Notes today: 

• Central Chinese province swamped after heaviest rain in 1,000 years

• Housing starts rose 6.3% 
• Single-family starts rose 6.3%
• Multi-family homebuilding category rose 6.2%
• YoY starts increased 29.1% 
• Permits fell 5.1%  the lowest level since October 2020. Permits are now lagging starts, suggesting that homebuilding will slow in the coming months.
• (Zillow) Reports of multi-month delays in the delivery of windows, heating units, refrigerators and other items have popped up across the country, delaying delivery of homes and forcing builders to cap activity, and many builders continue to point to a shortage of available workers as a separate challenge.

• China responded with outrage after America and its closest allies accused its security agencies of hacking on a grand scale. “A malicious smear”, said China.

• FT: Nasdaq to spin out exchange for private businesses in deal with banks