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Facebook unveils its cryptocurrency project: Morning Brief

Tuesday, June 18, 2019

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WHAT TO WATCH

On Tuesday, new data on May housing starts and building permits will provide another glimpse into the state of the housing market amid a pullback in mortgage rates and mixed signals on homebuilder sentiment.

Economists are widely expecting that U.S. new-home construction rose for a third consecutive month in May. Consensus estimates suggest housing starts rose 0.4% month-over-month to a 1.240 million annualized rate for the month, after a 5.7% gain in April, according to Bloomberg data. Permits, which precede future construction, are expected to have risen 0.2% to a 1.293 million annualized rate.

The report will be released at 8:30 a.m. ET by the U.S. Census Bureau and Department of Housing and Urban Development.

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TOP NEWS

Cryptocurrency and Facebook Logo are seen together in this photo illustration. (Photo by Nasir Kachroo/NurPhoto via Getty Images)

Facebook unveils its cryptocurrency project: Facebook (FB) on Tuesday morning announced the details of its widely-rumored cryptocurrency project: a financial services offering called Calibra. Calibra is a “newly formed Facebook subsidiary” and its first product, launching in 2020, will be a digital wallet to store and send Libra, a new cryptocurrency. [Yahoo Finance]

Pound trading close to 2019 lows: The pound traded close to its lowest levels of 2019 on Tuesday morning, with markets increasingly fearful that Boris Johnson could succeed in the Conservative leadership contest and take the UK out of the EU without a deal. [Yahoo Finance UK]

ECB will provide more stimulus if inflation doesn't pick up: The European Central Bank will need to ease policy again, possibly through new rate cuts or asset purchases, if inflation doesn't head back to its target, ECB President Mario Draghi said on Tuesday. [Reuters]

Consumer tech groups warn tariffs will hamper innovation: Consumer electronics companies and technology groups are sounding the alarm that additional tariffs on imports from China will hamper U.S. innovation — and give foreign competitors an edge. In public hearings on the next round of potential tariffs on $300 billion in Chinese goods, the companies urged trade officials to exclude their products from additional tariffs. Roku, iRobot, Best Buy, Element Electronics and the Entertainment Software Association all testified on Monday. [Yahoo Finance]

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