US existing home sales grow 3.5pc in October

Existing home sales increased by 3.5% in October, according to the National Association of Realtors, up from September's 14-month low.

Existing home sales hit a seasonally adjusted annualised rate of 3.96m in October, slightly ahead of market expectations for a reading of 3.93m.

Existing home sales prices were also higher, up 4% at $407,200 to put a stop to a three-month-long streak of declining home prices.

Reporting by Iain Gilbert at Sharecast.com