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Forex Flash: Canadian housing starts edged higher in March - RBC

FXstreet.com (Barcelona) - RBC Economist, David Onyett-Jeffries notes that Canadian housing starts edged up by 0.4% to an annualised 184,000 in March 2013 and beat market expectations for a decline to 175,000 in the month.

He adds that Canadian homebuilding activity has been on a decidedly downward trend since peaking in the first half of 2012, and the six-month moving average of Canadian housing starts, which the Canada Mortgage and Housing Corporation (CMHC) refers to as the “trend” rate, declined to 189,700 annualized units in March, which was its lowest level since June 2011. He writes, “The moderation in homebuilding is consistent with our view that the housing market is experiencing a gradual cooling from the elevated levels of activity seen in 2012. We expect that new home construction will continue to moderate throughout this year and next, with the pace of homebuilding activity trending near 180,000 annualized units by the end of this year and declining further to 175,000 units in 2014.”

American equity markets advance at opening

With the onset of earnings season almost here, signaled by Alcoa (AA), many investors are bracing for positions and the lingering impact of risk premia stemming from Portugal. Beginning with the indices and composites, the NASDAQ rose +0.19% as it settles in region of 3228.25, up +6.19 points in these moments. In addition, the S&P 500 is trading in negative territory, operating at 1564.74, ascending +1.71 points or +0.11% at the time of writing. Finally, the Dow Jones has edged higher at the opening, trading in the zone of 14637.18, presently +0.16% after a movement of +23.80 points.
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Bersani once again rules out coalition with Berslusconi

Pier Luigi Bersani, the leader of the Italian center-left Democratic Party, which in February secured the majority in the Lower House but not in the Senate, said today that he plans to hold a meeting with Silvio Berlusconi, the head of the center-right party, although he still rejects the possibility of forming a coalition with him.
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