May 16, 2025
US Housing Starts Increase on Pickup in Multifamily Construction
US housing starts increased in April as a pickup in multifamily home construction more than offset a decline in single-family dwellings caused by elevated inventory.
New residential construction increased 1.6% to an annualized rate of 1.36 million homes, according to government data released Friday.
Europe:
ECB Now ‘Relatively Close’ to Terminal Rate, Kazaks Tells CNBC
European Central Bank Governing Council member Martins Kazaks said cuts in euro-zone borrowing costs are nearing their end-point if the base case for inflation returning to 2% this year materializes.
Speaking Friday to CNBC, the Latvian official said that there may still be a “couple” of reductions in the deposit rate this year from its current level of 2.25%. But he cautioned that with the global trade situation remaining unclear, policymakers shouldn’t hurry.
Asia:
Japan’s Economy Shrinks for First Time in a Year Before Tariff Jolt
Japan’s economy was shrinking even before the bulk of US President Donald Trump’s tariff measures took force, leaving the economy at risk of sliding into recession as Prime Minister Shigeru Ishiba heads into an election and the central bank weighs policy.
The economy flipped back into reverse in the first three months of the year, contracting by 0.7% on an annualized basis adjusted for inflation, according to a report by the Cabinet Office released Friday.
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