U.S. housing starts approach pandemic lows, but there are reasons for optimism next year. Architecture billings trend points to a pickup in nonresidential construction spending in 2025. Mortgage purchase applications improve but to a still low level, a sign that home sales will remain subdued. U.K. inflation accelerates, complicating BoE policy path. Eurozone inflation revised lower, allowing room for more ECB easing. Japan exports rise, led by Asia.
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