Market Insights

US: Housing starts (Aug.): 1283k vs 1439k expected (prior: 1447k revised from 1452k)

• Housing starts have decreased more than expected over the month; multifamily houses have declined more than single family houses from the prior month.

• Building permits have rebounded over the month for both market segments.

• Rising yields have weighed down on current demand but future demand, seen via building permits, remained sustained notably for multifamily units.

Eurozone: CPI (Aug.): 0.5% m/m vs 0.6% expected (prior: -0.1%)

• Final inflation came just slightly below estimates; the monthly rebound was due to energy (3.3% m/m after -0.2% m/m the prior month).

• Prices of industrialized goods were up by 0.6% m/m after -2.7% m/m the prior month. Core inflation was up by 0.3% m/m after -0.1% m/m the prior month.

• Yearly trend has marginally declined from 5.3% y/y the prior month to 5.2% y/y; core inflation has also declined from 5.5% y/y to 5.3% y/y.

• More favorable base effect on energy should accelerate the yearly decline in September data, but risks related to volatile and firmer oil prices are re-building for year end.

Switzerland: Trade balance (Aug.): 4.05 Bn CHF (prior: 3.13Bn)

• Real exports: 5.9% m/m after -4.9% m/m prior month; real imports: 1.5% m/m after -1.8% m/m prior month.

US: Housing starts (Aug.): 1283k vs 1439k expected (prior: 1447k revised from 1452k)

• Housing starts have decreased more than expected over the month; multifamily houses have declined more than single family houses from the prior month.

• Building permits have rebounded over the month for both market segments.

• Rising yields have weighed down on current demand but future demand, seen via building permits, remained sustained notably for multifamily units.

Eurozone: CPI (Aug.): 0.5% m/m vs 0.6% expected (prior: -0.1%)

• Final inflation came just slightly below estimates; the monthly rebound was due to energy (3.3% m/m after -0.2% m/m the prior month).

• Prices of industrialized goods were up by 0.6% m/m after -2.7% m/m the prior month. Core inflation was up by 0.3% m/m after -0.1% m/m the prior month.

• Yearly trend has marginally declined from 5.3% y/y the prior month to 5.2% y/y; core inflation has also declined from 5.5% y/y to 5.3% y/y.

• More favorable base effect on energy should accelerate the yearly decline in September data, but risks related to volatile and firmer oil prices are re-building for year end.

Switzerland: Trade balance (Aug.): 4.05 Bn CHF (prior: 3.13Bn)

• Real exports: 5.9% m/m after -4.9% m/m prior month; real imports: 1.5% m/m after -1.8% m/m prior month.

US: Housing starts (Aug.): 1283k vs 1439k expected (prior: 1447k revised from 1452k)

• Housing starts have decreased more than expected over the month; multifamily houses have declined more than single family houses from the prior month.

• Building permits have rebounded over the month for both market segments.

• Rising yields have weighed down on current demand but future demand, seen via building permits, remained sustained notably for multifamily units.

Eurozone: CPI (Aug.): 0.5% m/m vs 0.6% expected (prior: -0.1%)

• Final inflation came just slightly below estimates; the monthly rebound was due to energy (3.3% m/m after -0.2% m/m the prior month).

• Prices of industrialized goods were up by 0.6% m/m after -2.7% m/m the prior month. Core inflation was up by 0.3% m/m after -0.1% m/m the prior month.

• Yearly trend has marginally declined from 5.3% y/y the prior month to 5.2% y/y; core inflation has also declined from 5.5% y/y to 5.3% y/y.

• More favorable base effect on energy should accelerate the yearly decline in September data, but risks related to volatile and firmer oil prices are re-building for year end.

Switzerland: Trade balance (Aug.): 4.05 Bn CHF (prior: 3.13Bn)

• Real exports: 5.9% m/m after -4.9% m/m prior month; real imports: 1.5% m/m after -1.8% m/m prior month.

US: Housing starts (Aug.): 1283k vs 1439k expected (prior: 1447k revised from 1452k)

• Housing starts have decreased more than expected over the month; multifamily houses have declined more than single family houses from the prior month.

• Building permits have rebounded over the month for both market segments.

• Rising yields have weighed down on current demand but future demand, seen via building permits, remained sustained notably for multifamily units.

Eurozone: CPI (Aug.): 0.5% m/m vs 0.6% expected (prior: -0.1%)

• Final inflation came just slightly below estimates; the monthly rebound was due to energy (3.3% m/m after -0.2% m/m the prior month).

• Prices of industrialized goods were up by 0.6% m/m after -2.7% m/m the prior month. Core inflation was up by 0.3% m/m after -0.1% m/m the prior month.

• Yearly trend has marginally declined from 5.3% y/y the prior month to 5.2% y/y; core inflation has also declined from 5.5% y/y to 5.3% y/y.

• More favorable base effect on energy should accelerate the yearly decline in September data, but risks related to volatile and firmer oil prices are re-building for year end.

Switzerland: Trade balance (Aug.): 4.05 Bn CHF (prior: 3.13Bn)

• Real exports: 5.9% m/m after -4.9% m/m prior month; real imports: 1.5% m/m after -1.8% m/m prior month.