Morning Brief: China to Ramp Up Monetary Stimulus, German Bond Curve Inverts Most in 30 Years
Americas
Economic Indicators and Prospects
🇺🇸 US Jobless Claims Hit Three-Month High as Labor Market Cools – Bloomberg
— Christophe Barraud🛢🐳 (@C_Barraud) November 24, 2022
*Link: https://t.co/1nxYx6isqa pic.twitter.com/uOwrkCujxH
Orders placed with US factories for business equipment rebounded in October, suggesting capital spending plans are holding up in the face of higher borrowing costs and broader economic uncertainty https://t.co/9bxmOaWkiJ
— Bloomberg (@business) November 23, 2022
US consumers dialed back short-term inflation expectations in the back half of November, helping shore up sentiment https://t.co/FCPLvYXVUg
— Bloomberg (@business) November 23, 2022
Housing
New Home Sales Increased in October; Completed Inventory Increased
— Bill McBride (@calculatedrisk) November 23, 2022
With rising cancellations, the Census Bureau overestimates saleshttps://t.co/5o6SbH4ejx pic.twitter.com/335StZRO5f
Our data accounts for cancellations. We capture new home sales down 34.1% compared to last year, with total sales back to pre-2016 levels https://t.co/i4PcqlIU2j pic.twitter.com/DSE6xZYQH1
— Ali Wolf (@AliWolfEcon) November 23, 2022
On Apartments from John Burns: "By October, all REITs reported low- to mid-single-digit new lease rent growth … While a slowdown is expected this time of the year due to seasonality, that sharp of a decline indicates the apartment market is slowing more than normal."
— Bill McBride (@calculatedrisk) November 23, 2022
Monetary Policy
🇺🇸 Most #Fed Officials Seek to Slow Pace of Interest-Rate Hikes Soon – Bloomberghttps://t.co/HNxqLhu2WI
— Christophe Barraud🛢🐳 (@C_Barraud) November 24, 2022
Trade, Supply Chain and Geopolitics
Defense Secretary Lloyd Austin said China has noted the international response to Russia’s invasion of Ukraine https://t.co/bXLUCw5aIl
— Bloomberg (@business) November 23, 2022
Asia
Covid-19
🇨🇳 #China’s iPhone City Locks Down Urban Areas as Covid Cases Rise – Bloomberghttps://t.co/rSK9wrWN0Q
— Christophe Barraud🛢🐳 (@C_Barraud) November 24, 2022
Central Chinese city of #Zhengzhou to implement 5-day plan for movement of people in main urban areas after reporting 813 new local Covid cases Wednesday. pic.twitter.com/oLFXn22MQF
— CN Wire (@Sino_Market) November 23, 2022
Economic Indicators and Prospects
Nomura Cuts China’s Growth Forecasts On Slow Covid Reopening – BBG https://t.co/MZMlrqfwhJ
— LiveSquawk (@LiveSquawk) November 24, 2022
🇯🇵 #Japan Nov factory activity shrinks at quickest pace in 2 years – Reutershttps://t.co/bgwiz5obav
— Christophe Barraud🛢🐳 (@C_Barraud) November 24, 2022
Housing
Chinese Property Stocks Rally As Banks Pledge $38bn In Support – Nikkei https://t.co/P1XkvFUxrY
— LiveSquawk (@LiveSquawk) November 24, 2022
China Evergrande Group has told offshore creditors it plans to present a restructuring proposal as soon as the first week of December to meet a self-imposed deadline, sources say https://t.co/uHszUIralU
— Bloomberg Asia (@BloombergAsia) November 24, 2022
Monetary Policy
🇨🇳 #China State Council Pledges to Cut Banks' Reserve Requirement Ratio to Support Economy – WSJ – MarketWatchhttps://t.co/mRSWmiM2Ut
— Christophe Barraud🛢🐳 (@C_Barraud) November 24, 2022
China Signals Likely Reserve Requirement Cut to Aid Growth – BBG https://t.co/HC0XRPGklM
— LiveSquawk (@LiveSquawk) November 23, 2022
🇨🇳 #China State Banks Pledge at Least $38 Billion to Builders – Bloomberghttps://t.co/Jk5qH4DvLJ
— Christophe Barraud🛢🐳 (@C_Barraud) November 24, 2022
The Bank of Korea returns to its usual pace of policy tightening as it seeks to minimize pressure on credit markets while keeping inflation in check https://t.co/Xm2oDZSWop
— Bloomberg Economics (@economics) November 24, 2022
New Zealand central bank governor Adrian Orr said monetary policy is now contractionary after Wednesday’s record interest-rate hike https://t.co/dzZpm0CgEL
— Bloomberg (@business) November 23, 2022
Trade, Supply Chain and Geopolitics
Truck drivers have gone on strike in South Korea for the second time in less than a year, targeting major ports https://t.co/fJqfHQQG3V
— Bloomberg Asia (@BloombergAsia) November 24, 2022
Europe
Economic Indicators and Prospects
🇩🇪 #GERMANY NOV. IFO BUSINESS CONFIDENCE INDEX 86.3; EST. 85.0 – BBG
— Christophe Barraud🛢🐳 (@C_Barraud) November 24, 2022
*GERMANY NOV. IFO EXPECTATIONS INDEX 80.0; EST. 77.0
🇩🇪 German Bond Curve Inverts Most in 30 Years in Growth Warning – Bloomberg
— Christophe Barraud🛢🐳 (@C_Barraud) November 24, 2022
*Link: https://t.co/CnC3mom0cm pic.twitter.com/oZ2b4CsSGZ
French Manufacturing Confidence Nov: 101 (est 102; prev 103)
— LiveSquawk (@LiveSquawk) November 24, 2022
– French Manufacturing Confidence Nov: 102 (est 101; prev 102)
– French Production Outlook Indicator Nov: -10 (prev -8)
– French Own Company Production Outlook Nov: 17 (prevR 12)
Spain: Staff Concluding Statement of the 2022 Article IV Mission https://t.co/Hc04ic6sac
— LiveSquawk (@LiveSquawk) November 23, 2022
IMF: Spain's Headline, Core Inflation Likely To Stay Above 2% Target Until 2024
— LiveSquawk (@LiveSquawk) November 23, 2022
– 2022 GDP Growth Seen At 4.6% Vs 4.3%
– Still Sees Spain GDP Growth Of 1.2% In 2023
– Spain's Output Projected To Reach Pre-Pandemic Levels By Early-2024
Europe's tourism recovery is far surpassing other regions of the world, scooping up two-thirds of all international arrivals this year https://t.co/pDAkBno2YY
— Bloomberg Economics (@economics) November 23, 2022
Monetary Policy
UK workforce exodus could force BoE to raise interest rates, says chief economist https://t.co/7PjhdAOKYI
— Guardian news (@guardiannews) November 23, 2022
BOE Chief Economist Pill says more rate rises needed to tackle inflation https://t.co/py1W6Ibope via @PhilAldrick pic.twitter.com/uTnPorQDu2
— Zoe Schneeweiss (@ZSchneeweiss) November 23, 2022
BoE To Set Out Minimum Price Levels For Which It Will Sell Gilts
— LiveSquawk (@LiveSquawk) November 23, 2022
– To Run Series Of Reverse Enquiry Windows To Sell Gilts On Tues, Weds And Frihttps://t.co/ste1uybU7u
ECB's Centeno: 75Bp Rate Hikes Cannot Be The Norm, Sees Lower Increase In Dec. – RTRS Interview
— LiveSquawk (@LiveSquawk) November 23, 2022
– Inflation Seen Peaking This Quarter, Says It Is ‘Key Indicator To Watch At December Meeting’
– Nearing Neutral Rate, Expects Dec. Meeting To Work Out What Rate Ceiling Could Be
Fiscal Policy
EU nations advance €43 billion plan to become semiconductor hub https://t.co/L2LIPJ7CEG via @DeutschJill pic.twitter.com/olDbkkoYce
— Zoe Schneeweiss (@ZSchneeweiss) November 23, 2022
Energy
EDF extends maintenance halts at three nuclear reactors, adding to strain on power supply in France and neighboring countries as temperatures fall https://t.co/zVbNkMHAdc via @FrancoisDeBeaup @josefinefokuhl pic.twitter.com/jaENGrhvnQ
— Zoe Schneeweiss (@ZSchneeweiss) November 23, 2022
EU members signal discord over gas-price cap: Brussels Edition https://t.co/vzJAwoEV6w pic.twitter.com/pGKaesmCSd
— Zoe Schneeweiss (@ZSchneeweiss) November 24, 2022
EU talks stall over price level for proposed Russian oil cap https://t.co/GfBFcEroDl via @E_Krukowska @albertonardelli pic.twitter.com/bpaAo62bmW
— Zoe Schneeweiss (@ZSchneeweiss) November 23, 2022
Trade, Supply Chain and Geopolitics
European Council President To Visit China Next Month For Summit With Xi – FT https://t.co/ffUc9zzgxZ
— LiveSquawk (@LiveSquawk) November 24, 2022
Chancellor Jeremy Hunt says he wants to stick to the post-Brexit trade deal with the EU signed by Boris Johnson, following reports the UK is considering a Swiss-style deal https://t.co/V4git0i6wV via @Joe_Mayes @alexwickham pic.twitter.com/uryMlIMEGd
— Zoe Schneeweiss (@ZSchneeweiss) November 23, 2022
Swiss to extend negotiations with the EU as some progress made https://t.co/LefJjSOBqv via @ClaudiaMaedler pic.twitter.com/jiivQOd1IA
— Zoe Schneeweiss (@ZSchneeweiss) November 23, 2022