China exports, US mortgage rates
Chinese exports rose 4.9% in April from a year earlier.
Rates on fixed-rate US mortgages hit record lows this week, with the 30-year fixed-rate mortgage averaging 3.83% in Freddie Mac’s most recent survey of conforming mortgage rates, released Thursday.
Posted in Macro
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Big cap tech
Extreme Tech reports:
“Microsoft has confirmed that WP7 apps will run on WP8, but nothing more. Why would Redmond do anything different? Think about it: Microsoft, with partner Nokia, is in the midst the biggest launch in the platform’s history with the Lumia 900. Any news that this phone will be obsolete when WP8 drops — which is just a few months away — will kill sales.
It’s not like reporters and bloggers haven’t tried to pin Microsoft down on the issue. Long-time Microsoft pundit Mary Jo Foley prodded the company for answers in March, and got the same story as everyone else. Microsoft is definitely hiding something: its “early adopters” are about to be marooned, and that nasty f-word is about to surface: fragmentation.”
Posted in Uncategorized
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US Employment
Weekly jobless claims totaled 386,000, seasonally adjusted, in the week ended April 14, the U.S. Labor Department reported Thursday.
Posted in Macro
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CMBS
In the news …
Loans underlying $1.5 trillion worth of commercial real estate are coming due in the next few years, with over $100 billion of CMBS maturing by the end of 2013. With lending constrained and valuations down, many of these loans will have to either “amend and extend” with the blessing of their current bank, or be resolved through equity injections, recapitalizations or liquidations. It is estimated that between 50-60% of these maturities will fail to refinance, which opens the door to a huge opportunity for distressed real estate investors.
Posted in Commercial Real Estate
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New BDC
ABOUT TCP CAPITAL CORP.
TCP Capital Corp.’s (TCPC) investment objective is to seek to achieve high total returns while minimizing losses. TCP Capital Corp. seeks to achieve its investment objective primarily through investments in debt securities of middle-market companies, which it typically defines as those with enterprise values between $100 million and $1.5 billion. TCP Capital Corp. is a publicly-traded business development company regulated under the Investment Company Act of 1940 and is externally managed by its advisor, Tennenbaum Capital Partners, LLC, a leading alternative investment manager.
Higher Gas Prices
ChangeWave survey:
“Among this group, one-in-two (50%) say they’re Eating Out Less and one-in-three (32%) report they’re Working More From Home. Another 18% say they’re Taking More Weekend Trips and Fewer Long Vacations, while 14% are changing the way they Commute to Work.”
Posted in Macro
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China
“Growth momentum could slow down further amid a combination of sluggish export new orders and softening domestic demand. This calls for further easing steps from the Beijing authorities,” HSBC chief China economist, Qu Hongbin, said in a statement.
Posted in Macro
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UK Tax Policy
British Treasury chief George Osborne on Wednesday confirmed the government will accelerate a cut in the corporate tax rate in April, while dropping the top, marginal personal tax rate of 50% to 45% in April 2013.
Posted in Policy
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