Morning Brief: Debt-Ceiling Urgency; China Bars Purchases of Micron Chips; Greek Premier Set to Consolidate Power
Americas
Markets
2023 EPS estimates have improved for the top 10 S&P 500 stocks but not for the bottom 490.
— Daily Chartbook (@dailychartbook) May 21, 2023
via @WarrenPies @3F_Research pic.twitter.com/ELHGNCDCg8
Many Wall Street asset managers are betting the inflation rate won't be close to the Fed’s 2% target https://t.co/hjQ8SBDq0i
— Bloomberg (@business) May 21, 2023
*Focus on Banks
JPM now has more than 13% of the nation’s deposits and 21% of all credit card spending
— Gunjan Banerji (@GunjanJS) May 21, 2023
That’s a bigger share than any other bank, and it keeps growinghttps://t.co/s4UkVN2Hkh @DaveCBenoit pic.twitter.com/fWhCaf9Nty
“The deposit flight is a US problem”
— AndreasStenoLarsen (@AndreasSteno) May 21, 2023
Well, here is a chart of deposits in France…
We look at how to trade it here -> https://t.co/Xo0ygwLg0H pic.twitter.com/fw2l7A7FZ9
Economic Indicators and Prospects
The Changing Mix of Light Vehicle Saleshttps://t.co/p829d48j5w pic.twitter.com/qp6fg7NB38
— Bill McBride (@calculatedrisk) May 21, 2023
Monetary Policy
#FederalReserve Chair #JeromePowell gives a clear signal he is inclined to pause interest-rate increases next month.https://t.co/IN8D0NAD4Y
— BQ Prime (@bqprime) May 19, 2023
“I’m open to the idea that we can move a little bit more slowly from here” https://t.co/ERSeSwxSyB
— Bloomberg (@business) May 21, 2023
Economists Push Back Expected Fed Rate Cut To 2024, NABE Poll Shows – RTRShttps://t.co/sdkC81nnJP
— LiveSquawk (@LiveSquawk) May 22, 2023
Fiscal Policy
🇺🇸 McCarthy Says He Will Resume Debt-Limit Talks With Biden Monday – Bloomberghttps://t.co/G8eCxnQfBi
— Christophe Barraud🛢🐳 (@C_Barraud) May 22, 2023
Trade, Politics and Geopolitics
Biden has previously said he wanted to meet with Xi and voiced optimism the two would schedule a long-anticipated phone conversation https://t.co/XH44hfvJVG
— Bloomberg Economics (@economics) May 21, 2023
Asia
Economic Indicators and Prospects
🔵 SOUTH KOREA MAY 1-20 EXPORTS FALL 16.1% ON YEAR
— PiQ (@PriapusIQ) May 22, 2023
Full Story → https://t.co/mOGav4nqwv pic.twitter.com/lxwY4mlCuk
Japan March Core Machinery Orders Fall For 2nd Straight Month – RTRShttps://t.co/dlk06o9kiw
— LiveSquawk (@LiveSquawk) May 22, 2023
China's exports to North Korea surge in April https://t.co/Ib9vUslCKA pic.twitter.com/JVikcvwu4W
— Reuters (@Reuters) May 22, 2023
Global Investment Banks’ Profits Drop In China – FThttps://t.co/v1ahD8FQMY
— LiveSquawk (@LiveSquawk) May 22, 2023
Monetary Policy
⚡️JUST IN:#China's central bank #PBOC keeps the banks' reference lending rates steady in May.
— CN Wire (@Sino_Market) May 22, 2023
1-year LPR keeps at 3.65% unchanged;
5-year LPR keeps at 4.30% unchanged;
*LPR=Loan Prime Rate
Steady for 9 months.#China #LPR #EconTwitter pic.twitter.com/eEdj6ldmWW
China Leaves Lending Benchmarks Unchanged In May, Matching Expectations – RTRShttps://t.co/0mCuuJ1UGo
— LiveSquawk (@LiveSquawk) May 22, 2023
China’s Economic Recovery To Provide Strong Support For Yuan – CSJhttps://t.co/snT45wKBy6
— LiveSquawk (@LiveSquawk) May 22, 2023
Trade, Politics and Geopolitics
China Fails Micron's Products In Security Review, Bars Some Purchases – RTRS $MUhttps://t.co/DGoDGiq2nu
— LiveSquawk (@LiveSquawk) May 21, 2023
#China's cyberspace regulator said on Sunday that products made by U.S. memory chip manufacturer #Micron Technology (MU.O) had failed its network security review and that it would bar operators of key infrastructure from procuring from the firm.https://t.co/fwxwhSSKDm https://t.co/f6PcBWdKG8
— CN Wire (@Sino_Market) May 21, 2023
⚡Chinese chips stocks are rallying on Monday after
— CN Wire (@Sino_Market) May 22, 2023
Beijing prohibits purchasing products from Micron.
CITIC Securities stated that this action is expected to accelerate the trend of localizing storage chips.
🇨🇳🇺🇸 https://t.co/uYuwbyNAwH pic.twitter.com/IjoGOdIqdI
Europe
Economic Indicators and Prospects
Rightmove: Confidence Returning To UK Housing Market As Asking Prices Jump – RTRShttps://t.co/yi8A5zIImv
— LiveSquawk (@LiveSquawk) May 21, 2023
Nearly Half Of UK Firms To Defer Investment Due To Tax Rises, Survey Finds – RTRShttps://t.co/NibZswDMwV
— LiveSquawk (@LiveSquawk) May 21, 2023
Monetary Policy
ECB’s Lagarde: ECB Has More Ground To Cover To Tame Inflation – BBGhttps://t.co/qUZkpyTA2V
— LiveSquawk (@LiveSquawk) May 21, 2023
Bank Of England Pins Its Hopes On Falling Inflation Easing Wage Growth – FThttps://t.co/Q4uDhEWYcW
— LiveSquawk (@LiveSquawk) May 22, 2023
Energy
EU Plans More Joint Purchasing After Success Of Common Gas Scheme – FThttps://t.co/XBzMKwQMLS
— LiveSquawk (@LiveSquawk) May 22, 2023
Politics
Greek premier set to consolidate power in new election https://t.co/8qaNwv5vgg via @NikasSotiris @PaulTugwell1 pic.twitter.com/KGjlPpyOYs
— Zoe Schneeweiss (@ZSchneeweiss) May 22, 2023
France’s 3-month campaign, which was announced in early March and dubbed the “anti-inflation quarter,” was due to come to an end next month https://t.co/Rvw74DhZWQ
— Bloomberg Economics (@economics) May 21, 2023
Trade, Supply Chain and Geopolitics
Europe’s exporters are vulnerable to dollar headwinds: Brussels Edition https://t.co/6BLv1hpOn8 via @johnainger pic.twitter.com/32PXRi2dqi
— Zoe Schneeweiss (@ZSchneeweiss) May 22, 2023
“The path to join the EU isn’t an easy one, but we’ve chosen it because the EU is the only chance for Moldova to develop, to stop being at the edge of Europe and to stop living under Russian blackmail” https://t.co/wNlDkjK5K6
— Bloomberg Economics (@economics) May 21, 2023
Other Areas And Global Economy
⚠ #WeekAhead: Week 21 (2023) ⚠
— Christophe Barraud🛢🐳 (@C_Barraud) May 22, 2023
🇺🇸 Debt-Ceiling Angst
🇺🇸 #FOMC Minutes
🇬🇧 🇪🇺 🇺🇸 #BOE, #ECB and #FED Speakers
🌎 Preliminary PMIs
🇺🇸 U.S. Data
🇹🇷 #Turkey Returns To The Polls
…https://t.co/wBC9Fb3G2O