November 19, 2024
United States:
US Housing Starts Slide 3.1% as Hurricanes Impact South Region
US housing starts declined in October to the slowest pace in three months as hurricanes exacerbated an easing in construction activity more generally.
Housing starts decreased 3.1% last month to a 1.31 million annualized rate, reflecting a steep decline in the South, according to government data released Tuesday. The median estimate of economists surveyed by Bloomberg was for an annualized 1.33 million.
Europe:
Panetta Says ECB Must Move to Neutral Rates to Aid Growth
The European Central Bank should cut interest rates far enough to ensure they are no longer constraining economic growth, Governing Council member Fabio Panetta said.
“Restrictive monetary conditions are no longer necessary,” Panetta, the Bank of Italy governor, said on Tuesday in Milan. “We need to normalize our monetary-policy stance and move to neutral – or even expansionary territory, if necessary.”
Asia:
China Consumers Remain Cautious Despite Stimulus, BCG Says
Chinese consumers remain cautious on spending as the government’s recent stimulus measures haven’t yet yielded a substantive boost to their shaken confidence, Boston Consulting Group said.
A recovery in confidence will be significantly influenced by economic and geopolitical concerns, the consultancy said in the report on a study launched by BCG in mid-October, covering multiple-tier cities and spanning more than 30 consumption categories.
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