In the US, there was a 6.7% jump in single-family housing starts, driving the overall housing starts to rise 3.9% month-over-month in July to a seasonally annualized rate of 1.452 million.
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Following news that UK inflation fell in July, the euro stumbled despite investor suggestions that another rate hike from the Bank of England may be in store.
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UK house prices rose just 1.7% in the 12 months to June 2023, down from a revised 1.8% in May during a time of high inflation and soaring mortgage rates.
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The pound gained over a third of a per cent against the euro yesterday and has matched those gains this morning, taking its weekly gains to just over 1%.
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The NAHB/Wells Fargo housing market index in the US fell unexpectedly to 50 in August, from 56 in July, which was the highest reading since June last year.
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Danish brewer, Carlsberg, raised its expected profit growth to be between 4% and 7% this year after a “solid business performance” in the first half of 2023. The company revealed volumes grew 0.8% organically between January and June.
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UK inflation has dropped to the lowest level since February 2022, following cuts in energy price caps, however, London think tank, the IPPR, fears the UK faces a “high” risk of recession.
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The UK inflation rate fell to 6.8% in July, from 7.9% in June and matching market expectations as energy prices eased.
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