In the second quarter, housing affordability in California declined, with only 19% of households able to purchase a median-priced home, a drop from 22% in the previous quarter, according to the California Association of Realtors. Affordability for condos and townhomes also slipped to 30% from 32%.

Bank of America CEO Brian Moynihan anticipates the Federal Reserve will raise rates three times by year-end, citing a strong labor market and the need to control inflation. He noted a convergence in spending patterns between high and low-income consumers.

UBS analysts believe HSBC Holdings’ cost guidance limits forecast upgrades, despite strong performance in its wealth-management segment. While wealth non-interest income rose 21%, banking net interest income remains the primary revenue driver. Potential investments in revenue opportunities in 2027 could lead to tighter profit margins for HSBC, whose shares fell 4.6% in London.