July 26, 2023
United States:
US New-Home Sales Fall for First Time Since February
US new-home sales declined in June for the first time in four months, suggesting high borrowing costs and prices are restraining momentum in the market.
Purchases of new single-family homes fell 2.5% to an annualized 697,000 pace after a downward revision to the prior month, government data showed Wednesday. The median estimate in a Bloomberg survey of economists called for a 725,000 rate.
Europe:
Russia Gas Output Down 13% in First Half After EU Exports Cut
Russia’s natural gas production in the first half was almost 13% lower than a year earlier following the Kremlin’s decision to halt pipeline exports to many countries in Europe, its biggest market.
Russian producers pumped 319.3 billion cubic meters of gas in the first half of the year, according to industry data seen by Bloomberg. The country started to significantly reduce gas output last year after halting most pipeline exports to Europe amid the Kremlin’s standoff with the west over the invasion of Ukraine.
Asia:
China Central Bank Governor Comes With Hawkish Track Record
China’s newly appointed central bank Governor Pan Gongsheng comes with a strong record of tackling financial risks, showing he’s unafraid to sacrifice economic growth in order to achieve longer-term stability.
From managing the currency to cracking down on the property market, Pan will now have to draw on his decade of experience at the central bank to steer the economy through its current downturn. A key challenge will be balancing calls for more monetary stimulus against the risk of driving up debt in the economy.
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