The Commerce Department reports housing starts fell 18.7% to a seasonally adjusted annual rate of 1.09 million. Economists expected 1.24 million. October’s pace was a nine-year high. It was revised upward to 1.34 million annually, but November was 6.9% lower compared to 2015.
Marketwatch reports the Federal Reserve’s interest rate hike and its guidance that it will accelerate hikes in the coming years have cast a shadow on prospects for the Chinese economy and are expected to prompt Beijing to take further measures to curb capital outflows. The Fed on Wednesday raised the fed funds target rate by a quarter point to between 0.5% and 0.75%. The announcement sent the yuan to its weakest rate against the dollar since June 2008. Analysts expect the yuan to be under continued pressure to depreciate.
Bloomberg reports that solar power, for the first time, is becoming the cheapest form of new electricity. Unsubsidized solar is beginning to outcompete coal and natural gas on a larger scale, and notably, new solar projects in emerging markets are costing less to build than wind projects, according to fresh data from Bloomberg New Energy Finance.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
