Morning Brief: China Reopening, Shanghai Unveils Policies to Support Economy, EU Meeting
Americas
Economic Indicators and Prospects
🇺🇸 The University of Michigan’s final May sentiment index decreased to 58.4 (lowest since Aug. 2011) from a preliminary reading of 59.1.
— Christophe Barraud🛢🐳 (@C_Barraud) May 27, 2022
*In the last 70 years, the only time Consumer Sentiment was this low without the U.S. being in #recession was in 2011. pic.twitter.com/nPHY8X0Q1Q
An Inflection Point In The Labor Market? https://t.co/m5LPWSZMrR
— zerohedge (@zerohedge) May 29, 2022
"It’s also been a while since we’ve heard about ships idling outside of ports waiting to be unloaded." 🚢🚢🚢 – @SamRo https://t.co/YRSp9WU9f4
— The Compound (@TheCompoundNews) May 29, 2022
Housing
Realtor .com Reports Weekly Inventory Up 9% Year-over-year https://t.co/YsVaZYo3Mh
— Bill McBride (@calculatedrisk) May 26, 2022
It appears that inventory growth is accelerating, as demand declines. pic.twitter.com/xS1ONwaGZc
Housing Market Update: Nearly 1 in 5 Sellers is Dropping Their Price, the Highest Rate Since October 2019.
— Daniel Lacalle (@dlacalle_IA) May 28, 2022
https://t.co/7pokRPMNi5
Monetary Policy
US wage growth looks to be peaking, a heartening development for the Federal Reserve if not for American workers (via @RichMiller28) https://t.co/MtFcfhgFrR
— Bloomberg Economics (@economics) May 29, 2022
🇺🇸 #Biden to meet Jerome #Powell – White House statement – Reutershttps://t.co/oIx86EulEc
— Christophe Barraud🛢🐳 (@C_Barraud) May 30, 2022
Energy
Trade, Supply Chain and Geopolitics
US Navy Says It’s ‘Looking Into’ Reports That Iran Seized 2 Greek Oil Tankers After Tehran Threatened ‘Punitive Action’ – AP https://t.co/GwIysNAByp
— LiveSquawk (@LiveSquawk) May 27, 2022
Asia
Covid-19
🇨🇳 #China | #Beijing, #Shanghai start to reopen as Covid cases drop – CNBChttps://t.co/vwvFMdmdeo
— Christophe Barraud🛢🐳 (@C_Barraud) May 30, 2022
66% say China’s Covid-zero strategy is set to stay in place for the rest of the yearhttps://t.co/WRlGnx8pdB
— ForexLive (@ForexLive) May 30, 2022
Economic Indicators and Prospects
Moody's lowers China 2022 GDP growth forecast from 5.2% to 4.5%https://t.co/sKlSIyAbtq
— ForexLive (@ForexLive) May 30, 2022
Housing
🇨🇳 #China | Moves by several Chinese cities to reduce mortgage rates are aimed at lowering the cost of debt, supporting reasonable #housing demand and stabilizing economic growth, the Economic Daily says in a commentary.
— Christophe Barraud🛢🐳 (@C_Barraud) May 30, 2022
*Link (Chinese): https://t.co/JIUYa4nwqX
Monetary Policy
BOJ's Kuroda: Rapid yen weakening not due to BOJ policyhttps://t.co/pFqIXGFCQK
— ForexLive (@ForexLive) May 30, 2022
New Zealand’s central bank is confident it can guide the economy to a “soft landing” even as it raises interest rates aggressively to tame inflation https://t.co/4r7pmHzntS
— Bloomberg Economics (@economics) May 30, 2022
Fiscal Policy
🇨🇳 #China | #Shanghai Unveils Fresh Policies to Support Economy Hit by Covid – Shanghai municipal government
— Christophe Barraud🛢🐳 (@C_Barraud) May 29, 2022
*50 measures in eight categories aimed at stabilizing the city’s economy.
*Link (Chinese): https://t.co/y8vxk6JvjU
🇨🇳 #China | #Shanghai Unveils Fresh Policies to Support Economy Hit by Covid – Bloomberg
— Christophe Barraud🛢🐳 (@C_Barraud) May 29, 2022
*Link: https://t.co/EYrh8AQET5 pic.twitter.com/PA41X8QSmJ
South Korea passes a record extra budget worth $49.3 billion in what is likely to be the last round of such fiscal support to offset the economic impact of Covid https://t.co/PoQXIz1Vxm
— Bloomberg Economics (@economics) May 30, 2022
Politics
Approval ratings of Indian PM Narendra Modi’s government have risen to the highest since the start of the pandemic though there’s lingering concerns over the surging prices of essential items and unemployment, a latest survey shows https://t.co/50dYqDV1B7
— Bloomberg Economics (@economics) May 30, 2022
Trade, Supply Chain and Geopolitics
S. Korea refers to N. Korean military as 'our enemy' in troop education materials https://t.co/Sb6uockiTQ
— Yonhap News Agency (@YonhapNews) May 30, 2022
Europe
Economic Indicators and Prospects
Spanish inflation unexpectedly quickens, denting hopes that the euro zone’s record price surge is peaking and piling more pressure on the ECB to act https://t.co/UNDmhkowy6
— Bloomberg Economics (@economics) May 30, 2022
German Import Price Index (Y/Y) Apr: 1.8% (est 2.0%; prev 5.7%)
— LiveSquawk (@LiveSquawk) May 30, 2022
– Import Price Index (Y/Y) Apr: 31.7% (est 31.8%; prev 31.2%)
Monetary Policy
ECB Chief Economist Philip Lane says normalization of monetary policy will be gradual as he reinforced President Christine Lagarde’s roadmap for exiting negative rates by the end of September https://t.co/6imZaMTxTn
— Bloomberg (@business) May 30, 2022
Fiscal Policy
The German government faces a “wake-up moment” on spending next year when constitutional limits on borrowing are reintroduced, Finance Minister Christian Lindner says https://t.co/sCGSCwfJMg
— Bloomberg Economics (@economics) May 29, 2022
Trade and Supply Chain
German exports could grow 2.5% this year if supply chain issues ease and there isn’t an embargo on Russian gas, according to the BDI Federation of German Industries https://t.co/1mCYW934A3
— Bloomberg Economics (@economics) May 29, 2022
Geopolitics
🇷🇺 🇪🇺 🇺🇦 Putin says he's willing to discuss resuming Ukrainian grain shipments – Reutershttps://t.co/FKwtYvw9g4
— Christophe Barraud🛢🐳 (@C_Barraud) May 28, 2022
Lithuanians club together to buy drone for Ukraine https://t.co/w16Kqnh8UW
— EURACTIV (@EURACTIV) May 30, 2022
Focus on Sanctions
🇪🇺 🇷🇺 EU makes eleventh-hour push to agree on #Russia oil sanctions – Reutershttps://t.co/LtyfHDsXEx
— Christophe Barraud🛢🐳 (@C_Barraud) May 30, 2022
EU leaders had wanted to avoid talking about their sanctions stalemate at today’s summit but it'll be a major topic https://t.co/Jl0VKfNF1O
— Bloomberg (@business) May 30, 2022
Attempts to get Hungary to back sanctions on Russian oil before EU leaders meet in Brussels have failed to make a breakthrough as yet.https://t.co/N7YqyayVvR
— POLITICOEurope (@POLITICOEurope) May 29, 2022
Other Areas And Global Economy
⚠ #WeekAhead: Week 22 (2022) ⚠
— Christophe Barraud🛢🐳 (@C_Barraud) May 30, 2022
🇺🇸 Beige Book
🇺🇸 U.S. Employment Report
🇨🇳 Chinese PMIs
🇪🇺 EU Special Meeting
🌎 #OPEC+ Meeting
…https://t.co/XeNYmOcrwN
Brent crude tops $120 a barrel as China eased anti-virus lockdowns and the EU worked on a plan to ban imports of Russian crudehttps://t.co/adwDGgEnUz pic.twitter.com/M5Mz9M16M1
— Bloomberg Middle East (@middleeast) May 30, 2022