JPM economist Daniel Silver said......>

US DATA REACT: JPM economist Daniel Silver said the US "FHFA house price index

ticked up 0.1% samr in June (6.5% oya). While prices continue to appreciate on a

seasonally adjusted basis, the June increase was well below expectations and one

of the softest gains to be reported in recent years."

- He adds that "we have seen the trends weaken for a number of other housing

indicators away from pricing lately, and it is possible that the FHFA report is

an early signal that prices have also started to cool. That said, some other

house price measures have remained firm through their most recent reports. We

will continue to track the data over time, including with the Case-Shiller price

data reported next week."