Today’s US updates for residential housing construction and industrial production fell short of expectations for the monthly comparisons, but the year-over-year trends are looking brighter. The January release on industrial activity is especially encouraging. It all adds up to a change for the better for anticipating that business cycle risk in the US will remain low for the foreseeable future.
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Real estate investment trusts (REITs) continue to hold the pole position among the major asset classes for the trailing one-year period, although the sizzling returns of late have cooled a bit in recent weeks. Vanguard REIT (VNQ) is higher by a strong 26.5% on a total return basis through yesterday (Feb. 17), based on the trailing one-year period (defined here as the past 250 trading days). That’s an impressive gain, but it’s moderately softer than the advances we’ve seen earlier this year.
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● Greek deal hopes boost Europe’s stock markets | MarketWatch
● Greece asks for extension; ECB to make crucial bank funding decision | Telegraph
● U.K. Oct-Dec Jobless Rate Falls Unexpectedly | RTT
● Confidence Among U.S. Homebuilders Declines to Four-Month Low | Bloomberg
● New York state manufacturing index falls in February: NY Fed | Reuters
● As Rivals Falter, India’s Economy Is Surging Ahead | NY Times