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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
- The NAHB housing market index surprised lower with 39 (cons 43) in August after a downward revised 41 (initial 42) in July.
- It’s the fourth consecutive decline for the lowest since December.
- There's little sign of the uptick that’s been seen in mortgage applications as mortgage rates have fallen ~50bps over the past month, although that admittedly has mostly been seen in refi activity rather than new purchase applications.
- Present sales fell 2pts (44) and prospective buyer traffic fell 2pts (25), whilst expectations of future sales increased 1pt (49).
- Regionally, the overall index was driven by a decline in the south (-4pts), by far the largest region for existing home sales, whilst other regions were broadly unchanged on the month.
- The decline yet further widens the relative gap with the S&P 500 homebuilder price to book ratio, which at 2.45 is close to multi-decade highs.
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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