Existing-home sales in the US, a measure of completed transactions that include single-family homes, townhomes, condominiums and co-ops, declined 4.3% to a seasonally adjusted annualized rate of 4.19 million units in March 2024, partially reversing from a 9.5% rise in February and compared to forecasts of 4.2 million. "Home sales are stuck because interest rates have not made any major moves. More inventory is always welcomed in the current environment", said NAR Chief Economist Lawrence Yun. Among the four major US regions, sales slid in the Midwest, South and West, but rose in the Northeast for the first time since November 2023. Total housing inventory was 1.11 million units, up 4.7% from February and 14.4% from one year ago. Unsold inventory sits at a 3.2-month supply at the current sales pace, up from 2.9 months in February. The median existing-home price was $393,500, an increase of 4.8% from the previous year ($375,300). All four regions registered price gains.

US stocks were mostly higher on Thursday, with the S&P 500 adding 0.2% and attempting to recover from a four-day losing streak while the Dow Jones gained about 150 points and the Nasdaq swung around the flatline. Traders continue to digest fresh corporate results, strong economic data including initial claims and the Philadelphia Fed Manufacturing Index and prospects of higher-for-longer interest rates. Nvidia (0.5%) and Advanced Micro Devices (0.8%) were higher as Taiwan Semiconductor Manufacturing booked its first profit rise in a year amid strong AI demand. On the other hand, Blackstone lost 0.3% as its results failed to impress investors. Las Vegas Sands was down 7.3% after Q1 revenue narrowly beat forecasts. Tesla also dropped about 2.5% after a Deutsche Bank downgrade to hold from buy. Netflix is due to report earnings today after the closing bell.

The number of people claiming unemployment benefits in the US was unchanged from the prior week at 212,000 for the period ending April 18th, below market expectations of 215,000. Additionally, continuing claims were loosely unchanged at 1,812,000 at the start of the month, below market expectations of 1,818,000, to show that the unemployed are finding jobs at a healthy pace when compared to historical standards. The results were in line with a batch of recent data pointing to a tight labor market, adding leeway for the Federal Reserve to delay interest rate cuts to tackle stubborn inflation. The four-week-moving average, which reduces week-to-week volatility, was also unchanged at 214,500. In the meantime, non-seasonally adjusted claims fell by 6,576 to 208,509, with notable declines in New Jersey (-4,551), Wisconsin (-1,798), and Pennsylvania (-1,647).

Construction output in the Euro Area shrank by 0.4% from the previous year in February 2024, following a revised 0.3% fall in the prior month. It marks the second consecutive month of downturns within the construction sector across the bloc, as output contracted for building activity (-2.5% vs -4.7% in January) and specialized construction activities (-0.1% vs 0.4%). Meanwhile, civil engineering works experienced faster growth (4.9% vs 2.2%). Among the largest economies in the Euro Area, construction activity decreased significantly in the Netherlands (-12.9%) and France (-4.1%), but it rose in Spain (+8.3%) and Germany (+1.9%). Compared to the previous month, seasonally adjusted production in construction increased by 1.8% in the Euro Area.

The current account surplus in the Euro Area widened sharply to €31.6 billion in February 2024 from €10.7 billion a year earlier. The goods surplus almost doubled to €40.5 billion from €21 billion, the primary income surplus increased to €2.7 billion from €0.3 billion and the secondary income gap narrowed to €13.6 billion from €15.3 billion. On the other hand, the services surplus decreased to €2.1 billion from €4.6 billion. On a seasonally adjusted basis, the current account surplus declined to €29 billion surplus in February from €39 billion in the previous month.

European natural gas futures fell below €32/MWh Thursday, continuing a downward trend from a recent peak of nearly €34 and following a 5% drop in the previous session. The global market for liquefied natural gas experienced increased volatility due to potential supply disruptions in the Middle East, particularly around the Strait of Hormuz. Rising tensions in the region, including recent incidents involving Iran, led to concerns about the safe passage of LNG tankers through this critical route. The Strait of Hormuz is vital for delivering LNG from Qatar and the United Arab Emirates to Europe and Asia. Recent actions by Iran, including the seizure of a container ship and threats to close the strait, have heightened market anxieties. Additionally, global gas prices have been impacted by increased demand from Japan, supply disruptions in the United States, and some pipeline issues in Norway.