September 19, 2023
United States:
US Housing Starts Drop to Lowest Since 2020 While Permits Rise
New US home construction dropped in August to the lowest level since June 2020, highlighting the toll of declining housing affordability.
Residential starts decreased 11.3% last month to a 1.28 million annualized rate, according to government data released Tuesday. The drop was largely driven by a sharp decline in multifamily construction.
Europe:
European Stocks Steady Ahead of Fed While Energy Stocks Rise
European stocks edged slightly lower after Monday’s drop, with investors wary of making bets ahead of this week’s central bank meetings. Brent oil’s rally to $95 triggered worries about inflation spiking again, but boosted the energy sector.
The Stoxx 600 Index fell 0.1% as of 1:35 p.m. in London. Automakers and real estate stocks led gains while the consumer products and services sector lagged. Energy shares also outperformed as benchmark Brent surpassed $95 per barrel for the first time since November, with Shell Plc hitting a four-year high.
Asia:
Hong Kong Rental Market Heats Up While Singapore Boom Cools
Hong Kong rents are rising again as overseas workers return, a recovery that contrasts with the cooling market in rival financial hub Singapore.
Hong Kong rents rebounded from their first-quarter decline to climb 2.8% in the second quarter of 2023, Knight Frank data show. While Singapore recorded the same pace of gains, growth in the latter city’s rents was the weakest since 2021, down from a recent peak rate of 8.6%, and the government expects rental pressures to ease further.
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