EU CONSUMER STAPLES: Nestle: rumoured for €3-4b Vitamin sale

July's building permits were revised up in the final reading to 1,362k (annualized, seasonally-adjusted), vs 1,354k in the initial estimate. That got the data a little closer to the 1,386k consensus estimate going into the initial reading last week, though either way it is a pullback from 1,393k in June (a 2.2% fall vs the 2.8% initially recorded). 

• The upward revision was due to both single family permitting getting revised up 5k to 875k, and multi-unit up 3k (to 487k).
• That's still a 7.6% M/M fall for multi-units, biggest since January, with single-family confirming the first rise since February.
• Overall though single family permitting has been slowing faster than for multi-units (single family = down 7% Y/Y, multis down less than 1% Y/Y), unsurprising given historically low homebuilders' confidence and rising single-family new home supply amid high mortgage rates.
• As a leading indicator of starts, this suggests residential investment will continue to be a drag on GDP growth.

• MNI: BELGIUM AUG BNB BUSINESS CONFIDENCE -8.9