October 18, 2023
United States:
US Housing Starts Rise on Pickup in Multi-Family Projects
New US home construction rose in September, led by a pickup in multi-family groundbreakings.
Residential starts increased 7% last month after falling by the most in over a year in August, according to government data released Wednesday. Multi-family dwellings rose more than 17% after also slumping the prior month.
Europe:
European Stocks Decline on Disappointing Results From ABB, ASML
European stocks fell on Wednesday, weighed down by disappointing results from ASML Holding NV and Swiss industrial conglomerate ABB Ltd., and as traders assessed escalating tensions in the Middle East.
The Stoxx Europe 600 fell 0.5% by 1:06 p.m. in London. Chip equipment firm ASML dropped as much as 5% after its order intake plunged in the third quarter amid a slump in the semiconductor industry. ABB declined the most in two years after posting worse-than-expected earnings and flagging slowing orders in Europe and China. The drop also weighed on the broader industrial goods sector.
Asia:
China’s Growth Beats Forecasts as Consumer Spending Improves
China’s economy gained momentum last quarter as people ramped up spending on everything from restaurants and alcohol to cars, offsetting a drag from the property crisis and putting Beijing’s annual growth goal well within reach.
Gross domestic product for the three months ended September expanded 4.9% year-on-year and 1.3% from the previous quarter, far exceeding economists’ expectations as government stimulus efforts appeared to take root. The figures got a boost from bumper retail sales growth last month, which recorded the biggest jump since May. The jobless rate was the lowest in nearly two years.
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