United States:
U.S. Housing Starts Top Forecasts, Increase to Three-Month High
“U.S. housing starts increased in June by more than forecast, suggesting residential construction is stabilizing despite lingering supply-chain constraints and labor shortages. Initial home construction rose 6.3% last month to a 1.64 million annualized rate, a three-month high, according to government data released Tuesday. The median estimate in a Bloomberg survey called for a 1.59 million pace.”
Europe:
Covid Variant’s Spread Sharpens Rift at BOE Over Tightening
“A surge in new coronavirus infections is raising concerns about the outlook for the economy at the Bank of England, intensifying a debate about how soon the U.K. central bank should move to contain inflation.”
Asia:
Patchy Monsoon Rain Raises Growth and Inflation Worries in India
“Poor monsoon showers are threatening India’s nascent economic recovery and could make food even more expensive in a country where more than half of the population depends on rain for farming. The weather pattern, which usually begins its four-month journey from the southern state of Kerala on June 1, stalled for three weeks after bringing higher-than-average rains in the first half of last month. The monsoon has now revived, but the delay and poor precipitation will hurt the sowing of crops such as rice, cotton and soybeans.”
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