U.S. Homebuilder Confidence Unexpectedly Improves In July

Homebuilder confidence has unexpectedly shown a modest improvement in the month of July, according to a report released by the National Association of Home Builders on Tuesday.

The report said the NAHB/Wells Fargo Index inched up to 65 in July after dropping to 64 in June. Economists had expected the index to come in unchanged.

“Builders report solid demand for single-family homes,” said NAHB Chairman Greg Ugalde. “However, they continue to grapple with labor shortages, a dearth of buildable lots and rising construction costs that are making it increasingly challenging to build homes at affordable price points relative to buyer incomes.”

The unexpected uptick by the housing market index reflected single-point increases by all three of the component indices.

The metric charting buyer traffic crept up to 48, while the component gauging expectations in the next six months and the index measuring current sales conditions inched up to 71 and 72, respectively.

On Wednesday, the Commerce Department is scheduled to release a separate report on new residential construction in the month of June.

Housing starts are expected to dip to an annual rate of 1.261 million in June after unexpectedly dropping to a rate of 1.269 million in May.

House voting on resolution to condemn Trump’s racist ‘go back’ tweet directed at ‘squad’

WASHINGTON – The House will vote Tuesday on a resolution condemning President Donald Trump’s racist remarks in which he told four outspoken congresswomen to “go back” to where they came from.

The resolution specifically calls Trump’s comments about the squad — Reps. Alexandria Ocasio-Cortez, D-N.Y.; Ilhan Omar, D-Minn.; Ayanna Pressley, D-Mass.; and Rashida Tlaib, D-Mich. — “racist” and says the attacks have “legitimized fear and hatred of new Americans and people of color.” 

The vote, scheduled this afternoon, will put Republicans on the record as to whether they denounce the president’s comments or will stick beside him. It will also set up a heated debate on the House floor, where Democrats are expected to pressure conservatives to back the resolution. 

Ever have a tick? This Kentucky man got one in his eye

PRESTONSBURG, Ky. — A Kentucky man who went to the doctor with an irritated eye got the unsavory news that it contained a tick.

WYMT-TV reports an optometrist used tweezers to remove the tick from Chris Prater’s eye.

Prater works for an electric company and had left a job site where his crew had removed a tree from power lines when his eye started bothering him.

He noticed a tiny spot on his eye and tried to flush it several times to no avail. Finally, he went to the doctor and admits he got “scared a little bit” at the diagnosis.

After numbing Prater’s eye, the doctor removed the tick. Prater was sent home with antibiotics and steroid drops.

Prater says he uses bug repellent before he starts each work day, “but you can’t spray your eyes.”

Pound hits two-year low as City fears of no-deal Brexit intensify

The pound has fallen to its lowest level in more than two years after pledges by both Boris Johnson and Jeremy Hunt to ditch a key part of the UK-EU withdrawal agreement intensified City fears over a no-deal Brexit.

Sterling fell by a cent against the US dollar after a Sun and Talkradio debate in which both the contenders to replace Theresa May in Downing Street said they would not accept a Northern Ireland backstop in its current form.

With Brussels insisting that an agreement to maintain a seamless border between Northern Ireland and the the Irish Republic is non-negotiable, investors at one point drove the pound below $1.24 – a level last seen in the spring of 2017. It later edged back above $1.24. The pound also hit a six-month low of €1.1063 against the euro.

The pound’s losses against the US currency intensified after a Sky News report that Johnson was considering sending MPs home during the days leading up to the Brexit deadline day of 31 October.

A weaker pound makes exports cheaper but pushes up inflation by making imports dearer. John McDonnell, the shadow chancellor, said: “The instability and uncertainty caused by the Conservative party leadership contest has real-world consequences.”

Blackface scandal dampens Virginia governor’s fundraising

Virginia Gov. Ralph Northam is struggling to raise big money in a key election year after a blackface scandal nearly ended his political career.

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New campaign finance reports filed Monday show the Democratic governor raised slightly more than $300,000 between April and June. That’s far below the seven-figure hauls his predecessors, former Govs. Terry McAuliffe and Bob McDonnell, raised during similar periods when they were in office.

Northam almost resigned in February after a racist picture surfaced from his 1984 medical school yearbook page. He denied being in the picture but admitted to wearing blackface as a young man.

Virginia governors cannot serve consecutive terms but are typically their party’s biggest fundraisers for off-year legislative elections.

All 140 seats in the General Assembly are on the ballot in November.

What next in Scotland’s war on drugs?

There were almost 1,200 drug-related deaths in Scotland last year, the highest level since current records began. On the Daily podcast we investigate what can be done to stop these deaths.

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Also today, 50 years ago today Apollo 11 was launched leading to the first men landing on the moon. We ask – when NASA returns – will women get to walk on the surface?