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BUZZ-US homebuilders fall on concerns of elevated interest rates

Reuters · 04/10 16:56

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BUZZ-US homebuilders fall on concerns of elevated interest rates

** U.S. homebuilders' shares fall on Wednesday, with PHLX housing index .HGX down 3.5%

** HGX set for biggest one-day percentage drop in over two months

** U.S. Treasury 10-year yield US10YT=RR jumps to 4.529%, highest since Nov 2023, after U.S. consumer prices increased more than expected in March, dousing Federal Reserve rate cut hopes

** Stronger inflation keeps interest rates higher for longer, with mortgage rates also remaining elevated

** Century Communities CCS.N, LGI Homes LGIH.O and Meritage Homes MTH.N top decliners in the index, down between 4.7% and 5.1%

** PulteGroup PHM.N, Toll Brothers TOL.N and Lennar Corp LEN.N also dip between 3.5% and 4.1%

** Including session's losses, HGX up 4.7% YTD

(Reporting by Shristi Achar A in Bengaluru)

((Shristi.AcharA@thomsonreuters.com
https://twitter.com/ShristiAchar;))

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