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Market insight 19.06.2018

US housing starts have reached a new high

US housing starts have reached a new high

US: Housing starts (May): 1350k vs 1311k expected (prior: 1286k revised from 1287k)

  • Building permits: 1301 k vs 1350 k expected (1364 k prior month).
  • A strong rebound in housing starts (concentrated in one region), but weak permits point towards some moderation in housing starts in the coming months.
  • Demand in housing remains strong but it could be limited by rising construction costs, higher mortgage rates and rising house prices.

 

Sweden: Unemployment rate (May): 6.1% vs 6.3% expected (prior: 6.3%)

  • Unemployed has decreased and rate is coming back to low levels.

 

Poland: Industrial production (May): 1.6% m/m vs 0% expected (prior: -6.8%)

  • All major sectors have rebounded except electricity and gas; manufacturing sector was up by 2.4% m/m.
  • The yearly trend has moderated from 9.3% y/y the prior month to 5.4% y/y.

 

Poland: PPI (May): 1.1%m/m vs 1% expected (prior: 0.3%)

  • Prices of mining were up by 2.1% m/m, up by 6.1% y/y.
  • Trend in prices has accelerated from 1% y/y to 2.8% y/y, mainly due to higher energy prices.

 

Russia: PPI (May): 3.9% m/m vs 1.3% expected (prior: 1.2%)

  • Rises in energy prices and changes in currency have fueled the rebound in PPIs.
  • Yearly trend was up by 12.5% y/y after 7.5% y/y prior month.


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