Overseas Headlines – May 17, 2023

May 17, 2023

United States:

US Housing Starts Rise in Sign Home Construction Is Stabilizing

US housing starts increased in April, adding to evidence that residential real estate is gradually recovering after a yearlong slump.

Beginning home construction rose 2.2% to a 1.4 million annualized rate, according to government data released Wednesday. Single-family homebuilding increased 1.6% to the highest level this year, entirely due to a jump in the West. Starts of apartment buildings and other multifamily projects also rose.




Russian Oil Output Cuts Aim to Support Global Prices, Putin Says

Russia’s pledge to cut its crude production is intended to support global oil market prices, according to President Vladimir Putin.

“All our actions, including those related to voluntary production cuts, are connected with the need to support a certain price environment on global markets in contact with our partners in OPEC+,” Putin said at a meeting with his government via video-link on Wednesday. “In general, the situation is absolutely stable.”




China’s Home-Price Growth Slows as Housing Rebound Fizzles

China’s home price growth slowed in April, underscoring the challenges the market is facing following a brief recovery.

New-home prices in 70 cities, excluding state-subsidized housing, rose 0.32% last month from March, when they grew 0.44%, National Bureau of Statistics figures showed Wednesday. Price gains slowed to just 0.01% in the secondary market, after climbing 0.26% a month earlier.




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