Worst monthly decline since January
Overall sales at lowest since mid-2014
Prior was +0.5% (revised to +0.7%)
Sales -4.6% y/y vs -2.8% y/y expected
Prior sales -3.4% y/y (revised to -3.3%)
Weak US housing continues to be one of the biggest surprises of the year.
NAR economists Lawrence Yun blamed higher mortgage rates for the jump. The US 30-year fixed rate is at 4.81%. New home sales data for October was the weakest since March 2016.
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Japanese government bonds held steady and the Nikkei eased from a record high Tuesday as markets awaited a widely expected BOJ rate hike to 1% and signals on the pace of further tightening.
Gas prices dip under $4/gallon as Strait of Hormuz deal eases oil supply fears. Traders watch crude.
General Motors is in talks with Lockheed Martin to manufacture components for weapons systems as the Pentagon presses non-traditional suppliers to help replenish munitions stocks depleted by the wars in Ukraine and Iran.
PBOC is expected to set the USD/CNY reference rate at 6.7605 – Reuters estimate
Analysts broadly welcome the US-Iran deal as a positive for risk assets and emerging markets, but warn that inflation relief will be gradual and the durability of the agreement remains unproven.
US oil reserves hit 43-yr low, lowest since '83. Traders watch for price impact.
Gas prices dip below $4/gallon as Strait of Hormuz deal eases supply fears. Traders watch geopolitical risks.
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