Credit: Shutterstock photoMORNING REPORT
(8am AEDT)
US homebuilding permits increased by 3.6pct in November to a seasonally adjusted rate of 899,000 units - the highest level in nearly 4½-years. In contrast housing starts fell 3pct in November but followed three straight months of solid gains.
European shares rallied on Wednesday. Optimism that US congress would reach a deal to avert the ´´fiscal cliff´´ was the main driver. Financial stocks led the gains with the STOXX 600 banking index up 0.5pct and the insurance index up 1.1pct. Germany´s IFO business sentiment survey rose for the second straight month supporting equities. The benchmark FTSEurofirst 300 index and UK FTSE both rose 0.4pct and the German Dax gained 0.2pct. Miners were weaker on Wednesday with Rio Tinto down 1.7pct in London trade and BHP Billiton lower by 0.2up pct.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.