US DATA: Jan housing starts +14.6% to 596k, well above 540k expected but
following downward revisions in the prev two months. Despite the spike
in housing starts, the pace is still down from a year ago, and all of
the Jan rise was in multi-family starts. Permits -10.4% to 562k, a
reversal from the special factor-related 15.3% jump in Dec. Completions
-9.5% to record low 512k, while homes not started fell and homes under
construction held steady at a tied record low. The data still indicate a
weak home building sector.