Top-of-mind economic news as we start the week:
— U.S. 30-year mortgage rates climbed above 7%, a 21-year high; homebuilder sentiment dropped sharply.
— U.S. retail sales advanced 0.7% in July, as consumer spending so far seems to be holding up.
— New claims for U.S unemployment benefits fell in the latest week, as labor market continues to show resiliency.
— Chinese real estate developer Evergrande filed for bankruptcy in the U.S. to protect its assets here, amid an ongoing slowdown in China’s real estate sector.
— The European Union will require reporting on emissions for carbon-intensive imports (steel, cement, fertilizer, etc.) to levy its import carbon tax.
