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Last Week’s Highlights
US home sales fell by 9.7% in May
The monthly home sales report from the United States saw a 9.7% decline in May. This came despite interest rates staying at record lows.
Existing home sales fell by 3.91 million on a seasonally adjusted annual basis, according to data from the National Association of Realtors. The declines continue after home sales hit a 13-year high in February this year.
However, economists are confident that home sales in the coming months will start to rise again as lockdown restrictions ease in the US.
Germany’s business confidence improves
Business sentiment in Germany saw a strong improvement for the month of June. This is backed up by business expectations amid easing lockdown restrictions.
Data from the Ifo institute showed that Germany’s business climate index rose for the fourth month in a row. In June, the index touched 86.2 points, rising from 79.7 in May. This was slightly revised higher from 79.5 as reported earlier.
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