The Stoxx Europe 600 index rose 0.4% to 382. All sectors were higher, led by the telecommunications and industrials. On Friday, it fell 0.3%, but finished last week up by 1.4%. The gains followed advances in Asian markets, where South Korea’s Kospi Index jumped 1.4%. U.S. Secretary of State Rex Tillerson yesterday on "Face the Nation" said the U.S. is seeking “a peaceful solution” to the conflict with North Korea as a military option is the only one left if diplomatic efforts fail.
The National Association of Home Builders/Wells Fargo housing market index fell 3 points to 64, and August’s reading was downwardly revised by a point. The recent hurricanes have homebuilders worred about the availability of labor and the cost of building materials. The concern is that Hurricanes Harvey and Irma did so much damage that construction workers will flock to Texas and Florida for rebuilding. Finding qualified workers has been a problem for some time, and the hiring rate in the construction industry at 5.3%, is above the national average of 3.8%. The index is still optimistic, any reading over 50 indicates “good” conditions.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
