United States:
U.S. Housing Starts Trail Estimate, Hinting at Supply Chain Woes
“U.S. housing starts fell by more than forecast in April, suggesting that supply-chain constraints and rising materials costs continue to hold builders back. Residential starts decreased 9.5% in April to a 1.57 million annualized rate, according to government data released Tuesday. The median estimate in a Bloomberg survey called for a 1.7 million pace.”
Europe:
Spain Is Fighting History in Push to Have Rural Migrants Stay
“The decline of Spain’s rural population has vexed lawmakers and citizens for more than half a century. Now Covid-19 is suddenly changing the landscape. For the first time in decades, some towns outside the country’s main urban centers are counting more people arriving than leaving, as stay-at-home restrictions and worries about the spread of the virus spur demand for more spacious living conditions and locations closer to nature.”
Asia:
China Steps Up Efforts to Join Trade Pact Created to Exclude It
“China is pushing ahead with behind-the-scenes talks to join a major trade deal that originally aimed to exclude Beijing and cement U.S. economic power and trade ties in the Asia-Pacific region. Officials from Australia, Malaysia, New Zealand and possibly other nations have held technical talks with Chinese counterparts on details of the Comprehensive and Progressive Trans-Pacific Partnership. That’s according to officials from four member countries with knowledge of the discussions, who asked not to be named as they weren’t authorized to comment on the talks.”
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