US pending home sales fell for the sixth consecutive month in November to the second-lowest level in the data series, amid rising borrowing costs and a souring economic outlook.

The National Association of Realtors (NAR) said on Wednesday that its Pending Home Sales Index, based on signed contracts, fell by four per cent to 73.9 in November from October’s downwardly revised reading of 77.0. Besides a short-lived drop in the early months of the pandemic, November’s was the lowest reading since the inception of the index in 2001.

“Pending home sales recorded the second-lowest monthly reading in 20 years as interest rates, which climbed at one of the fastest paces on record this year, drastically cut into the number of contract signings to buy a home,” said Lawrence Yun, the NAR’s chief economist.

Meanwhile, Italian consumers felt more upbeat than expected in December as an index that tracks consumer confidence rose to the highest level in seven months. This was mainly due to a positive development of opinions on the economic situation of the country, survey results from the statistical office Istat showed.

Consumer confidence jumped to 102.5 in December from 98.1 in previous month, easily beating a forecast of 98.5. At the same time, business confidence rose to 107.8, an improvement from 106.5 a month earlier.

According to Istat, the improvement in consumer confidence was “mainly due to a positive evolution of opinions on the economic situation in the country, including unemployment data”. On the other hand, business confidence was driven by improved prospects for the services and construction sectors, according to Istat.

Profits of China’s industrial firms fell in the January-November period as strict COVID-19 restrictions disrupted factory activity and supply chains as the virus spread through key manufacturing hubs.

Profits declined by 3.6 per cent year on year in the review period, data from the National Bureau of Statistics showed on Tuesday.

The world’s second-largest economy faces multiple problems; COVID-19 infections are surging after an abrupt turnaround from the previous harsh restrictions, hitting businesses and consumers, while a weakening global economy is hurting Chinese exports.

This article does not constitute legal and/or financial advice and is being issued for information purposes only by Bank of Valletta plc, 58, Zachary Street, Valletta. Bank of Valletta is a public limited company regulated by the MFSA and is licensed to carry out the business of banking and investment services in terms of the Banking Act (Cap. 371 of the Laws of Malta) and the Investment Services Act (Cap. 370 of the Laws of Malta).