BREAKING: The number of unsold completed single-family homes jumped 31,000 year-over-year in March, to 119,000, the highest since July 2009. Unsold completed homes for sale have TRIPLED over the last 3 years. As a share of housing starts, unsold homes jumped to ~12%, the highest since 2012. By comparison, at the height of the 2008 Financial Crisis, this percentage was as high as 45%. This all comes as housing demand continues to weaken due to elevated mortgage rates and near-record home prices. The housing market needs a cool-down.

BREAKING: Foreign investors have sold $22 billion of US stocks so far in April, according to Goldman Sachs. This follows a whopping $41 billion sold in March, the most in at least a year. High-frequency fund flow data suggests that the biggest sellers have been European investors. However, overseas investors still own ~$16 trillion of US stocks, or ~23% of total US stock market value. As money has flowed out of the US, the Euro has strengthened against the US Dollar by 9.5% since the beginning of March. Will Europeans continue moving money back home?