11/16/2024 - 11:30 AM - Venue: Nature and Wildlife Discovery Center

11/16/2024 - 10:00 AM - Venue: Chaos Games and More

Today's consumers are much more likely to focus on changing their snacking habits in order to achieve weight loss success.

In their latest Global Beverage Packaging Market report, market research firm TechNavio (technavio.com) estimates that the beverage packaging industry will have a compounded annual growth rate of 4.11% globally over the next four years.

The Food and Agriculture Organization of the United Nations (FAO) estimates that nearly one-third of the edible components of food produced for human consumption gets lost or wasted, amounting to about 1.3 billion tons per year globally.

As professionals in the packaging industry return from their well-deserved summer vacations, they will be able to kick-off the fall by finding the newest technologies at PROCESS EXPO.

FLSmidth will be the largest customer of the new plant, which will serve as a comprehensive hub for the company’s warehousing and packaging needs, including dangerous-goods-certified solutions.

NZD/USD not a lot changed. The kiwi$ lost ground with the broad US dollar bid.

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The New Zealand Food Price Index (FPI) is a measure of the changes in the average price of food items sold in New Zealand.

• calculated and published monthly by Statistics New Zealand
• the FPI tracks the prices of a basket of food items that represent the typical spending patterns of New Zealand households
• the FPI is an important indicator of inflation in New Zealand, as food prices account for a significant portion of household expenditure

The data is a day later than normal this week due to the US holiday on Monday.

The numbers via oilprice.com on Twitter:

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Expectations I had seen centred on:

• Headline crude +0.1 mn barrels
• Distillates +0.2 mn bbls
• Gasoline +0.6 mn

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This data point is from a privately-conducted survey by the American Petroleum Institute (API).

• It's a survey of oil storage facilities and companies
• The official report is due Wednesday morning US time.

The two reports are quite different.The official government data comes from the US Energy Information Administration (EIA)

• Its based on data from the Department of Energy and other government agencies
• Whereas information on total crude oil storage levels and variations from the previous week's levels are both provided by the API report, the EIA report also provides statistics on inputs and outputs from refineries, as well as other significant indicators of the status of the oil market, and storage levels for various grades of crude oil, such as light, medium, and heavy.
• the EIA report is held to be more accurate and comprehensive than the survey from the API

The October jobs report from Australia was not as strong as we have become accustomed to:

• Australian October unemployment rate 4.1% (vs. 4.1% expected)

It was not a poor report, just not another blockbuster!

AUD/USD is not a lot changed. Earlier we had Reserve Bank of Australia Governor Bullock sounding not dovish:

• RBA Bullock says rates are restrictive enough, staying there until confident on inflation

Japan's former vice minister of finance for international affairs, Masato Kanda was reported with comments on Wednesday ICYMI.

• currency market volatility had increased reflecting recent changes in monetary policies and political situations in major countries
• "There is no change to our stance that we will need to respond appropriately to excess movements on the currency market as excessive foreign exchange volatility is undesirable"

His comments have not slowed the yen decline:

***

Kanda is now a special adviser to Prime Minister Shigeru Ishiba and the finance ministry., said in an interview that currency market volatility had increased reflecting recent changes in monetary policies and political situations in major countries.

Chinese media, Global Times, citing a state media report (CCTV):

• China’s annual production of new energy vehicles surpassed 10 million units on Thursday, info via China Association of Automobile Manufacturers.
• the first country to reach this milestone globally
• output for the whole year is expected to reach 12 million

The US and EU have quickly built walls (tariffs and other imposts) to protect domestic vehicle producers. This is not usually a recipe for thriving industry.

The rising USD continues to ... rise still.

EUR/USD is circa 1.0555 and at its lowest since November last year.

The Federal Reserve appears to be on track for a December rate cut but its not bothering dollar bulls, taking their cues from the world of politics dollar-bostering Trump policies. Trump, of course, won't in the big chair until after January 20 but markets discount the future. Or what they expect in the future anyway. And that's a stronger dollar for now.

• New York Fed's Williams speaking Thursday - Kugler, Barkin also (Powell too!)
• Australian jobs report recap - "remains in relatively solid health"
• Bank of England Monetary Policy Committee member Mann is speaking again on Thursday
• People's Bank of China has more work to do to support the yuan
• European Central Bank President Lagarde and VP de Guindos speaking Thursday, Schnabel too
• Federal Reserve Chair Powell is speaking on Thursday
• GBP traders heads up - Bank of England Governor Bailey is speaking late Thursday
• China’s annual production of new energy vehicles surpassed 10 million units on Thursday
• PBOC sets USD/ CNY reference rate for today at 7.1966 (vs. estimate at 7.2326)
• ICYMI: Ex-Mr Yen Kanda said Japan will act appropriately against excess FX movements
• AUD/USD little changed after the October employment report showed a steady jobless rate
• Australian October unemployment rate 4.1% (vs. 4.1% expected)
• UBS maintain a US$2900 target for gold
• RBA Bullock says rates are restrictive enough, staying there until confident on inflation
• USD/JPY above 155 - Citi wary of intervention risk
• Investment bank bullish on Fed rate cuts; inflation concerns linger
• Oil - private survey of inventory shows headline crude oil draw vs build expected
• New Zealand data - FPI -0.9% in October (prior +0.5%)
• Forexlive Americas FX news wrap 13 Nov: US CPI comes out as expected. USD continues rise
• Trade ideas thread - Thursday, 14 November, insightful charts, technical analysis, ideas

The continuing US dollar uptrend … continued.

USD/JPY traded, above 156.00, to a high not seen since July. EUR/USD, meanwhile, dropped under 1.0550 to a low not seen in a year. AUD, NZD, GBP, CHF, CAD, yuan all moved lower. As did hapless gold. BTC/USD dropped back from above US$93.5K, but this thing is a beast, it gets a free pass ;-) .

On the data front the release of note was Australia’s job report for October. Job growth slowed down and the unemployment report steadied at 4.1%. It was a solid report without being spectacular. Slowing wage growth (data released yesterday) and a steady job market leaves the Reserve Bank of Australia to focus on bringing inflation down. RBA Governor Bullock spoke during the session. Bullock was not dovish, signalling that rates are restrictive enough but will not be coming down imminently.

The People’s Bank of China once again set the USD/CNY reference rate weaker (stronger for CNY) than estimates indicated.

There is just one to take note of, as highlighted in bold. But dollar domination is the name of the game now, so just be wary that the expiries aren't going to matter all too much.

The one highlighted is for EUR/USD at the 1.0550 level. However, it isn't one that holds any technical significance now that the pair has broken below the April low of 1.0601. The 1.0500 mark is next on the cards with the October 2023 lows beckoning below that closer to 1.0450.

The monthly chart for the pair highlights how we've been in a range between roughly 1.0500 to 1.1200 since the start of 2023. So, there is some key technical focus towards the downside support there and that's the more important level to pay attention to with the dollar continuing to push upwards.

For more information on how to use this data, you may refer to this post here.

That makes it a congressional red sweep and the question now is just how much of a majority will they command in the House? The latest NYT projections here show Republicans do have the needed 218 seats claimed for a majority. However, there are still 9 seats yet to be called.

There are some seats such as Iowa 1 and California 45, which are toss ups, that could go to a recount and take a longer time to settle due to the current margins. For some context, here is a list of the more competitive districts as a reference.

But even if you give those two to the Democrats, Republicans will at least snag Alaska 1 to end with 219 seats. That is the bare minimum that they should win with when all is said and done.

There was a bit of a wrestle after the US CPI report yesterday but eventually, the dollar once again reigned supreme. EUR/USD saw a break below the April low of 1.0601 and has now traded down to fresh lows for the year. As the greenback continues to run a rampage, it is starting to draw in a rather critical level for EUR/USD in the bigger picture:

As seen from the above, the pair has been sort of stuck within a range of 1.0500 to 1.1200 roughly since the start of 2023.

As such, there looks to be an inevitable pull towards the 1.0500 mark now as sellers have proven their mettle at each and every other test since the start of October trading. The most recent of course being the fall below the April low of 1.0601, as mentioned above.

Taking the technical backdrop above into consideration, it pretty much means we're reaching a very, very critical juncture in gauging the post-election dollar momentum.

A firm break below 1.0500 is not only one to set off any further declines in EUR/USD. But the spillover potential means that it is going to spur even further gains in the dollar as we look towards year-end.

There is certainly strong arguments for that, as Adam pointed out here. But are traders going overboard in frontrunning the potential for the Trump trade and tariffs? That's something to consider as well perhaps.

For now, the momentum trade is name of the game in FX. However, don't ignore the implications set out by key technical boundaries such as the one in the chart above. That will be vital in determining the strength and resolve of the dollar momentum we're seeing now.

And that is thanks to Beijing disappointing markets once again with a failure to live up to stimulus announcements. It was the case right after the Golden Week holiday and it was the case again on Friday last week. With the drop today, the CSI 300 index closes down by 1.7% to post its lowest close this week.

It's been a rather back and forth last few days but the feeling is that there are hints of exhaustion when it comes to Chinese equities at the moment. That especially since Beijing has not followed up on the rallying momentum prior to the Golden Week holiday.

In the bigger picture, China is a very, very attractive opportunity as valuations are cheap and price levels are low at the moment. And that provides an alluring proposition for any investor, that is if you can ride this wave out. I'm definitely keeping an eye out but I'm not entirely convinced that this is where the turning point is, especially since local authorities have not delivered in recent weeks.

The technical breakout at the end of September is a good starting point but I fear that with a lack of convincing, China stocks might slip back into old habits and slide down again in the weeks ahead. The warning signs are definitely building to say the least: It's not a pretty picture in China

The European session is going to be once again a bit empty on the data front with just a couple of low tier data points. We get the 2nd estimate of the Eurozone Q3 GDP and the ECB Meeting Minutes. Both of them are old news and the market won't care much about it.

In the American session, the focus will be on the US PPI and Jobless Claims data. Yesterday's US CPI came in line with expectations and after a bit of a "sell the fact" reaction in the US Dollar, the market started to bid it again.

The CPI wasn't the main culprit though as the momentum got triggered by Fed's Logan comment saying "models show that Fed funds could be very close to neutral" potentially implying a lot more cautious approach on rate cuts in 2025.

13:30 GMT/08:30 ET - US October PPI

The US PPI Y/Y is expected at 2.3% vs. 1.8% prior, while the M/M measure is seen at 0.2% vs. 0.0% prior. The Core PPI Y/Y is expected at 3.0% vs. 2.8% prior, while the M/M figure is seen at 0.3% vs. 0.2% prior.

This report will be seen in light of the US CPI data yesterday as it will give us a better estimate of the US Core PCE due at the end of the month. An upside surprise might trigger some more US Dollar gains as the market could price out some more the rate cuts expected in 2025, but the December cut remains pretty much assured.

13:30 GMT/08:30 ET - US Jobless Claims

The US Jobless Claims continues to be one of the most important releases to follow every week as it’s a timelier indicator on the state of the labour market.

Initial Claims remain inside the 200K-260K range created since 2022, while Continuing Claims after an improvement in the last two months, spiked to the cycle highs in the last couple of weeks due to distortions coming from hurricanes and strikes.

This week Initial Claims are expected at 223K vs. 221K prior, while Continuing Claims are seen at 1880K vs. 1852K prior.

Central bank speakers:

• 08:30 GMT - ECB's de Guindos (dove - voter)
• 13:00 GMT/08:00 - BoE's Mann (hawk - voter)
• 14:00 GMT/09:00 ET - Fed's Barkin (neutral - voter)
• 15:00 GMT/10:00 ET - Fed's Kugler (dove - voter)
• 18:30 GMT/13:30 ET - ECB's Schnabel (hawk - voter)
• 19:00 GMT/14:00 ET - ECB's Lagarde (neutral - voter)
• 20:00 GMT/15:00 ET - Fed Chair Powell (neutral - voter)
• 21:15 GMT/16:15 ET - Fed's Williams (neutral - voter)

Why it's important?

The ranges of estimates are important in terms of market reaction because when the actual data deviates from the expectations, it creates a surprise effect. Another important input in market's reaction is the distribution of forecasts.

In fact, although we can have a range of estimates, most forecasts might be clustered on the upper bound of the range, so even if the data comes out inside the range of estimates but on the lower bound of the range, it can still create a surprise effect.

Distribution of forecasts for PPI

PPI Y/Y

• 2.4% (11%)
• 2.3% (68%) - consensus
• 2.2% (16%)
• 2.0% (5%)

PPI M/M

• 0.4% (2%)
• 0.3% (13%)
• 0.2% (74%) - consensus
• 0.1% (7%)
• 0.0% (2%)
• -0.1% (2%)

Core PPI Y/Y

• 3.1% (12%)
• 3.0% (47%) - consensus
• 2.9% (35%)
• 2.7% (6%)

Core PPI M/M

• 0.3% (57%) - consensus
• 0.2% (40%)
• 0.1% (3%)

Analysis

We can ignore the headline PPI as the market will focus on the Core figures. We can notice that the expectations are skewed to the downside, so a higher than expected reading would be taken as more hawkish and likely give the US Dollar another boost. Conversely, a soft print could trigger a pullback.

The US Dollar remains in an uptrend as the market continues to price out the rate cuts expected in 2025. Right now we have another 25 bps cut priced for December and just two 25 bps cuts priced in 2025 which is already much lower than the Fed's projection of four.

Therefore, there's still a couple of rate cuts to price out in 2025 if the data continues to run hot, but at that point we would need a real acceleration in inflation to have the market pricing in a rate hike. For now, the bar for rate hikes is really high as the maximum the Fed is willing to do is to pause the easing cycle.

Valhalla, Floki’s PlayToEarn Massively Multiplayer Online Role-Playing Game (MMORPG) blockchain game is proud to announce a partnership in the United Arab Emirates (UAE).

On Nov. 13, Valhalla unveiled a partnership with Dubai's Mall of the Emirates, marking a milestone in its global outreach efforts.

The partnership will see Valhalla’s branding prominently displayed across 93 screens in the mall for a four-week campaign running from November 15 to December 12.

Mall of the Emirates, located in the heart of Dubai, is one of the world’s most prestigious shopping destinations. Since opening in 2005, it has become an iconic landmark, attracting millions of visitors each year. The mall sees daily traffic of approximately 111,500 people, making it a prime venue for Valhalla’s campaign to reach a diverse and international audience.

The mall’s strategic location on Sheikh Zayed Road, a prime area in Dubai, combined with its diverse visitor base, offers Valhalla an opportunity to engage both local and international audiences.

Spanning an area of 255,489 square meters, the multi-level mall boasts over 630 retail outlets, 80 luxury stores, and 250 flagship stores. It also features some of Dubai’s most popular attractions, including the indoor ski resort Ski Dubai, the Magic Planet entertainment center, and VOX Cinemas. The mall’s dining options, with over 100 restaurants and cafés, further enhance its appeal as a top destination for both residents and tourists.

The Campaign’s Goal

Valhalla is ramping up its presence in the UAE, a key market for crypto adoption.

Despite its smaller population, the UAE ranks as the third-largest crypto economy in the MENA region, with $34 billion in crypto transactions recorded between July 2023 and June 2024. This represents an impressive 42% year-on-year growth, far outpacing the MENA average of 11.73%, according to Chainalysis.

Dubai’s rapid evolution into a crypto hub has been fueled by initiatives like the Dubai International Financial Centre (DIFC) and Virtual Asset Regulatory Authority (VARA), which offer crypto-friendly regulatory frameworks. This has drawn major players and startups, solidifying Dubai’s status as a global crypto leader.

Valhalla’s campaign at Mall of the Emirates aligns perfectly with this momentum. By showcasing its brand in one of Dubai’s busiest and most iconic locations, Floki aims to boost awareness and adoption of its ecosystem.

This campaign follows Floki’s recent four-week marketing initiative at WAFI Mall in Dubai, running from November 8 to December 5, where its branding appears across 18 digital screens. Together, these efforts are part of Floki’s larger strategy to dominate the Dubai crypto scene.

About Valhalla

Valhalla (https://valhalla.game/) is a blockchain-based MMORPG inspired by Norse mythology, offering players the chance to discover, tame, and battle with creatures called Veras. The game features a player-driven economy and a hexagonal battlefield designed for dynamic combat. Users can learn more at Valhalla.game.

About Floki

Floki is the people’s cryptocurrency and utility token of the Floki Ecosystem. Focused on utility, community, philanthropy, and strategic marketing, Floki is working toward becoming the world’s most recognized and used cryptocurrency. With over 490,000 holders globally, Floki has already established a strong brand presence.

Rate cuts by year-end

• Fed: 20 bps (81% probability of rate cut at the upcoming meeting)

2025: 75 bps

• ECB: 34 bps (62% probability of 25 bps rate cut at the upcoming meeting)

2025: 145 bps

• BoE: 4 bps (85% probability of no change at the upcoming meeting)

2025: 56 bps

• BoC: 33 bps (67% probability of 25 bps rate cut at the upcoming meeting)

2025: 95 bps

• RBA: 2 bps (92% probability of no change at the upcoming meeting)

2025: 40 bps

• RBNZ: 55 bps (80% probability of 50 bps rate cut at the upcoming meeting/20% for a 75 bps cut)

2025: 170 bps

• SNB: 32 bps (72% probability of 25 bps rate cut at the upcoming meeting)

2025: 70 bps

Rate hikes by year-end

• BoJ: 13 bps (51% probability of 25 bps rate hike at the upcoming meeting)

2025: 44 bps

*where you see 25 bps rate cut, the rest of the probability is for a 50 bps cut

• Fed will 'most likely' need more cuts but should 'proceed cautiously'
• If Fed cuts too far past neutral, inflation could re-acclerate
• Difficult to know how many Fed rate cuts may be needed, and how soon they need to happen
• Fed has made a great deal of progress in bringing inflation down
• Fed not quite back to price stability yet
• US economic activity is resilient
• Labor market cooling gradually but not weakening materially
• Sees upside risk to inflation, downside risk to employment, says financial conditions may pose biggest challenges for monetary policy
• If bond yields continue to rise, the Fed may need less-restrictive policy

Logan last spoke in late October and wasn't quite this hawkish. I think the Fed cuts in December but takes a pause after that and waits to see how things play out.

St. Louis Fed Pres. Musalem is scheduled to speak at the top of the hour. Musalem is a voting member in 2025. Back on October 7, Musalem spoke and said:

• More rate cuts likely given economic outlook.
• Won't predict timing or size of future Fed easings.
• Personal rate outlook is above Fed’s median view.
• Costs of easing too much outweigh easing too little.
• Supported Fed’s decision last month to cut rates by 50 basis points.
• Policy patience has served Fed well.
• Cooler job market still consistent with strong economy.
• Expects inflation pressures to continue to abate.
• Expects inflation to converge to 2% over next couple of quarters.
• Financial conditions remain supportive of growth.
• Some economic activity slowed by rate policy, election uncertainty.

That was over a month ago. So how he weighs in now will be interesting given the backup in yields and other economic and other developments since that time

• Rate cuts to date are an acknowledgement of growing confidence that inflation is on the path to 2% goal
• Hope productivity growth can outrun the effects of slowing population growth
• Won't let enthusiasm over rising productivity get ahead of data or commitment to reaching Fed goals

There isn't much of a hint on anything here.

Citi analysts suggest that while the USD/JPY may briefly surpass ¥155, any sustained rally in the dollar against the yen could be capped by potential intervention from the Japanese government and anticipated rate hikes by the Bank of Japan.

• USD/JPY breach of ¥155, Citi notes that the Bank of Japan may have a stronger incentive to raise rates to 0.5% in its upcoming December meeting to counterbalance yen weakness.

• Despite current dollar strength, Citi maintains a bearish outlook for the USD/JPY in the longer term, suggesting limited upside for the pair heading into next year.

Federal Reserve Chair Jerome Powell delivers a speech on his economic outlook, followed by a question and answer session.

• Powell participates in "Global Perspectives" conversation before event hosted by the Dallas Regional Chamber, World Affairs Council of DFW and the Federal Reserve Bank of Dallas
• @ 2000 GMT / 1500 US Eastern time

While the Fed seems committed to a December rate cut not all signs in the CPI data on Wednesday were encouraging.

Justin had the news from the People's Bank of China here on Monday:

• PBOC governor will maintain yuan exchange rate at a reasonable, balanced level

And on Wednesday we saw the Bank trying to support CNY at the reference rate setting:

• PBoC promised stronger damping to support CNY, and that's what are seeing

And again today:

• PBOC sets USD/ CNY reference rate for today at 7.1966 (vs. estimate at 7.2326)

Offshore yuan may have seen the memo but its not paying it much heed:

The PBoC supported the CNY through the last bout of USD/CNY super-strength. They'll be doing the same again this time around, wary of capital outflow if they let the yuan drift too much lower. They'll be hoping US inflation doesn't take off higher and the Fed pauses ... or reverses.

Times below are GBT / US Eastern time:

1400 / 0900 Federal Reserve Bank of Richmond President Thomas Barkin speaks on the economy in fireside chat before the Real Estate Roundtable

1500 / 1000 Federal Reserve Board Governor Adriana Kugler speaks on "Central Bank Independence and Economic Outlook" before the Latin American and Caribbean Economic Association (LACEA) and the Latin American Chapter of the Econometric Society 2024 Meeting

2000 / 1500 Powell, as already noted

2115 / 1615 Federal Reserve Bank of New York President John Williams speaks before the "Intermediating Impact: Making Missing Markets" event hosted by the Federal Reserve Bank of New York

As head of the NY Fed Williams is vice chair of the Federal Open Market Committee (FOMC) and has a permanent vote at the table. .

Unexpected increase in consumer demand

[Ms Diana Armstrong]: To ask the Minister for the Economy to detail any consideration he has given to better financially support Masters' students who choose to study in Great Britain.

[Ms Diana Armstrong]: To ask the Minister for the Economy to detail any engagement his Department has had with (i) Fermanagh and Omagh District Council; and (ii) Mid Ulster District Council in relation to the Sub-Regional Economic Plan.

[Ms Diana Armstrong]: To ask the Minister for Infrastructure whether his Department has finalised any improvement plans for the A32 road between Enniskillen and Omagh for the 2025-26 financial year.

[Ms Diana Armstrong]: To ask the First Minister and deputy First Minister to detail the amount paid by their Department for (i) staff costs; and (ii) office costs to cover the Northern Ireland Executive Office in Brussels, since the start of this Assembly mandate.

[Mr Timothy Gaston]: To ask the Assembly Commission to detail the number of people employed in Hansard's Interpretation and Translation Service.

[Mr Timothy Gaston]: To ask the Assembly Commission to detail the hours worked by those employed in Hansard's Interpretation and Translation Service.

[Mr Timothy Gaston]: To ask the Assembly Commission to detail the total cost to date of Hansard's Interpretation and Translation Service.

[Mr Timothy Gaston]: To ask the First Minister and deputy First Minister to detail any engagement their Department had with the office of the Irish Prime Minster in relation to his possible attendance at the Service of Remembrance in Enniskillen on Sunday 10 November.

[Mr Timothy Gaston]: To ask the Minister of Health, pursuant to AQW 17455/22-27, to detail the longest time anyone has waited for a (i) hip replacement; and (ii) knee replacement in the (a) Belfast Health and Social Care Trust; (b) Southern Health and Social Care Trust; and (c) Western Health and Social Care Trust.

[Mr Matthew O'Toole]: To ask the First Minister and deputy First Minister whether the Executive Legislation Programme 2024 will be delivered in full.

[Mr Matthew O'Toole]: To ask the Minister of Health whether he will commit to bring Northern Ireland into line with the rest of the UK in providing pregnant women with access to first trimester antenatal screening for foetal abnormalities.

[Mr Matthew O'Toole]: To ask the Minister of Finance to detail the number of times the Interim Public Sector Transformation Board has met since it was established.

[Miss Michelle McIlveen]: To ask the Minister for Communities to detail the number of commercial properties owned by (i) the Housing Executive; and (ii) housing associations that are currently vacant, broken down by local council area.

[Miss Michelle McIlveen]: To ask the Minister for Communities to detail the number of commercial properties for rental are owned by (i) the Housing Executive; and (ii) housing associations, broken down by local council area.

[Miss Michelle McIlveen]: To ask the Minister for Communities to detail the number of commercial properties that have been (i) built; and (ii) purchased by social landlords in each of the last ten years.

[Miss Michelle McIlveen]: To ask the Minister for Communities to detail the policy on the building or purchase of commercial property by social landlords.

[Miss Michelle McIlveen]: To ask the Minister for Communities whether he will consider a policy for future social housing builds to be built to passive housing standards.

[Mr Mark Durkan]: To ask the Minister for Communities (i) for an update on the Intermediate Rent Scheme; and (ii) to detail the total number of successful applications, broken down by local council area.

[Mr Mark Durkan]: To ask the Minister for Communities whether his Department is coordinating with the Department for Work and Pensions to ensure legacy benefit claimants migrating to Universal Credit are not disadvantaged by overlapping or benefit payment run-ons.

[Mr Mark Durkan]: To ask the Minister for Communities whether his Department consulted with the Housing Executive before setting the target of 1,400 new social homes, as referenced in the October Monitoring Round statement.