What Happened
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U.S. construction spending 4-year high in July
The U.S. construction spending rose in July to the highest level in four years, fueled mainly by higher outlays on private projects, U.S. Department of Commerce reported Tuesday.Total construction spending was estimated at a seasonally adjusted annual rate of 900.8 billion U.S. dollars in July, the strongest performance since June 2009. It was 0.6 percent above the revised level in June and 5.2 percent higher than the year-ago reading.In July, spending on private construction was at a seasonally adjusted annual rate of 631.4 billion dollars, 0.9 percent above the revised level of June. Residential construction rose 0.6 percent while nonresidential construction jumped 1.3 percent on a month-over-month basis.The estimated seasonally adjusted annual rate of public construction spending was 269.4 billion dollars in July, down 0.3 percent from the revised June estimate.Recent data indicate that the U.S. housing sector has shown further signs of strength, providing important support for the overall economic recovery.
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Australian capital city home prices up 5.3 pct over 12 months
Australian capital city home prices have risen more than 5 percent in the 12 months to August, according to data released on Monday by local property research firm RP Data.The latest RP Data-Rismark Home Value Index showed prices across Australia's eight capital cities rose 5.3 percent in the year to August.Perth recorded the biggest increase during the year, with home prices rising 9.4 percent to 499,500 AU dollars (439,400 U.S. dollars) while Sydney's home prices were up 7 percent to 587,000 AU dollars.Hobart fared the worst, with home prices down 1.1 percent in the year.The overall pace of home price growth in Australia's eight capital cities slowed to 0.5 percent in August, down from 1.6 percent in July.The median capital-city house price is now 490,000 AU dollars.
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New car sales in August near 30-year high in New Zealand
New car sales in New Zealand were at their highest in almost three decades last month, the country's Motor Industry Association (MIA) announced Tuesday. August saw 9,430 new vehicle registrations, while 73,279 vehicles were registered in the year to date, said MIA chief executive David Crawford. "With the year to date new vehicle registrations running 10.7 percent ahead of this time in 2012, the new car sector continues to perform at levels last seen in the 1980s," Crawford said in a statement. Last month, 2,602 new commercial vehicles were registered, the highest monthly total since August 1984 and a rise of 17.4 percent on August last year, while 6,828 new passenger vehicles were registered, the strongest August sales since 1987 and up 14.5 percent year on year.In the year to date, Toyota was the market leader with 19.3 percent of market share, followed by Ford on 10.9 percent and Holden on 10.2 percent.
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Toyota recalls Lexus vehicles in China
China's leading quality watchdog said Toyota will recall 2,021 Lexus vehicles exported to the Chinese mainland, starting on Wednesday.Toyota Motor China Investment Co., Ltd. will conduct the recall, involving Lexus RX400h models. The vehicles were produced between April 3, 2006 and Dec. 1, 2008, the General Administration of Quality Supervision, Inspection and Quarantine said in a statement.The recall is due to design flaws with the models' hybrid power system that could result in a blown fuse in the power supply circuit and cause driving failure, the statement said.
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Direct flight launched between Doha and Chengdu
Qatar Airways opened a direct air route on Tuesday between Qatar's capital of Doha and Chengdu City in southwest China, sources with the company said Wednesday.The airline will operate three weekly round-trip flights with a flight duration of eight hours.It is the second direct route Qatar Airways has launched to link west China with Doha. In 2011, the airline launched a route between Chongqing Municipality in southwest China and Doha.The direct route is also the second to directly link Chengdu and the Middle East. United Arab Emirates-based Etihad Airways opened flights in 2011 between Abu Dhabi and Chengdu, capital of Sichuan Province.Akbar Al Baker, CEO of Qatar Airways, said he believes Chengdu has huge market potential as the city will play an important role in the new round of economic development in China's western regions.Chengdu is Qatar Airways's 130th destination.