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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
- New home sales dialled up the pace of contraction in US housing activity in July, surprisingly sliding -12.6% M/M (cons -2.5%) and with sizeable declines in each of the major regions aside from the north-east.
- It follows a -7% decline in June for almost -40% since the peak in Dec’21, pushing below the lows of the pandemic to the lowest since Jan’16.
- As with existing sales though, the weakness in housing activity doesn’t mean weakness in prices just yet, with median prices still rising +8.2% Y/Y even if the pace is slowing quickly.
- It’s still likely to provoke a further sharp fall in housing starts and construction though, continuing to build on the drag from residential investment on GDP of circa 0.2pps to year-ago growth in both 1Q22 and 2Q22 (noted here: https://marketnews.com/taking-stock-of-the-housing-slowdown-1-3).
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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