US housing data rebounded more than forecast in October
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European equities trade near opening levels as yesterday's risk rebound already ran out of steam. US stock markets opened up to 0.3% lower.
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US housing data rebounded more than forecast in October. Housing starts rose by 13.7% M/M (vs 5.6% M/M consensus). Building permits increased by 5.9% M/M (vs 2% M/M forecast). In both cases, September data were upwardly revised.
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Germany's would-be coalition partners resumed talks on Friday after all-night negotiations failed to produce a breakthrough, with Chancellor Angela Merkel's conservatives saying they would compromise further on climate change policies to secure a deal.
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Portugal has made an early repayment of €2.78bn to the International Monetary Fund with the aim of paying back costly bailout loans ahead of schedule as the country's borrowing costs fall in debt markets.
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ECB President Draghi said in a speech in Frankfurt that with the decision to extend QE at a slower monthly pace, the signalling effect of asset purchases has "naturally increased in prominence relative to the duration effect."
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Turkish President Erdogan lashed out at the central bank, saying a lack of government intervention in monetary policy had left Turkey saddled with high inflation and facing a potential slowdown in investment.
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