Offline24h

 July US housing data showed single-family starts rose 2.8% to 939k and permits edged up 0.5% to 870k, breaking a 4-month decline, while overall permits fell 2.8% to 1.354mn, a 5-year low, dragged by a near 10% drop in multifamily. Total starts jumped 5.2% to 1.428mn as apartment construction rebounded, with 5+ unit starts up 11.6% to the highest since May 2023. Despite a dip in the 30Y mortgage rate to 6.58%, affordability remains constrained and weak demand continues to cap builder activity. In rates, USTs rallied as yields reversed a 3-day climb, with 10Y hitting a session high of 4.34% in early European trade before sliding below 4.30% during US hours and ending near 4.31% (-2bp). The 2Y also touched 3.77% in Asia before easing below 3.74% intraday and closing around 3.75% (-1bp). No major US data releases today.