Wall Street economists are anxiously awaiting Wednesday's FOMC meeting.Marketsread more
Normally, when the Fed starts loosening policy it does so amid clear-cut signs of economic weakness.Economyread more
With bold and targeted steps, economists say, government can increase opportunity and incomes for many more people in ways that strengthen, not weaken, American capitalism.Politicsread more
More and more American firms are calling for the Trump administration to resolve its conflict with China.World Economyread more
CNBC's Jim Cramer connects the dots by reasoning that if the president were to act, he would pick a successor to Powell that would do his bidding.Economyread more
Judy Shelton said in an interview that, if appointed to the Fed, she would want to lower interest rates all the way down to 0%.The Fedread more
Shoppers are "very nuanced in their expectations," Ron Johnson, the former CEO of J.C. Penney and the former senior vice president of Apple's retail division, said at CNBC's...Evolveread more
The winner will live in a centrally located apartment, receive a "salary" and explore the city to find what makes people there so happy.Liferead more
Beyond Meat has blown up. The plant-based meat company is now larger than 80 S&P 500 companies, including Macy's, Xerox and Mylan.Trading Nationread more
We've been given plenty of reasons to quit Facebook, including a new report that alleges disgusting working conditions at a company, Cognizant, it uses to employ contractors....Technologyread more
This just might be Fed Chair Jerome Powell's toughest meeting yet, because whatever the outcome, odds are high that it will disappoint a large group.Market Insiderread more
Housing prices in Hong Kong are the most overvalued and at the greatest risk of collapse, according to a report focused on 20 major cities.
UBS Group's Global Real Estate Bubble Index puts Munich, Toronto, Vancouver, London and Amsterdam alongside Hong Kong as cities currently in property bubble territory.
"Major imbalances" are also found in Stockholm, Paris, San Francisco, Frankfurt and Sydney, the report said.
Los Angeles, Zurich, Tokyo, Geneva and New York are merely deemed overvalued, while Chicago is the only city included in the list that is viewed as undervalued.
The UBS researchers found a widespread breadth of the rise in property prices in major cities with prices increasing 35 percent on average over the last five years.
They identified price bubbles as regularly recurring phenomenon in property, defining them as "a substantial and sustained mispricing of an asset." The report said typical signs include a decoupling of prices from local incomes and rents, as well as excessive construction or bank lending.
"Although many financial centers remain at risk of a housing bubble, we should not compare today's situation with pre-crisis conditions," Mark Haefele, chief investment officer at UBS Global Wealth Management, said in a statement.
Hong Kong is identified as the most extreme city in bubble territory. It has seen house prices rise at an annual rate of almost 10 percent since 2012. Current property cooling measures have failed to rein in prices in the former British colony and there has been some suggestion that tighter restrictions could be coming for non-local homebuyers.
Both Toronto and Vancouver are considered by UBS to be in bubble territory. The bank noted that higher stamp duties on foreign buyers have done little to curb the boom in prices in Vancouver but do look to have checked real estate appetite in Toronto.
For U.S cities, the UBS bubble risk scores sit below 2006 peak values.
Boston and Chicago valuations remained low in fair-valued and undervalued territory respectively, while New York, Los Angeles and San Francisco all fell within the overvalued segment. The score for New York dropped following static sale prices over the last year.
In Europe, London's index score declined for the second year in a row. Strained affordability, political uncertainty thanks to Brexit and increased taxes for overseas buyers and buy to-let investors have brought the U.K. capital's housing market to a standstill.
In Switzerland, tighter mortgage-market regulations and higher vacancy rates for rental apartments have kept a lid on prices in both Zurich and Geneva, UBS said.