Briefly

US: Pending home sales plunge, factory orders climb

Contracts to buy previously owned US homes in November fell more than anticipated, while factory demand beat forecasts, indicating that manufacturing will lead the economy in coming months as the housing recovery cools. The index of signed purchase agreements, or pending home sales, dropped 16% as Americans waited for a first-time buyer tax credit to be extended, while factory orders rose 1.1%, more than twice as much as projected, according to figures from the Commerce Department.