July 19, 2023
United States:
US Housing Starts Fell in June After Surging in Prior Month
New US home construction retreated in June after surging a month earlier, to a pace that still indicates builders are working to fill the void left by lean housing inventory in the resale market.
Residential starts fell 8% last month to a 1.43 million annualized rate, according to government data released Wednesday. The median estimate in a Bloomberg survey of economists was for a 1.48 million pace.
Europe:
Europe Gas Swings as Heat Risks Overshadow Ample Fuel Supplies
European natural gas prices fluctuated between gains and losses on Wednesday as traders weighed rising storage levels and increased flows from top producer Norway against the impact of extreme heat in southern parts of the continent.
Benchmark futures rose as much as 4.2% after earlier declines, extending the week’s gains. The moves suggest that extreme temperatures in parts of continent continue to test the market’s ability to cope with higher demand, even though supply risks appear to be contained for now.
Asia:
China Vows to Boost Private Economy, Protect Businesses
China’s ruling Communist Party and the government issued a joint vow to improve conditions for private businesses, in a strong sign that Beijing wants to revive corporate confidence in the nation.
China pledged to treat private companies in the same way as state-owned enterprises, according to a joint statement by the party’s central committee and the state council on Wednesday. Businesses of all types of ownership will be treated equally, while governments of all levels are encouraged to invite outstanding entrepreneurs for consultation before drafting and evaluating policies, the statement said.
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