Here’s our summary of key economic events overnight that affect New Zealand, with news markets are struggling to make sense of a global economy buffeted by many unusual forces.
First, Russia has formalised its shutdown of oil and gas supplies to Europe and that is diving a scramble to activate other sources.
Then in the US, Apple and Google say that they will slow their hiring intentions, signals that are more ‘news’ than ‘substance’, but ones that are reverberating in markets. Microsoft is making job adjustments too, but plans a new hiring increase.
And US home builders are glum, seeing demand leak away as house prices have to rise on rising costs, and buyers afraid of higher mortgage interest rates. This is despite new home sales running ahead of pre-pandemic levels – just not at the unusual level they enjoyed during the pandemic.
Canada’s June housing starts came in slightly better than expected but slightly less than for May. And…