Overseas Headlines – August 16, 2022

August 16, 2022


United States:

US Housing Starts Decline to Lowest Level Since Early 2021

New US home construction fell in July by more than forecast to the slowest pace since early last year as builders adjusted to a pullback in demand and a pickup in inventory.

Residential starts dropped 9.6% last month to a 1.45 million annualized rate from a revised 1.6 million pace in June, according to government data released Tuesday. The median forecast called for a 1.53 million pace.



Credit Suisse Faces Fresh China Setback After Executive Exodus

Credit Suisse Group AG is facing a further delay in getting approvals for some of its China operations after a flurry of senior management departures, according to people familiar with the matter.

The Swiss bank lost nearly half of the senior personnel management at its China securities ventures in recent months, including Chief Financial Officer Annie Qiu, compliance head Xu Yang, and Chief Information Officer Larry Tung, the people said, asking not to be identified discussing a private matter.



No China Stimulus Good Enough for Stocks Fixated on Covid Curbs

China is ramping up efforts to revive its economy and boost market confidence. But, stock investors preoccupied with the damage inflicted by the nation’s strict Covid-Zero strategy aren’t buying it.

A gauge of Chinese equities listed in Hong Kong is one of the world’s worst-performing major benchmarks this year, while the MSCI China Index is trading near the lowest level versus its global peers since 2005.




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