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Now to the top analysis of today's markets.

Real Estate is rebounding while inflation is vaining.

Is risk back on? That's the question of today's edition of Steno Cycles.

My name is Andreas Steno. It's great to be back on air after a few weeks off air with Steno Cycles

and there we have plenty of stuff to discuss today, not least in relation to the housing data

that we've received from the US over the past week paired with news on inflation. I actually

think those two themes tie very well together. So let's have a look at the details of the housing

market right now and why we also see positive spillovers to commercial real estate.

This week we received news from the print on housing starts in the US and as far as I remember,

this is one of the biggest positive surprises in a long while for housing starts in the US.

It printed way above consensus meaning that the new starts of home building is basically

rebounding to an extent not expected by economists nor any other punts out there.

This is of course a relevance of relevance in an economy that has been slowing since housing

is a great part of the US economy and when housing starts rebound, it is typically a sign that

the economy is not doing as poorly as expected. So of course the market also reacted to this

and the Federal Reserve is now expected to hike in July based among other things on this

print from from housing starts and it was a major surprise to many and I think it is a symptom

of a broader trend in real estate over the past say three, four months here. If we look at the

supply in real estate, we now have a situation with baning supply again meaning that it is

easier for demand to outpace supply than it was just a few months ago and I think we're back

...