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Canadian Housing Starts Increase | ECB Will Not Waver from Inflation Target

Published May 8, 2019

• Chinese state media have recently reported that the nation has full assurance that the recent challenges between the US and China can be overcome. This comes as trade negotiations with the US are set to take place tomorrow in Washington. Focus will be on whether the US will follow through on threats to implement tariffs on Friday.
• In global equity markets, the MSCI Asia Pacific Index dropped 1%, while Japan’s Topix index closed 1.7% lower. The story was similar in Europe with Stoxx 600 Index trading 0.4% lower this morning, soon to be followed by North American markets as S&P 500 futures are pointing towards another drop at the open.
• Canadian housing starts increased in April according to a report published this morning in Ottawa. The trend in housing starts was 206,103 units in April 2019, compared to 202,420 units in March 2019, according to Canada Mortgage and Housing Corporation.
• The President of the European Central Bank Mario Draghi stated on Wednesday that the central bank will “not accept the defeat” on inflation targets. Draghi went on to point out that it would be very damaging for the bank’s credibility if it now changes the inflation target.