US DATA: July housing starts -1.5% to 604k and permits -3.2% to
597k, with the balance suggesting the hsg mkt will not move much ahead.
Starts were uneven, +34.7% overall in NE and with multis up in the South
and 1-fams +4.6% in West. Starts dropped in MW and 1-fams were -4.2% in
the South. Permits rose only in the South and in an oddity were -18.3%
in NE for a second good drop. There were 636k completions (+11.8%) and
413k units under construction during the month, hardly robust but good
enough to show construction progress. Overall the numbers were a little
better than expectations.