March 16, 2023
United States:
US Housing Starts Exceed Forecast on Multifamily Construction
New US home construction increased in February for the first time in six months, led by a surge in starts of multifamily projects and suggesting the housing market may be starting to stabilize.
Residential starts rose 9.8% last month to a 1.45 million annualized rate, the fastest in five months, according to government data released Thursday. The pace of starts exceeded all forecasts in a Bloomberg survey of economists that had a median projection of 1.31 million.
Europe:
European Stocks Retreat After ECB Goes Ahead With a Rate Hike
European stocks dipped slightly as the European Central Bank proceeded with a 50 basis point interest rate hike and as investors remained nervous around the turmoil at Credit Suisse Group AG.
The Stoxx 600 Index was 0.2% lower by 1:25 p.m. in London, after rising as much as 1.4% earlier. The banking sector dropped slightly after slumping to its lowest in over two months on Wednesday on concern about the stability of the global financial system.
Asia:
Oil’s Rout Shows China Demand Hope No Match for Macro Collapse
This year the oil market has seen a tussle between those believing China’s demand will surge and others worried about an economic slump in Europe and the US. On Wednesday, the bears won.
Oil tumbled to a 15-month low amid a banking crisis that’s expanded to Credit Suisse Group AG and rippled through markets after trading in a relatively narrow range, but the warning signs have been building for much longer.
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