniecki, the deputy head of the security and defense division of the European Union’s foreign policy arm, speaks at an event on American and European cyber policy hosted by The German Marshall Fund of the United States today at 10:30 a.m. 
  • House Armed Services Committee Chairman Adam Smith (D-Wash.) speaks at an event hosted by the Brookings Institution today at 11 a.m.
  • Duke University’s engineering school hosts a seminar on cybersecurity threats amid remote work today at noon.
  • Rep. Jim Langevin (D-R.I.), the chair of the House Armed Services Committee’s cyber panel; Eric Goldstein, the Cybersecurity and Infrastructure Security Agency’s executive assistant director for cybersecurity; and Debra Jordan, the deputy chief of the Federal Communications Commission’s homeland security bureau, speak at an event hosted by the Center for Strategic and International Studies on March 9 at 11 a.m. 
  • The Aspen Institute hosts an event on international Internet blackouts on March 9 at noon.
  • U.S. Cyber Command executive director Dave Frederick speaks at an event hosted by the Intelligence and National Security Alliance on March 10 at 4:30 p.m.

Chat room

A viral TikTok on a purported vulnerability in popular grading software was quickly debunked. University of Michigan professor J. Alex Halderman:

NBC News's Kevin Collier:

Biden campaign engineering director Matt Hodges:

Secure log off

Gold Price Report: Gold Slides to a 3Q Low Due To Not Clear and Appealing Policy to policy lead to change of strong dollar and yields by the FED.

 cnbc.com

Gold slides to 9-month low as high yields, dollar dull appeal

Reuters


Gold slumped to a near nine-month low on Friday as higher bond yields and a stronger dollar continued to erode its appeal, with the U.S. Federal Reserve also dampening hopes it could take steps to rein in the soaring yields.

Spot gold was down 0.2% at $1,694.25 per ounce, having earlier touched its lowest since June 8 at $1,686.40. It has fallen 2% so far this week. U.S. gold futures were down 0.5% at $1,691.40 per ounce.

U.S. 10-year rates held above 1.5%, while the dollar rose to three-month highs. Higher bond yields boost the opportunity cost of owning non-yielding bullion. "Rise in yields is a natural consequence of recovery in economic activities and Powell just confirmed that," said CMC Markets UK's chief market analyst, Michael Hewson.

U.S. Federal Reserve Chair Jerome Powell renewed his promise to keep credit loose on Thursday, saying that while the rise in yields was "notable," he did not expect that the Fed would have to intervene to push them down.

"If we get decent payroll data that will boost yields even more and gold might see some additional headwinds," Hewson said.

February's U.S. non-farm payrolls report is due at 1300 GMT, with expectations 182,000 jobs were added last month after a rise of 49,000 in January, according to a Reuters poll of economists.

Investors have started to consider that the Fed could think about tightening policy soon then expected, given accelerating vaccine rollouts, another U.S. fiscal package and increasing inflation expectations, said DailyFX currency strategist Ilya Spivak.

Silver fell 0.2% to $25.27 an ounce, and was down 5% on the week, its weakest performance since late-November.

Palladium was down 0.2% at $2,334.36 and platinum lost 0.8% to $1,117.50.

Bonds | Treasury Yields: 10-Year Treasury yield stills 1.5% ahead of February Jobs Report

 cnbc.com

10-year Treasury yield holds above 1.5% ahead of February jobs report

Vicky McKeever

The 10-year U.S. Treasury yield fell slightly on Friday but held above the 1.5% level, ahead of data out later in the morning showing the number of jobs added in February.

The yield on the benchmark 10-year Treasury note fell to 1.545% at 3:30 a.m. ET. The yield on the 30-year Treasury bond slipped to 2.294%. Yields move inversely to prices.

Treasurys

The U.S. Bureau of Labor Statistics is set to release the February employment report at 8:30 a.m. ET.

Economists expect to see 210,000 payrolls were added in February, compared to just 49,000 in January, according to Dow Jones. The unemployment rate is expected to have remained at 6.3%.

The 10-year yield hit 1.55% on Thursday following comments from Federal Reserve Chairman Jerome Powell about inflation. Powell said he expected inflation to rise as the economy recovers, but he thinks it will be temporary.

"We expect that as the economy reopens and hopefully picks up, we will see inflation move up through base effects," Powell said during a Wall Street Journal conference. "That could create some upward pressure on prices."

There are no auctions due to be held on Friday.

CNBC's Patti Domm and Jeff Cox contributed to this report.

UK's Housing Market: UK's Largest Mortgage Lender for Home Buyers Removed Uncertainty.

 bbc.com

Budget removed uncertainty for house buyers, says the Halifax

BBC News



Housesimage copyrightGetty Images

The UK's largest mortgage lender has said the extension of the stamp duty holiday has "removed uncertainty" for those completing house purchases.

The Halifax, part of Lloyds Banking Group, said the housing market had been at a crossroads before the Budget.

Stamp duty relief in England, Northern Ireland, and the equivalent in Wales, have all been extended.

The Halifax said UK house prices in February were 5.2% higher than a year earlier, averaging £251,697.

UK House Price

The month-on-month change showed the housing market had "softened" in February, falling by 0.1%.

Russell Galley, managing director at the Halifax, said: "The government's decision to extend the stamp duty holiday - one of the main drivers of demand from home movers during the pandemic - has removed a great deal of uncertainty for buyers with transactions yet to complete.

"The new mortgage guarantee scheme is another welcome development from this week's Budget. Whilst mortgage approvals have reached record highs in recent months, hitting levels not seen since before the financial crisis of 2008, raising a deposit continues to be the single biggest hurdle for first-time buyers to overcome."

At the Budget, Chancellor Rishi Sunak confirmed that a government guarantee means first-time buyers should get a wider choice of mortgages that require a deposit of just 5% of the loan. This will be available when buying properties worth up to £600,000.

However, critics say the policies could artificially push up house prices, making the prospect of buying a home even more of a distant one for some young people in the future.

More on This Story: 

Latest Post Published

US Futures Indicator: Futures Fell on Monday Waiting Toward Final Stimulus Package this week According To Jesse Pound

  cnbc.com Stock futures slip even after Senate passes $1.9 trillion Covid relief bill as bond yields jump Jesse...