March proved challenging for the housing market as sales of existing homes plummeted by 4.3%, marking the steepest drop since November 2022, according to the National Association of Realtors on Thursday. This decline mirrors earlier setbacks in housing starts and permits. A significant uptick in ... READ MORE >
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Industrial production rebounds as housing starts plunge
Tuesday's mixed data on housing and industrial production shows how both sectors remained on a bumpy path as a result of elevated interest rates. Housing starts dropped by 14.7% to 1.32 million on an annualized rate, the lowest level since last August, while permits, a proxy for future projects, also ... READ MORE >
U.S. retail sales show surprising resilience
American consumers are continuing to show remarkable resilience in their spending habits, despite facing higher prices, particularly at the gas pump, according to retail sales data for March released by the Commerce Department on Monday. The swift recovery in retail sales in March, along with ... READ MORE >
Geopolitical tensions and the rising oil risk premium threaten global recovery
Global oil markets are pricing in a risk premium of $7 to $10 a barrel in the wake of Iran’s drone attacks on Israel over the weekend, posing the single largest risk to the current global economic recovery. Despite in the rise in the risk premium, reflected in futures markets, early trading in oil ... READ MORE >
U.S. consumer sentiment falls as inflation stays sticky
Consumer sentiment in the United States ticked down in April in a sign of the impact of rising inflation, particularly gasoline prices, over the past three months. The consumer sentiment index fell to 77.9 from 79.4, according to the University of Michigan survey on Friday. While the index is ... READ MORE >
5 things to know in life sciences: Week of April 8, 2024
Each week we highlight five things affecting the life sciences industry. Here's the latest. Women-led health tech ventures in Africa experience 2,000% funding growth Funding for women-led health tech ventures in Africa increased from 1% of total funding in 2022 to 31% in 2023, with the amount rising ... READ MORE >
Texas energy supply during eclipse highlights importance of battery storage
Monday’s eclipse left millions in North America awestruck. It also raised questions about solar electricity generation at times when the sun isn’t shining; the astronomical event temporarily reduced the generation output of solar panels. The eclipse affected Texas in particular, as solar power is often ... READ MORE >
Bank of Canada holds its rate at 5% in dovish statement
The Bank of Canada held its policy rate at 5% at its meeting on Tuesday, as widely expected, while continuing its restrictive monetary policy of quantitative tightening. But the central bank made a marked shift in its statement, turning from a focus on inflation to one on growth with a decidedly ... READ MORE >
Hot inflation data dims prospects for a Fed rate cut in June
The U.S. consumer price index came in above expectations for March, putting the Federal Reserve in a difficult position as it seeks to starting cutting interest rates this year. Both overall and core inflation remained unchanged at 0.4% monthly, the third consecutive month that the overall CPI ... READ MORE >
Financial markets update: An improved outlook for corporate borrowing
Improved financial conditions, a dynamic labor market and wage growth that is exceeding inflation all should bolster corporate earnings this year in the United States. Most important, with productivity improving, the potential for greater corporate profits and rising margins will be a theme in ... READ MORE >