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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US DATA
A modest beat on October's existing home sales (4.43mln annualized vs E4.40mln expected), but as with the rest of the week's housing data, the broader picture in the US housing market looks increasingly weak.
- Outside of the pandemic, October saw the lowest monthly existing home sales since 2011.
- Months of inventory remain low by historical standards at 3.3, but that's the highest ratio since June 2020, suggesting the home sale market is loosening.
- While mortgage rates have fallen from the peak in the past week alongside Tsy yields, the housing sector is likely to remain under significant duress - and will be a prime driver of broader economic weakness going into 2023.
Source: NAR, MNI
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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