March 16, 2023
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.
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.
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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