Breakfast Bites; Concern over an economic slowdown in China in addition to a softening in housing starts has prompted investors to take a breather after recent record setting sessions.
Housing Starts in the U.S. fell in February from a 3 year high to 698,000, showing the recovery in the residential real estate market will take time to develop.e
Building Permits, a proxy for future construction, climbed to the highest level since October 2008
China raised fuel prices , the second time in less than 6 months, by the most in 2 years.
Breakfast Bites: Markets are trading in negative territory with no news on the domestic calendar, as markets turn to Europe where concerns about the Greek debt swap deal with a March 8th deadline are clearly in focus. Major economic news is at the end of the week when the Non-Farm Payroll numbers hits on Friday.
Breakfast Bites: Equities have come off their lows this morning after better than expected domestic economic reports tempered the news that China slashed its 2012 growth target to an 8-year low of 7.5 percent.
Chinese Premier Wen Jiabao cut his nation's 2012 growth target to an eight-year low of 7.5% and made boosting consumer demand the year's first priority as Beijing looks to wean the economy off its reliance on external demand and foreign capital. GDP growth had been pegged at the 8% level for the past 8 years.