Headlines to start the week:
— Housing starts fell 0.7% MoM in October, while building permits rose 4%. A sign that homebuilders are having trouble acquiring materials and labor to begin building after permits are approved.
— Industrial production rose 1.6% in October, handily beating estimates. Economists cited the recovery from Hurricane Ida, the most damaging hurricane in Louisiana since Katrina, as a large contributor to this increase.
— President Biden signed the Infrastructure Investment and Jobs Act into law on Nov 15th. The $1.2 trillion spending bill includes $550 billion for new projects, and $650 billion to fund existing bureaucracies.
— Over 70% of sovereign wealth funds surveyed by the International Forum of Sovereign Wealth Funds said they now incorporate ESG “considerations” in their investment process, up from just 24% a year ago.
— Japan passes $490 billion stimulus package to aid pandemic recovery, the third stimulus package the country has approved since pandemic began.
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