December 18, 2024
United States:
US Housing Starts Fall to Four-Month Low on Multifamily Decline
US new-home construction unexpectedly fell in November as a drop in multifamily projects mitigated a rebound in starts of single-family houses, particularly in the storm-ravaged South.
Housing starts decreased 1.8% to an annualized rate of 1.29 million, the slowest since July, according to government data released Wednesday. The median forecast was for a 1.35 million pace.
Europe:
ECB Must Stay Agile Cutting Rates in Uncertain World, Lane Says
The European Central Bank must keep an open mind about the pace of interest-rate cuts as lingering risks in the global economy could still shift the outlook for inflation, according to Chief Economist Philip Lane.
Wage growth, profits and geopolitical tensions could push up energy prices and freight costs, creating new upward pressure on prices, Lane said Wednesday.
Asia:
Japan’s Exports Rise as Weak Yen Helps Ahead of BOJ Meet
Japan’s exports posted another gain in November as the yen’s weakness helped exporters, although the underlying trend in trade remained lacklustre ahead of this week’s Bank of Japan meeting.
Exports measured in value rose 3.8% from a year ago led by chip-making machinery and non-ferrous metals while cars dragged on shipments, the Ministry of Finance reported Wednesday. That beat the consensus estimate of a 2.5% increase.
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