US housing starts surged in April

US housing starts rocketed by 20.2% month-on-month in to reach an annualised rate of 1.135m, according to the US Department of Commerce.

That was the largest one-month gain for the series since 1991.

Economists had been expecting a rise of 9.6% over the month.

Housing permits, a widely followed lead indicator for activity in the sector, also registered a blistering pace of growth, reaching an annualised pace of 1.14m (consensus: 1.015m) in comparison to the 1.038m clip seen in March.