Morning Brief: China Sees Lockdowns Surge, Spain To Approve Mortgage Support
Americas
Economic Indicators and Prospects
Four High Frequency Indicators for the Economy https://t.co/VhQdWelLXR pic.twitter.com/7J4v29S7Fz
— Bill McBride (@calculatedrisk) November 21, 2022
Significant Job Loss Expected In 2023 As US Labor Market Rebalances – @FitchRatings https://t.co/vYmr2nBjdy
— LiveSquawk (@LiveSquawk) November 21, 2022
JPMORGAN: “ Through mid-summer we had expected the US economy to be the laggard” among the economic giants —!US, Europe and China — for Q4. “.. now there is a chance that it could turn out to be the strongest.” pic.twitter.com/KxcVvbYLkO
— Carl Quintanilla (@carlquintanilla) November 22, 2022
Housing
Price reduction have peaked at 43.2% of the market, a tiny fraction fewer than last week.
— Mike Simonsen 🐉 (@mikesimonsen) November 21, 2022
Normally this time of year, price reductions decline rapidly. But since rates spike Sept 1, we can really see the demand destruction.
Bearish for transaction prices in Q1 '23
5/6 pic.twitter.com/NCBUVMM1ep
Monetary Policy
🇺🇸 Real impact of #Fed hikes likely bigger than what target rate implies, Daly says – Reutershttps://t.co/fNw3h8W7lw
— Christophe Barraud🛢🐳 (@C_Barraud) November 22, 2022
🇺🇸 #Fed’s Mester wants more progress on #inflation before ending interest rate hikes – CNBChttps://t.co/w2drlusMvM
— Christophe Barraud🛢🐳 (@C_Barraud) November 22, 2022
Trade, Supply Chain and Geopolitics
US Presses China to Ease Up on Taiwan as Defence Officials Meet – BBG https://t.co/d05Tg8xr8c
— LiveSquawk (@LiveSquawk) November 22, 2022
China Turns To Back-Channel Diplomacy To Shore Up US Ties – @WSJhttps://t.co/DRplmo5888
— LiveSquawk (@LiveSquawk) November 21, 2022
Asia
Covid-19
Mainland #China reports 2,145 local symptomatic cases and 25,754 asymptomatic cases on Nov21.🔼#Guangdong 434 + 8,211🔽#Chongqing 178 + 6,157🔼#Beijing 274 + 1146🔼#Gansu 14 + 983🔽#Xinjiang 19 + 925🔼#Henan 75 + 798🔽#InnerMongolia 77 + 745🔽#Shandong 22 + 966🔼
— CN Wire (@Sino_Market) November 22, 2022
—
NHC https://t.co/2jvyye1FH8 pic.twitter.com/v2zXDXPotV
Mi Feng: China's COVID-19 outbreak is still severe and complex.
— CN Wire (@Sino_Market) November 22, 2022
🇨🇳 #China Sees Lockdowns Surge in Week Since #Covid Policy Adjusted – Bloomberg
— Christophe Barraud🛢🐳 (@C_Barraud) November 22, 2022
*Link: https://t.co/VP15hEQGo3 pic.twitter.com/ky4LoMfd7Q
Economic Indicators and Prospects
‘So Expensive’: Japan Consumers, Businesses Feel The Pinch As Higher Inflation Bites – SCMPhttps://t.co/bvtpK3LiAa
— LiveSquawk (@LiveSquawk) November 22, 2022
Monetary Policy
🇨🇳 #China thought to be stockpiling #gold to cut greenback dependence – Nikkeihttps://t.co/XAIar0XZ67
— Christophe Barraud🛢🐳 (@C_Barraud) November 22, 2022
China's Key Money Rate Hits Near 2-Year Low, But Softening Seen Fleeting – RTRS https://t.co/9vXEH7GZNh
— LiveSquawk (@LiveSquawk) November 22, 2022
The resurgent Hong Kong dollar has pushed closer to the strong half of its trading band, amid a spike in local funding costs that has upended crowded bets on shorting the currency https://t.co/MNxZ4cqSKy
— Bloomberg (@business) November 22, 2022
RBNZ Poised For Unprecedented Jumbo Rate Hike To Fight Inflation – BBGhttps://t.co/7kkRUx3gS5
— LiveSquawk (@LiveSquawk) November 22, 2022
Fiscal Policy
Speculation has been growing that by the end of this year, PM Kishida, whose approval ratings have been struggling, may carry out a second Cabinet reshuffle since he took office. https://t.co/8hJyZpHnHp
— The Japan Times (@japantimes) November 22, 2022
Trade, Supply Chain and Geopolitics
Australian Trade Deals With India And Britain Reach Senate – AP News https://t.co/ID6RFNlMd0
— LiveSquawk (@LiveSquawk) November 22, 2022
Europe
Economic Indicators and Prospects
Eurozone Current Account SA Sep: -€8.1B (prevR -€26.9B)
— LiveSquawk (@LiveSquawk) November 22, 2022
Housing
🇸🇪 Swedish #Housing Is Now in the Worst Rout Since the 1990s – Bloomberg
— Christophe Barraud🛢🐳 (@C_Barraud) November 21, 2022
*Link: https://t.co/T6mGBaeZ1L pic.twitter.com/1o50bpBmOG
Spain To Approve Mortgage Support For More Than 1 Mln Households – RTRShttps://t.co/IfBJFG64eT
— LiveSquawk (@LiveSquawk) November 22, 2022
Monetary Policy
Of course it's all about signalling the ECB's determination right now, avoiding second-round effects, etc. But Lane also mentions the 2024-2025 outlook which is likely to show inflation getting back closer to 2%. The ECB should hike at a slower pace and be more forward-looking. https://t.co/JILmxMmlJp
— Frederik Ducrozet (@fwred) November 21, 2022
The ECB can afford to reduce the pace of interest-rate hiking after two 75 basis-point increases, Mario Centeno says https://t.co/sk36xLBaGy
— Bloomberg (@business) November 21, 2022
Exclusive: ECB's Holzmann: If Things Stay Unchanged Between Now And Dec 15, I Would Go For 75Bp – @EconoStream https://t.co/8DX96fCzEV
— LiveSquawk (@LiveSquawk) November 21, 2022
Fiscal Policy
Italy Govt Approves 2023 Budget With 35 Bln Euros To Lift Economy – RTRShttps://t.co/882mnqhKmS
— LiveSquawk (@LiveSquawk) November 22, 2022
Energy
Tankers Are Ditching EU Flags – eKathimerini #OOTThttps://t.co/eL6NgKnkW9
— LiveSquawk (@LiveSquawk) November 22, 2022
Trade, Supply Chain and Geopolitics
NEW: Multiple senior govt sources say Jeremy Hunt has privately pushed for the UK to have closer ties with the EU
— Alex Wickham (@alexwickham) November 22, 2022
A senior govt source criticises Hunt for speaking too loosely about his views on Brexit
First sign of Sunak camp dissatisfaction with Hunt https://t.co/t4neabR4hs
EU Set To Renew Sanctions On Chinese Officials Accused Of Human Rights Violations In Xinjiang – SCMPhttps://t.co/O9cAA9ycYa
— LiveSquawk (@LiveSquawk) November 22, 2022