Morning Brief: Biden To Hit China With New Exports Curbs, Global Shipping Rates Plunge
Americas
Markets
The Bad News: CTAs Just Dumped A Record Amount Of Stocks; Here Is The Good News… https://t.co/d9lD6eH5PS
— zerohedge (@zerohedge) September 9, 2022
Big bull runs typically start in late Sept/early Oct of a midterm year through early July of a pre-election year pic.twitter.com/NiiMrtWcEb
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) September 10, 2022
Economic Indicators and Prospects
Q3 GDP Tracking: Just Over 1% https://t.co/ly2uLbOh5t
— Bill McBride (@calculatedrisk) September 9, 2022
US household net worth declined in the second quarter by the most on record as aggressive action by the Fed to tame rapid inflation sent stocks plunging https://t.co/lw6WOOPPz9
— Bloomberg Economics (@economics) September 11, 2022
*Focus on inflation
Even Google searches for inflation have crashed… pic.twitter.com/HKJQczWfOS
— Bespoke (@bespokeinvest) September 9, 2022
Deals on used cars are coming.
— CarDealershipGuy (@GuyDealership) September 10, 2022
Give it 30-60 days.
Dealers will have no choice but to begin selling aged inventory.
Housing
1st Look at Local Housing Markets in August
— Bill McBride (@calculatedrisk) September 9, 2022
Sales and New Listings Down Sharpy Year-over-year https://t.co/gUTK3ZnhoF
Note that in August 2022, there was one more selling day than in August 2021, so the SA decline in August sales will be larger than the NSA decline. pic.twitter.com/5pYLpYKiBv
"We expect home price declines in many markets to improve affordability going forward, combined with rising incomes. … From our vantage point, the affordability medicine needed for many housing markets is double-digit price declines, particularly in the new home market." https://t.co/rrnC4R4cGf
— Bill McBride (@calculatedrisk) September 11, 2022
Dirty Harry Charts – Time for a career change? pic.twitter.com/8w0EUIj003
— PPG (@PPGMacro) September 9, 2022
Monetary Policy
It’s hard not to draw the conclusion that another 75 basis-point hike is pretty well a done deal in September regardless of how CPI comes in. https://t.co/gRfSB7HN0m via @markets @economics @Jonnelle @ctorresreporter
— Steve Matthews (@SteveMatthews12) September 10, 2022
A major Fed rate hike risks deflation
— Elon Musk (@elonmusk) September 9, 2022
Trade, Supply Chain and Geopolitics
US warns of sanctions for buyers that ignore price cap on Russian oil https://t.co/jSN418zIjn
— Financial Times (@FT) September 10, 2022
EXCLUSIVE Biden to hit China with broader curbs on U.S. chip and tool exports -sources https://t.co/ZZRUTf8qF6 pic.twitter.com/uHoZazjGJr
— Reuters (@Reuters) September 11, 2022
Asia
Covid-19
⚡China's Hainan province says will clean up anti-epidemic checkpoints and resume road transport in an orderly manner in a bid to accelerate resumption of work and production and reopening of schools. https://t.co/aX6AsIOIcj
— CN Wire (@Sino_Market) September 10, 2022
New Zealand will no longer require people to wear masks indoors or to be vaccinated to work in certain roles, as the country winds down its pandemic battle https://t.co/xrBjAbHMoN
— Bloomberg Asia (@BloombergAsia) September 12, 2022
LATEST: Japan is looking to scrap most of its Covid-related restrictions on foreign tourists, broadcaster FNN says https://t.co/rYqUgi9FjR
— Bloomberg Asia (@BloombergAsia) September 12, 2022
Monetary Policy
Japan's government must take steps as needed to counter excessive declines in the yen, a senior government official said on Sunday, as the currency slides to its weakest level against the dollar in 24 years.#Japan $JPYhttps://t.co/noSadqI9Iy
— CN Wire (@Sino_Market) September 11, 2022
The Australian dollar is tumbling toward a multi-year low, and the central bank appears powerless to stop its decline https://t.co/h4wbNoz4XT
— Bloomberg Asia (@BloombergAsia) September 12, 2022
Trade, Supply Chain and Geopolitics
Australia’s trade chief said that the wait for the first meeting with his Chinese counterpart is likely to extend beyond this month https://t.co/FcLxlGaLsN
— Bloomberg Economics (@economics) September 11, 2022
Lithuania is expected to open its first-ever representative office in Taiwan this week amid growing tensions with Beijing. The move is set to further rile Beijing.#Lithuania #Taiwan #Chinahttps://t.co/QnAzNFV6xv
— CN Wire (@Sino_Market) September 11, 2022
Other News
The Communist Party of China is expected to amend the Party Constitution at its upcoming 20th National Congress, as participants in a key Party meeting on Friday discussed the draft amendment. #CPC https://t.co/TvXJ5bSX3f
— China Daily (@ChinaDaily) September 10, 2022
Europe
Economic Indicators and Prospects
Monetary Policy
The ECB went for a 75bps hike (I was for 50bps). That difference doesn't matter so much, but what concerns me is what was announced, what it can mean for the rest of the cycle, and the underlying monetary policy views. My concerns can be assembled into four points 1/
— Vitor Constâncio (@VMRConstancio) September 9, 2022
Fiscal Policy
Why EU Finance Ministers Face A Tough Balancing Act – FT https://t.co/vWjv3m5vg5
— LiveSquawk (@LiveSquawk) September 12, 2022
Energy
Politics
Italy’s next leaders face a grim outlook https://t.co/yeax7C5luh via @Alemrome @GioSalzanoWire pic.twitter.com/UW6Pd0zPGL
— Zoe Schneeweiss (@ZSchneeweiss) September 10, 2022
Italy vote could leave ECB between devil and the deep blue sea https://t.co/Ars3P0ABhR pic.twitter.com/PlkPG0gWQ1
— Bloomberg Economics (@economics) September 10, 2022
Sweden’s right-wing opposition narrowly overtook the lead from Prime Minister Magdalena Andersson’s camp in preliminary vote count https://t.co/O3yNNfCVR8
— Bloomberg Asia (@BloombergAsia) September 11, 2022
Trade, Supply Chain and Geopolitics
EU is assessing if the US Inflation Reduction Act is in breach of WTO rules https://t.co/BSGdGCpLW7 via @europressos @DeutschJill pic.twitter.com/k5Zy6Ut54g
— Zoe Schneeweiss (@ZSchneeweiss) September 10, 2022
Israel sees no new #Iran nuclear deal before U.S. November mid-terms https://t.co/bPTKsonGr8
— Allyn Fisher-Ilan (@AFilan) September 11, 2022
Ukraine’s forces are continuing their rapid advance, exploiting an extraordinary collapse of Russian defenses and raising the question of how far they can go. https://t.co/QVkASCJnc6
— The Japan Times (@japantimes) September 12, 2022
Other Areas And Global Economy
Oil opens the week with a slump on mounting speculation that global demand is weakeninghttps://t.co/9RocXwFVFa pic.twitter.com/BJEXXJmTSI
— Bloomberg Middle East (@middleeast) September 12, 2022