Top-of-mind economic news as we start the week:
— U.S. new home construction rose 22% in May from April, the fastest pace in over a year, as low level of supply offsets higher mortgage rates amid steady demand.
— The 4-week average for U.S. unemployment claims hit just over 255,000 per week; highest level since Nov. 2021.
— A key index of U.S. leading economic indicators fell again in May for the 14th month in a row; historically anticipates turning points in the business cycle by 7 months.
— The world’s central banks are diverging on interest rate policy; China lowering, Europe raising, while U.S and Japan are holding steady.
— The U.K. and France launched initiative to scale biodiversity credits market, aiming to mobilize finance for projects focused on nature recovery.
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