US housing starts declined more than expected in March, while permits for future home construction slipped to a one-year low, indicating some cooling in the housing market in line with signs of a steep slowdown in economic activity in the first quarter. Housing starts plunged 8.8% from a month earlier to a seasonally adjusted annual rate of 1.089 million in March, according to the Commerce Department. At the same time, new applications for building permits, a bellwether for forthcoming construction, dropped 7.7% to 1.086 million, from a revised February rate of 1.177 million. Demand for housing has been robust over the past year, with home prices up in many markets amid a shortage of inventory. Buyers could turn to new homes, which only account for about 10% of the overall housing market, as the supply of existing homes declines.
Christine Lagarde, via Twitter, responded publicly to the applications received. At the end of the IMF and World Bank work, the general manager of the Fund is entrusted to the popular social network to explain the IMF recipes. On the possibility that Britain bait by the European Union, Lagarde reiterated that creates '' uncertainty '': '' We have already revised down its UK growth forecasts, there is already uncertainty '' and there will also after the pending referendum for the definition of relations between Great Britain and Europe. An uncertainty which has a '' impact '' on the economy but also on the European English, dealing with the political crisis and social refugees. '' It 'a global humanitarian issue that, if not managed well, can worsen. If managed well can lead '' economic benefits declared the number one of the IMF. '' In Europe need more cooperation, serves a real banking union ''.
Severe judgment by the European Court of Auditors concerning the work of the EU Commission: lack of rigor and consistency in the practical application of the excessive deficit procedure, in particular as regards the monitoring of structural reforms, focusing more on the legal aspects than on ' effective implementation of reforms. The reference is to the EDF procedure (excessive deficit procedure) governing compliance with the rules on deficits and debt of EU countries. Governed by Article 126 of the Stability Pact, the procedure provides for the satisfaction of a dual criteria - deficit and debt of EU countries must not be greater than 3% and 60% of gross domestic product. Otherwise, the 'corrective arm' of the fixed repayment terms precise procedure for the correction of the public finances.
It improves beyond expectations the confidence of analysts and investors in Germany in April, despite persistent concerns about the consequences of the weakening of growth in China and other emerging countries in particular, German exports. The ZEW economic expectations index rose to 11.2 points in a decisive manner, a leap considering that departed from 4.3 in April. Expectations, elaborated in a Reuters poll, showed a more modest increase, at an altitude of 8.0.
Today Morgan Stanley confirmed the data on employment: the first quarter of 2016 has been characterized by the greatest number of layoffs for the US bank since the beginning of 2013. There are about 1,440 jobs cut in an effort to contain costs , of all has been the fixed income division one most targeted by the redundancies by the end of 2015, following the decline in trading profits.
Peroni, one of the most famous italian beer becomes Japanese. Anheuser-Busch InBev has accepted the binding offer of Asahi, the largest Japanese manufacturer of beer, to buy the Peroni and Grolsch brands. The offer amount is not known, but previously there was talk of 2.55 billion euro, for a package that also includes British Meantime. The selection of Asahi, presented at the outset on 10 February, depends on obtaining agreement from the mega $ 108 billion that will lead Anheuser-Busch InBev to acquire SabMiller.
The return on Argentine international markets after 15 years of "forced exile" was a success. Buenos Aires has placed on the bond market, resulting in $ 15 billion of loans with offers that have exceeded 65 billion dollars. Argentina does not issued government bonds since the public finances in 2001 did collapse, triggering a default 100 billion of debt. In an environment of low interest rates and the search for yield on Argentina's debt it has obviously attracted the attention, it being possible to provide a return to attractive investment for many investors, even institutional.
Italian Economy Minister Pier Carlo Padoan defends the government estimates the country's economy. And in testimony before the House Budget Committee, it stressed that the "recovery will increase and with it employment. The public finances improved, the tax burden falls" through "a strict fiscal policy and expansionary measures and structural reforms" that continue despite the worsening of the international and geopolitical "framework" of which our forecasts take into account. " The minister recalled that "in 2015 after three consecutive years of contraction, the Italian economy returned to growth in 2016 and the recovery will continue and be strengthened. In the first quarter of the growth appears to have regained momentum."
New York Fed President William Dudley said US economic environment is "mostly favourable", but the US central bank remains cautious in hiking interest rates as threats loom. Dudley reiterated he was confident that too-low inflation would climb to a 2% target over the next few years, with "economic conditions have finally warranted the start of U.S. monetary policy normalization." The policy maker repeated his view that the Fed should take a gradual and cautious approach to monetary policy tightening amid significant uncertainties and headwinds to growth stemming from the financial crisis, which have not fully abated.
The growth of the German GDP has proceeded at a fast pace in the first three months of the year, thanks mainly to the positive trend in domestic demand which offset the weakness of exports. For the next quarter, which ends in late June to see economic expansion slowing. This was stated by the Bundesbank in the April newsletter, explaining that the German economy has benefited in the first quarter from the good weather conditions that favored the construction industry, while consumption benefited from the favorable situation on the labor market and low inflation . The contribution from exports was however not very high.
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