Stocks Fall, Oil Leaps As Ukraine Crisis Deepens
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    HOUSE MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $1,627,086 (-0.52%)       Melbourne $991,016 (+0.02%)       Brisbane $1,008,247 (+0.57%)       Adelaide $881,757 (-1.94%)       Perth $857,431 (+0.47%)       Hobart $728,683 (+0.15%)       Darwin $650,080 (-2.29%)       Canberra $1,042,488 (+1.17%)       National $1,052,954 (-0.17%)                UNIT MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $754,033 (-0.54%)       Melbourne $493,897 (-0.18%)       Brisbane $575,927 (+2.34%)       Adelaide $460,725 (+2.82%)       Perth $451,917 (+0.14%)       Hobart $507,207 (+0.52%)       Darwin $359,807 (+0.61%)       Canberra $486,447 (-2.01%)       National $534,000 (+0.26%)                HOUSES FOR SALE AND WEEKLY CHANGE     Sydney 10,472 (+43)       Melbourne 14,783 (-132)       Brisbane 7,948 (+15)       Adelaide 2,170 (+81)       Perth 5,836 (+49)       Hobart 1,243 (+2)       Darwin 251 (+7)       Canberra 967 (-21)       National 43,670 (+44)                UNITS FOR SALE AND WEEKLY CHANGE     Sydney 8,699 (+113)       Melbourne 8,259 (+38)       Brisbane 1,637 (+2)       Adelaide 386 (+14)       Perth 1,480 (-37)       Hobart 204 (+6)       Darwin 409 (+5)       Canberra 1,034 (+6)       National 22,108 (+147)                HOUSE MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $820 ($0)       Melbourne $600 ($0)       Brisbane $640 (-$10)       Adelaide $610 (+$10)       Perth $680 ($0)       Hobart $550 ($0)       Darwin $740 (-$10)       Canberra $680 ($0)       National $675 (-$2)                UNIT MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $760 ($0)       Melbourne $595 ($0)       Brisbane $630 (-$10)       Adelaide $500 ($0)       Perth $625 (+$5)       Hobart $460 (+$10)       Darwin $535 (-$5)       Canberra $550 ($0)       National $595 (-$1)                HOUSES FOR RENT AND WEEKLY CHANGE     Sydney 6,053 (+221)       Melbourne 6,376 (+263)       Brisbane 4,431 (+5)       Adelaide 1,566 (+60)       Perth 2,666 (-61)       Hobart 431 (0)       Darwin 102 (+7)       Canberra 621 (+19)       National 22,246 (+514)                UNITS FOR RENT AND WEEKLY CHANGE     Sydney 10,306 (+260)       Melbourne 6,173 (+102)       Brisbane 2,248 (-24)       Adelaide 399 (+26)       Perth 754 (+14)       Hobart 148 (+5)       Darwin 145 (+9)       Canberra 785 (+39)       National 20,958 (+431)                HOUSE ANNUAL GROSS YIELDS AND TREND       Sydney 2.62% (↑)        Melbourne 3.15% (↓)       Brisbane 3.30% (↓)     Adelaide 3.60% (↑)        Perth 4.12% (↓)       Hobart 3.92% (↓)     Darwin 5.92% (↑)        Canberra 3.39% (↓)       National 3.33% (↓)            UNIT ANNUAL GROSS YIELDS AND TREND       Sydney 5.24% (↑)      Melbourne 6.26% (↑)        Brisbane 5.69% (↓)       Adelaide 5.64% (↓)     Perth 7.19% (↑)      Hobart 4.72% (↑)        Darwin 7.73% (↓)     Canberra 5.88% (↑)        National 5.79% (↓)            HOUSE RENTAL VACANCY RATES AND TREND       Sydney 0.8% (↑)      Melbourne 0.7% (↑)      Brisbane 0.7% (↑)      Adelaide 0.4% (↑)      Perth 0.4% (↑)      Hobart 0.9% (↑)      Darwin 0.8% (↑)      Canberra 1.0% (↑)      National 0.7% (↑)             UNIT RENTAL VACANCY RATES AND TREND       Sydney 0.9% (↑)      Melbourne 1.1% (↑)      Brisbane 1.0% (↑)      Adelaide 0.5% (↑)      Perth 0.5% (↑)      Hobart 1.4% (↑)      Darwin 1.7% (↑)      Canberra 1.4% (↑)      National 1.1% (↑)             AVERAGE DAYS TO SELL HOUSES AND TREND         Sydney 28.7 (↓)       Melbourne 30.2 (↓)       Brisbane 30.7 (↓)     Adelaide 25.9 (↑)        Perth 35.8 (↓)       Hobart 37.6 (↓)     Darwin 37.0 (↑)      Canberra 28.5 (↑)      National 31.8 (↑)             AVERAGE DAYS TO SELL UNITS AND TREND         Sydney 29.2 (↓)     Melbourne 30.4 (↑)        Brisbane 29.5 (↓)     Adelaide 26.3 (↑)        Perth 36.6 (↓)       Hobart 29.7 (↓)       Darwin 45.0 (↓)     Canberra 39.6 (↑)        National 33.3 (↓)           
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Stocks Fall, Oil Leaps As Ukraine Crisis Deepens

Russian ruble plunges to record low before recovering moderately.

By GUNJAN BANERJI
Tue, Mar 1, 2022 3:54pmGrey Clock 4 min

The crisis in Ukraine continued to stoke turbulence across global markets, helping send the S&P 500 lower for a second straight month and Russian markets plunging.

Major U.S. indexes swung for much of the trading session before finishing mixed. The S&P 500 lost 10.71 points, or 0.2%, to 4373.94 on Monday. The Dow Jones Industrial Average fell 166.15 points, or 0.5%, to 33892.60. The tech-heavy Nasdaq Composite Index turned higher, adding 56.77 points, or 0.4%, to 13751.40.

The S&P 500 and Nasdaq have lost 8.2% and 12%, respectively, over the past two months, each posting their worst such stretch since March 2020.

For much of February, investors were preoccupied with high inflation and the Federal Reserve’s coming interest rate hikes. This sent Treasury yields above 2% for the first time since mid-2019 and triggered a rush to bearish bets on stocks. Toward the end of the month, geopolitical concerns quickly came to the forefront as Russia invaded Ukraine, sending markets around the globe spiraling.

Monday’s trading continued a turbulent period after Russia’s invasion of Ukraine. Stock futures slid more than 2% Sunday evening and kicked off the week with declines before clawing back some of the losses.

Investors dumped Russian bonds and the ruble was on track for a record low against the dollar. Market-data services showed limited price updates Monday, suggesting few transactions were taking place. Russian sovereign debt sold off heavily, with the yield on a dollar-denominated note maturing in five years surging to 25% in trading, from 9% Friday.

“There is very little liquidity and consequently you get this gapping in the price and you’re not getting any real reflection of where the ruble would be,” said Jane Foley, head of foreign-exchange strategy at Rabobank.

An exchange-traded fund tracking Russian companies, the VanEck Russia ETF, lost $4.75, or 30%, to $10.85. Russia’s RTS index lost around a third of its value in February, its worst monthly performance since October 2008.

Russia’s central bank opted for an emergency interest-rate hike to combat a collapse in the ruble, more than doubling its benchmark rate to 20%, hours after imposing other restrictions on markets. It also temporarily banned brokers from handling sales of securities by nonresidents and kept the Moscow Stock Exchange closed Monday. It will remain closed Tuesday.

Investors turned to safer assets, sending the yield on the 10-year Treasury note down to 1.836%, from 1.984% Friday as bond prices rose. Gold prices edged higher, capping the best month since May 2021.

Though the past week has been marked by big swings, U.S. markets have remained relatively insulated from the turmoil spreading through Russian markets.

Major indexes had staged a rally in recent sessions, highlighting the importance that many investors placed on the Federal Reserve’s moves. Investors have rapidly shifted bets on the situation in Europe and how it might affect plans by the central bank to raise interest rates, with some now forecasting a smaller rate increase in March. That has helped lift stocks at times, including on Monday, when the Nasdaq eked out a gain for the third consecutive session.

“It will give the Fed a little bit more leeway to be patient,” said David Sadkin, a partner at Bel Air Investment Advisors.

Some analysts say geopolitical crises typically don’t have prolonged impacts on U.S. stocks and that they expected the recent volatility to pass. Stocks have typically declined around 6% to 8% after a geopolitical event before retracing those losses in another three weeks, Deutsche Bank strategists said in a note to clients.

And among S&P 500 companies, only 1% of revenues stem from Russia and Ukraine, according to FactSet.

“To date we have not decided that we’re going to make any changes based on what is happening in Ukraine,” said Mark Stoeckle, chief executive officer of Adams Funds.

Major indexes were volatile in trading throughout the session on the last day of the month, briefly edging into the green before collapsing again. Some investors have lately used intraday volatility to step in and buy stocks.

“This generally doesn’t impact our view of the U.S. markets,” said Mike Bailey, director of research at FBB Capital Partners, of the conflict. Mr. Bailey added that his firm had picked up shares of companies like Nvidia recently, which had been bruised this year.

Still, companies domestically and abroad faced mammoth swings. Defence stocks rallied, with U.S.-based Northrop Grumman jumping $32.47, or 7.9%, to $442.14, a record. It was one of the best performers in the S&P 500.

London-listed shares of Russian companies plunged, with Sberbank, the country’s largest lender, down 74%.

“There’s an enormous amount of volatility and nervousness,” said Fahad Kamal, chief investment officer at Kleinwort Hambros. “The risk of miscalculation or something getting out of hand has increased.”

Oil prices rose, with front-month Brent futures gaining more than 10% this month to $100.99 a barrel, notching the largest three-month percentage gain since January 2021. Brent prices last week surged to about $100 a barrel for the first time since 2014 as investors calculated how the invasion could snarl the movement of resources in the region.

Over the weekend the U.S., European Union, Canada and the U.K. said they intended to cut off some Russian banks from the Swift network, a global payment system that connects international banks and facilitates cross-border financial transfers. The U.S. said it would sanction Russia’s central bank, a move to stop the bank from deploying its more than $600 billion in reserves to aid the Russian economy.

Meanwhile, President Vladimir Putin ordered Russia’s nuclear-deterrence forces to be put on alert. The move would put Russia’s network of nuclear missiles into a state in which it could be used if necessary.

Bitcoin prices rose 11% to $41,650.25 Monday, the largest one-day gain since May.

European banks declined, with the Euro Stoxx banking subindex down 5.7%. BNP Paribas fell 7.5% and Société Générale shares dropped 9.9%.

“With Swift, there will be problems processing payments. That creates credit risk, not only for European banks with affiliates in Russia but more broadly, those with clients in Russia,” said Sebastien Galy, a macro strategist at Nordea Asset Management.

The pan-continental Stoxx Europe 600 also recouped some losses, closing down 0.1%. It finished lower for a second consecutive month, its worst two-month decline since April 2020.

In Asia-Pacific, stock markets were mixed, with major benchmarks gaining or losing less than 1%.



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New York Watch Auctions Record Uptick in Sales in the Face of Market Slowdown
By LAURIE KAHLE
Mon, Jun 24, 2024 4 min

Luxury watch collectors showed ongoing strong demand for Patek Philippe, growing interest in modern watches and a preference for larger case sizes and leather straps at the June watch sales in New York, according to an analysis of the major auctions.

Independent and neo-vintage categories, meanwhile, experienced declines in total sales and average prices, said the report from  EveryWatch, a global online platform for watch information. Overall, the New York auctions achieved total sales of US$52.27 million, a 9.87% increase from the previous year, on the sale of 470 lots, reflecting a 37% increase in volume. Unsold rates ticked down a few points to 5.31%, according to the platform’s analysis.

EveryWatch gathered data from official auction results for sales held in New York from June 5 to 10 at Christie’s, Phillips, and Sotheby’s. Limited to watch sales exclusively, each auction’s data was reviewed and compiled for several categories, including total lots, sales and sold rates, highest prices achieved, performance against estimates, sales trends in case materials and sizes as well as dial colors, and more. The resulting analysis provides a detailed overview of market trends and performance.

The Charles Frodsham Pocket watch sold at Phillips for $433,400.

“We still see a strong thirst for rare, interesting, and exceptional watches, modern and vintage alike, despite a little slow down in the market overall,” says Paul Altieri, founder and CEO of the California-based pre-owned online watch dealer BobsWatches.com, in an email. “The results show that there is still a lot of money floating around out there in the economy looking for quality assets.”

Patek Philippe came out on top with more than US$17.68 million on the sale of 122 lots. It also claimed the top lot: Sylvester Stallone’s Patek Philippe GrandMaster Chime 6300G-010, still in the sealed factory packaging, which sold at Sotheby’s for US$5.4 million, much to the dismay of the brand’s president, Thierry Stern . The London-based industry news website WatchPro estimates the flip made the actor as much as US$2 million in just a few years.

At Christie’s, the top lot was a Richard Mille Limited Edition RM56-02 AO Tourbillon Sapphire
Richard Mille

“As we have seen before and again in the recent Sotheby’s sale, provenance can really drive prices higher than market value with regards to the Sylvester Stallone Panerai watches and his standard Patek Philippe Nautilus 5711/1a offered,” Altieri says.

Patek Philippe claimed half of the top 10 lots, while Rolex and Richard Mille claimed two each, and Philippe Dufour claimed the No. 3 slot with a 1999 Duality, which sold at Phillips for about US$2.1 million.

“In-line with EveryWatch’s observation of the market’s strong preference for strap watches, the top lot of our auction was a Philippe Dufour Duality,” says Paul Boutros, Phillips’ deputy chairman and head of watches, Americas, in an email. “The only known example with two dials and hand sets, and presented on a leather strap, it achieved a result of over US$2 million—well above its high estimate of US$1.6 million.”

In all, four watches surpassed the US$1 million mark, down from seven in 2023. At Christie’s, the top lot was a Richard Mille Limited Edition RM56-02 AO Tourbillon Sapphire, the most expensive watch sold at Christie’s in New York. That sale also saw a Richard Mille Limited Edition RM52-01 CA-FQ Tourbillon Skull Model go for US$1.26 million to an online buyer.

Rolex expert Altieri was surprised one of the brand’s timepieces did not crack the US$1 million threshold but notes that a rare Rolex Daytona 6239 in yellow gold with a “Paul Newman John Player Special” dial came close at US$952,500 in the Phillips sale.

The Crown did rank second in terms of brand clout, achieving sales of US$8.95 million with 110 lots. However, both Patek Philippe and Rolex experienced a sales decline by 8.55% and 2.46%, respectively. The independent brand Richard Mille, with US$6.71 million in sales, marked a 912% increase from the previous year with 15 lots, up from 5 lots in 2023.

The results underscored recent reports of prices falling on the secondary market for specific coveted models from Rolex, Patek Philippe, and Audemars Piguet. The summary points out that five top models produced high sales but with a fall in average prices.

The Rolex Daytona topped the list with 42 appearances, averaging US$132,053, a 41% average price decrease. Patek Philippe’s Nautilus, with two of the top five watches, made 26 appearances with an average price of US$111,198, a 26% average price decrease. Patek Philippe’s Perpetual Calendar followed with 23 appearances and a US$231,877 average price, signifying a fall of 43%, and Audemars Piguet’s Royal Oak had 22 appearances and an average price of US$105,673, a 10% decrease. The Rolex Day Date is the only watch in the top five that tracks an increase in average price, which at US$72,459 clocked a 92% increase over last year.

In terms of categories, modern watches (2005 and newer) led the market with US$30 million in total sales from 226 lots, representing a 53.54% increase in sales and a 3.78% increase in average sales price over 2023. Vintage watches (pre-1985) logged a modest 6.22% increase in total sales and an 89.89% increase in total lots to 169.

However, the average price was down across vintage, independent, and neo-vintage (1990-2005) watches. Independent brands saw sales fall 24.10% to US$8.47 million and average prices falling 42.17%, while neo-vintage watches experienced the largest decline in sales and lots, with total sales falling 44.7% to US$8.25 million, and average sales price falling 35.73% to US$111,000.

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