August 16, 2024
United States:
Stocks Lose Steam as US Housing Data Disappoint: Markets Wrap
Stocks lost traction at the end of a strong week after a disappointing reading on the housing market, with traders awaiting data on US consumer sentiment.
Equities fell, with the S&P 500 snapping a six-day winning streak. New-home construction in the US fell in July to the lowest level since the aftermath of the pandemic as builders respond to weak demand that’s keeping inventory levels high. Treasuries climbed across the curve.
Europe:
European Stocks Steady, Head for Biggest Weekly Gain Since May
European stocks pared earlier gains to trade little-changed following disappointing US housing market data, but remain on course for their biggest weekly advance in three months.
The Stoxx Europe 600 Index was flat as of 1:45 p.m. in London, having earlier advanced by as much as 0.5%. Autos and retail gained the most, while miners and real estate lagged. The FTSE MIB Index jumped 1.9%, outperforming the regional benchmark as Italian stock trading resumed after Thursday’s holiday.
Asia:
China’s Youth Unemployment Climbs for First Time Since February
China’s youth unemployment rate rose for the first time in five months as an influx of graduates entered the labor market at a time when the economy is struggling to find a firm footing.
Joblessness among people aged 16 to 24 climbed to 17.1% in July, according to data released Friday by the National Bureau of Statistics. That’s a significant increase from 13.2% in June and is more than three times the overall unemployment rate.
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