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US employment confirms strength with 272,000 payroll increase

BancaMarch: US employment data again surprises on the upside, although other indicators point to a contained moderation. On Friday, the Payroll Survey revealed an unexpected increase in job creation in May, up to 272,000 jobs, well above the 180,000 estimated and the 175,000 previously reported. The same survey also showed an increase in average hourly earnings of 4.1% year-on-year, up from 3.9% expected and 4% previously. Financial markets have interpreted…

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Shanghai government lowers compulsory down payment and mortgage interest rate to support real estate sector

Bankinter| The Shanghai local government has approved measures to support the real estate sector: it is reducing the amount of the mandatory down payment and the interest rate on mortgages. The measure is expected to be extended to other cities such as Beijing and Shenzhen. The down payment required from buyers is reduced by 10% to 20% of the property value for first home buyers and up to 30% for…