June 20, 2023
United States:
US Housing Starts Surge Most Since 2016, Exceed All Estimates
US housing starts unexpectedly surged in May by the most since 2016 and applications to build increased, suggesting residential construction is on track to help fuel economic growth.
Beginning home construction jumped 21.7% to a 1.63 million annualized rate, the fastest pace in more than a year, according to government data released Tuesday. The pace exceeded all projections in a Bloomberg survey of economists. Single-family homebuilding rose 18.5% to an 11-month high.
Europe:
Hungary Cuts EU’s Highest Key Rate to 16%, Flags More Easing
Hungary lowered its key interest rate for a second month as the central bank seeks to ease the toll the European Union’s highest borrowing costs are taking on the recession-hit economy.
The National Bank of Hungary cut the overnight deposit rate by a full percentage point to 16%, matching the estimate of all eight economists surveyed in a Bloomberg poll. The base interest rate, which has become a secondary facility since the introduction of an emergency monetary regime in October to stem the slide of the forint, was kept at 13% as expected.
Asia:
China’s CNPC Lowers Forecast for Nation’s Oil Demand This Year
China National Petroleum Corp. cut its forecast for the nation’s oil demand this year, as a post-Covid economic recovery continues to disappoint.
China’s demand is expected to climb 3.5% to 740 million tons, Wang Lining, a senior oil researcher with CNPC’s Economics and Technology Research Institute, said at a conference in Beijing on Tuesday. That’s below a March forecast for 5.1% growth in 2023.
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