Mortgage rates fall for the second week in a row | CNN Business

Mortgage rates fall for the second week in a row | CNN Business

Mortgage rates dropped again this week, after plunging nearly half a percentage point last week. The 30-year fixed-rate mortgage averaged 6.58% in the week ending November 23, down from 6.61% the week before, according to Freddie Mac. A year ago, the 30-year fixed rate was 3.10%. Mortgage rates have risen throughout most of 2022, spurred … Read more

China’s Singles Day sales could top 1 trillion yuan even as the economy cools | CNN Business

China’s Singles Day sales could top 1 trillion yuan even as the economy cools | CNN Business

Hong Kong CNN Business  —  China’s Singles Day, the world’s biggest annual shopping event, is known for regularly smashing sales records. This year’s bonanza, which wraps up on Friday and is led by internet titans Alibaba (BABA) and JD.com (JD), will likely be no exception: Analysts expect it to rack up 1 trillion yuan ($140.8 … Read more

US consumer spending rose in August as gas prices fell | CNN Business

US consumer spending rose in August as gas prices fell | CNN Business

CNN Business  —  Another month of falling gas prices gave Americans’ wallets a bit of a reprieve in August. That sent consumers back to stores last month. The Census Bureau reported Thursday that a key measure of August US retail sales rose unexpectedly by 0.3% on a monthly basis, following a revised decrease of 0.4% … Read more

Americans won’t be going crazy with holiday gifting this year | CNN Business

Americans won’t be going crazy with holiday gifting this year | CNN Business

New York CNN Business  —  The kids, the grandparents, the babysitter, maybe your favorite aunt or uncle. That’s it. You can blame inflation for families knocking friends, co-workers and extended families off your holiday gift lists this year. Persistent inflation – consumer prices increased by 8.5% in July over last year – has reshaped how … Read more

As South Africa Lifts Ban on Wine Sales, Many Vintners Fear It’s Too Late

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JOHANNESBURG—South Africa’s $1.5 billion wine industry is reeling after a series of pandemic-induced shocks, including successive bans on the sale of alcohol totaling some 14 weeks. The country’s Chardonnays and Cabernet Sauvignons have become household staples world-wide, and wineries centered in the rolling farmlands around the Western Cape are among South Africa’s most successful and … Read more