Wolf Money(world market review 16-22 Sept 2024)
(Image credit: Womderful Quote) Market Summary 16-22 Sept 2024 *USA* + Fed cuts rates by 50bps to 4.75%-5%, first reduction in borrowing costs since Mar 2020 + US retail sales edged up 0.1% MoM in Aug, beating forecasts of 0.2% decline + US industrial production rose 0.8% MoM in Aug, the most in 6 mths, vs market expectations of 0.2% increase -US current account deficit of US$266.8bn in Q2, widening from US$241bn gap in previous period + US initial jobless fell 12,000 from previous week to 219,000 to 4-mth low + US housing market needs more Fed rate cuts to boost supply, affordability: Fitch Ratings + US average rate on 30-year fixed mortgage dropped to 6.09% in Sept, lowest level since early Feb 2023: Freddie Mac -US existing home sales fell 2.5% MoM to seasonally adjusted annualised rate of 3.86m in Aug + US housing starts soared 9.6% MoM to annualised rate of 1.356m units in Aug + US building permits rose 4.9% to seasonally adjusted annual rate of 1.475m in Aug, highest in