March 19, 2024
United States:
US Housing Starts Rise by Most Since May After Steep Decline
New US home construction bounced back sharply last month from weather-related weakness at the start of the year as builders benefit from slightly more favorable mortgage rates and a dearth of existing houses for sale.
Residential starts increased 10.7% in February, the largest since May, to a 1.52 million annualized rate, government data showed Tuesday. The median estimate of economists surveyed by Bloomberg called for a 1.44 million pace.
Europe:
German Investor Outlook Jumps to Two-Year High on Rate-Cut Hopes
Investor confidence in Germany’s economic outlook jumped to the highest in more than two years, driven by expectations that the European Central Bank is ready to cut interest rates in the coming months.
An expectations gauge by the ZEW institute rose to 31.7 in March from 19.9 the previous month — more than predicted by a single economist in a Bloomberg survey. A measure of current conditions also improved.
Asia:
Japan Ends Era of Negative Rates With Few Clues on Further Hikes
The Bank of Japan scrapped the world’s last negative interest rate, ending the most aggressive monetary stimulus program in modern history, while also indicating that financial conditions will stay accommodative for now.
The bank’s board voted 7-2 to set a new policy rate range of between 0% and 0.1%, shifting from a -0.1% short-term interest rate, according to a statement at the conclusion of its two-day meeting Tuesday. The BOJ also scrapped its complex yield curve control program while pledging to continue buying long-term government bonds as needed, and ended purchases of exchange-traded funds.
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