Morning Brief: Biden Again Calls Xi a Dictator; China Housing Prices Fall Most in Eight Years; Focus on German Budget
Find here our morning brief which compiled the main macro news — released on Twitter — concerning Americas, Asia and Europe.
Israel Latest
Geopolitics
Follow the latest updates from the Israel-Hamas war https://t.co/pv6Fvncgki
— Bloomberg Asia (@BloombergAsia) November 16, 2023
Israeli President Herzog: Cannot Leave A Vacuum In Gaza – FT https://t.co/eg99aQJTd1
— LiveSquawk (@LiveSquawk) November 16, 2023
Americas
Markets
no buyers left: hedge fund net exposure to magnificent 7 was 12% at the start of the year. It is now 99%https://t.co/msnekVeQRd pic.twitter.com/DyUxkxkT64
— zerohedge (@zerohedge) November 15, 2023
Economic Indicators and Prospects
Retail Sales Decreased 0.1% in October https://t.co/EzfvO9yfvM pic.twitter.com/YcxWNDqw9S
— Bill McBride (@calculatedrisk) November 15, 2023
New York Fed's Empire State factory gauge rises to highest level since April https://t.co/aKsmziE3o2
— MarketWatch (@MarketWatch) November 15, 2023
Our Indeed 2024 Trends Report is out today! I'm having a hard time summarizing all 4k words in a thread, so here are some of my favorite graphs from the piece. https://t.co/1PCQvqtPMZ pic.twitter.com/YRoKeMYQwn
— Nick Bunker (@nick_bunker) November 15, 2023
Atlanta Fed GDPNow Index Q4: 2.2% (prev 2.06%)https://t.co/GIJHH2ZMsR pic.twitter.com/zamgcjiKK0
— LiveSquawk (@LiveSquawk) November 15, 2023
Housing
MBA: Mortgage Applications Increased in Weekly Survey https://t.co/jiXJdWZ9s4
— Bill McBride (@calculatedrisk) November 15, 2023
Other than the four previous weeks, the purchase index was at the lowest level since 1995. pic.twitter.com/5YuQWdTCiL
3rd Look at Local Housing Markets in October
— Bill McBride (@calculatedrisk) November 15, 2023
Markets reporting so far suggest sales close to 4 million SAAR in October https://t.co/lc3lZlmGqv pic.twitter.com/0FcY6tCqVd
Monetary Policy
Former US Treasury Secretary Larry Summers said that "transitory factors" have been one element in a faster slowdown in US inflation than he anticipated https://t.co/YwxldRENsa
— Bloomberg Economics (@economics) November 16, 2023
Testimony by Vice Chair for Supervision Barr on supervision and regulation: https://t.co/GYyXCsPUoG
— Federal Reserve (@federalreserve) November 15, 2023
Watch live: https://t.co/Ayw86RlKOV
Fiscal Policy
US Senate Votes to Avert Shutdown, Leaves Out Israel-Ukraine Aid https://t.co/oaaehyYxFI
— Ms. Brown 🇺🇸 (@tinkkytone) November 16, 2023
The US Defense Department failed its financial audit for the sixth consecutive year https://t.co/RRpbcQsPz2
— Bloomberg (@business) November 16, 2023
Trade, Politics and Geopolitics
Biden, Xi's 'blunt' talks yield deals on military, fentanyl (Reuters) https://t.co/Q45OxGz4Fw
— 💫Roger S Baker🎚 ✨ (@RogerSBaker2) November 16, 2023
Biden adviser says sanctions will bring down Iran oil exports- Bloomberg News https://t.co/jnkPajHlyh
— Reuters Iran (@ReutersIran) November 16, 2023
Asia
Markets
More leverage has meant shorts are covering pretty aggressively in China
— Markets & Mayhem (@Mayhem4Markets) November 16, 2023
Leaving it one of the lesser shorted areas
Is it underallocated? Yes
Is it primed for a big squeeze? Nope
Upside would need to be driven by real stimulus and Xi stepping back from overregulating business pic.twitter.com/2DFJ6VKLTG
Economic Indicators and Prospects
Japan's export growth slows as China, global downturn risks loom https://t.co/05Jh6M0VaO pic.twitter.com/FYlHAdcFLM
— Reuters (@Reuters) November 16, 2023
Australia employment rebounds in Oct, jobless rate still edges up https://t.co/NLfevdCTQS pic.twitter.com/0F04sD0fo8
— CNA (@ChannelNewsAsia) November 16, 2023
President Xi Jinping tells business leaders in San Francisco that China “is ready to be a partner and friend of the United States” https://t.co/hTgxOmJTks
— Bloomberg Asia (@BloombergAsia) November 16, 2023
Housing
🇨🇳 #China's Oct new home prices fall for fourth straight month – Reutershttps://t.co/AyHyNupPaF
— Christophe Barraud🛢🐳 (@C_Barraud) November 16, 2023
Monetary Policy
⚡PBOC conducted 377 billion yuan of the 7-day RRP on Thursday. A total of 175 billion yuan will be injected into the market on a net basis as 202 billion yuan comes due today.#China #liquidity https://t.co/VlYxnKBXMe
— CN Wire (@Sino_Market) November 16, 2023
🇨🇳 #China Papers Expect RRR, Rate Cuts to Boost Liquidity, Economy – Shanghai Securities News
— Christophe Barraud🛢🐳 (@C_Barraud) November 16, 2023
➡ China may still resort to cuts in banks’ reserve requirement ratios and policy rates in the fourth quarter to help shore up its economy, local media reported Thursday, citing…
Trade, Politics and Geopolitics
President Xi Jinping tells business leaders in San Francisco that China “is ready to be a partner and friend of the United States” https://t.co/hTgxOmJTks
— Bloomberg Asia (@BloombergAsia) November 16, 2023
North Korea: Will Respond To Military Threats By US, Allies With More Aggressive, Strategic Military Acts
— LiveSquawk (@LiveSquawk) November 15, 2023
Europe
Economic Indicators and Prospects
🇪🇺 *EURO AREA SEPT. INDUSTRIAL PRODUCTION FALLS 1.1% M/M – BBG
— Christophe Barraud🛢🐳 (@C_Barraud) November 15, 2023
*EURO AREA SEPT. INDUSTRIAL PRODUCTION FALLS 6.9% Y/Yhttps://t.co/BK9GYKXacP
Housing
Monetary Policy
BoE ‘Likely To Cut Interest Rates In Spring’ After Inflation Falls – Times https://t.co/LBtZQoTEBR
— LiveSquawk (@LiveSquawk) November 16, 2023
Fiscal Policy
Germany’s Top Court Puts ‘Debt Brake’ On Scholz Coalition – FT https://t.co/zUZCj9M2bb
— LiveSquawk (@LiveSquawk) November 16, 2023
Italy’s debt ratio will rise in the next two years and its deficits will be wider than premier Giorgia Meloni’s government predicts, according to the European Commission https://t.co/8xiHd53J4P
— Bloomberg Economics (@economics) November 15, 2023
✂ Rishi Sunak and Jeremy Hunt plan to cut inheritance tax at Autumn Statement
— The Telegraph (@Telegraph) November 16, 2023
The pair have discussed lowering the rate from 40pc, a move which Treasury officials deemed would not be inflationary ⬇https://t.co/VgkmuLl1pG
Energy
Trade, Politics and Geopolitics
The EU is proposing banning the export of machine tools and machinery parts that Russia uses to make weapons targeting Ukraine, according to documents seen by Bloomberg https://t.co/UFfG8KiWgn
— Bloomberg (@business) November 15, 2023
A free-trade agreement between Australia and the EU looks unlikely before Europe’s election season in mid-2024, Trade Minister Don Farrell says https://t.co/uGqEtfjOe8
— Bloomberg Economics (@economics) November 16, 2023
Prime Minister Pedro Sanchez portrayed himself as a bulwark against extremism as he set out his pitch for a new four-year term in Spain https://t.co/FNIIpmPtxs
— Bloomberg Economics (@economics) November 15, 2023
Emmanuel Macron’s government aims to trim France’s burdensome bureaucracy and cut red tape in a new initiative to revive the economy https://t.co/fOZmBjdcxg
— Bloomberg Markets (@markets) November 15, 2023
Other Areas And Global Economy
The Global Fight Against Inflation Has Turned A Corner – WSJhttps://t.co/zLUEEn4aBC
— LiveSquawk (@LiveSquawk) November 16, 2023
*Note: Previous briefs can be found here