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PBOC Steps In To Speed Up Mortgage Lending, Market Cries For More
- On May 14th, China’s central bank called on the nation’s biggest lenders to accelerate the granting of mortgages.
- Large scale stimulus is still absent.
- Macro headwinds call for more powerful stimulus to kick start demand.
China's Housing Sector: The Check Engine Light Is On
- Recent housing data show that housing prices and volume are both declining across major cities in China.
- The financial well being of real estate developers continues to deteriorate.
- Lending tightening has further stretched the already vulnerable funding chain.
Riding The U.S. Housing Recovery On The Back Of iShares U.S. Home Construction ETF
- Employment and mortgage rates are two most important drivers for housing recovery.
- Employment is recovering and QE exit has been fully priced in current mortgage rate.
- Fundamentals to support an organic housing recovery are in place.
- Recent ITB price correction presents a good buying opportunity.
Clash Of The Titans: ICBC Vs. Wells Fargo, JPMorgan Chase, And Bank Of America
- ICBC's 2013 earnings were announced on March 27th. Net profit rose 10.2%.
- ICBC is trading at a significant discount to its global peers. Onshore A-shares are trading at 0.95x P/B.
- Despite high borrowing costs faced by ICBC, net interest margin remains stable.
- Concerns over asset quality and NPL maybe exaggerated.
- ICBC offers a 7% dividend yield.
Long Silver With A 16% Yield - Silver Shares Covered Call ETN
- A commodity play focused on yield.
- Concerns for market peaking and geopolitical tensions have fueled the recent precious metal rebound.
- A cautiously bullish view on silver favors SLVO, an ETN that generates monthly yield while riding the silver recovery.