ECB Rate Hikes, EU Growth, China’s Sharp Economic Jolt: Eco Day
Welcome to Monday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:
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Welcome to Monday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:
China’s economy contracted in April, with Covid outbreaks and lockdowns dragging the industrial and consumer sectors down to the weakest levels since early 2020 as millions of residents were confined to their homes and factories were forced to halt production.
China’s central bank refrained from cutting interest rates despite mounting evidence of a sharp slowdown in economic growth, suggesting policy makers may be concerned about the currency’s depreciation and capital outflows.
Apollo Global Management Inc. is planning to lend about $1 billion to developers in India this year, betting on a recovery in the residential property market as the pandemic eases.
The UK is fast becoming the epicenter of the global stagflation crisis, as the Bank of England’s policy-tightening campaign and the soaring cost of living put the world’s fifth-biggest economy on the verge of recession.
Aug 17, 2021
The Canadian Press
Canada Mortgage and Housing Corp. says the annual pace of housing starts in July fell compared with June.
The national housing agency says the annual pace of starts fell to 272,176 units in July compared with 281,200 in June.
The drop came as the pace of urban starts edged down 0.65 per cent in July to 249,001.
The annual rate of urban starts for apartments, condos and other types of multiple-unit housing projects fell 3.1 per cent to 184,759, while the pace of single-detached urban starts rose 7.1 per cent to 64,242.
CMHC estimated rural starts at a seasonally adjusted annual rate of 23,175.
The six-month moving average of the monthly seasonally adjusted annual rate of housing starts was 286,620 in July, down from 293,085 in June.