Morning Brief: Emerging US Debt Deal; Tokyo Inflation Slows; UK Retail Sales Rebound Sharply
Americas
Markets
Nvidia shares spike 26% on huge forecast beat driven by A.I. chip demandhttps://t.co/IA8vcGOcxT
— CNBC (@CNBC) May 25, 2023
🇺🇸 US #credit squeeze triggers rise in corporate #bankruptcies – FThttps://t.co/Uwz2WkjHvY pic.twitter.com/bRea260Xty
— Christophe Barraud🛢🐳 (@C_Barraud) May 26, 2023
Economic Indicators and Prospects
Q1 GDP Growth Revised up to 1.3% Annual Ratehttps://t.co/vuAzK3trNM
— Bill McBride (@calculatedrisk) May 25, 2023
PCE growth was revised up from 3.7% to 3.8%. Residential investment was revised down from -4.2% to -5.4%.
Weekly Initial Unemployment Claims at 229,000https://t.co/m3zqVSgeJD pic.twitter.com/PMXOW8MHfj
— Bill McBride (@calculatedrisk) May 25, 2023
The government’s two main measures of US economic activity diverged in the first quarter, with one gauge painting a picture of weakness https://t.co/qnRiOPZic0
— Bloomberg (@business) May 25, 2023
May Vehicle Sales Forecast: 15.3 million SAAR, Up Sharply YoYhttps://t.co/HuoJp5lyRm
— Bill McBride (@calculatedrisk) May 25, 2023
The Wards forecast of 15.3 million SAAR, would be down 3.9% from last month, and up 21.6% from a year ago. pic.twitter.com/bSCQEOEDal
Housing
NAR: Pending Home Sales Unchanged in April; Down 20.3% Year-over-yearhttps://t.co/ATTcF32I20
— Bill McBride (@calculatedrisk) May 25, 2023
Monetary Policy
Boston Fed President Susan Collins said the US central bank may have reached, or be approaching, the point at which it can pause interest-rate increases https://t.co/KufPXoJDwI
— Bloomberg Economics (@economics) May 25, 2023
📣 MARKET IMPACT
— Forex Factory (@ForexFactory) May 25, 2023
Collins: Creating a Vibrant, Inclusive Economy: Remarks at the Community College of Rhode Island#forex https://t.co/fIyEJVgeZ1
Fiscal Policy
🇺🇸 Emerging US Debt Deal Would Raise Limit, Cap Spending for Two Years – Bloomberghttps://t.co/5z44zP1jFN
— Christophe Barraud🛢🐳 (@C_Barraud) May 26, 2023
As US Credit Risk Looms, Former S&P Officials See 2011 Downgrade As Vindicated – RTRShttps://t.co/Z8LtESooCQ
— LiveSquawk (@LiveSquawk) May 26, 2023
Trade, Politics and Geopolitics
Call by US companies for more engagement and cooperation with China while coping with friction in competition underlines complementary nature of bilateral trade and economic cooperation, vital for US in current precarious position: Chinese experts.https://t.co/ciOpoeTRVv https://t.co/s7JjhmOnS9
— Global Times (@globaltimesnews) May 25, 2023
Asia
Markets
🇨🇳 #China Easing Bets Climb to Highest This Year as Growth Sputters – Bloomberghttps://t.co/pe7f5xEzXM pic.twitter.com/K7JqbIsjLM
— Christophe Barraud🛢🐳 (@C_Barraud) May 26, 2023
Economic Indicators and Prospects
Tokyo Inflation Slows, Supporting BoJ’s Price View For Now – BBGhttps://t.co/XHrBygw3IC
— LiveSquawk (@LiveSquawk) May 26, 2023
🇯🇵⚡️ Japan approves energy firms' household power price hike.
— PiQ (@PiQSuite) May 16, 2023
The hikes, ranging from 14% to 42% to reflect higher fuel costs, will add pressures on the world's third-biggest economy.
The utilities initially applied for a price increase of 28-48%.
Read More:… pic.twitter.com/P4oYLzsK5f
Australia Retail Sales Flat As Higher Rates Drag On Spending – BBGhttps://t.co/OGSwY8JfND
— LiveSquawk (@LiveSquawk) May 26, 2023
Low Growth, High Inflation Are Top Risks For India, Say Economists – RTRShttps://t.co/nO5aPVRewT
— LiveSquawk (@LiveSquawk) May 26, 2023
Monetary Policy
BoJ Will Keep YCC Until 2024, Three-Quarters Of Economists Say – RTRShttps://t.co/WBM6kCS1hn
— LiveSquawk (@LiveSquawk) May 26, 2023
BOJ Governor Kazuo Ueda leaves speculators guessing about the timing of policy change https://t.co/DoolDhc9Hu
— Bloomberg (@business) May 25, 2023
Economists Trim China Growth Forecasts, Expect RRR Cut Sooner – BBGhttps://t.co/cAxVFVZkGA
— LiveSquawk (@LiveSquawk) May 25, 2023
Trade, Politics and Geopolitics
Responding to a question on whether top leaders of China and South Korea can have a face-to-face meeting, Chinese Ambassador Xing Haiming told South Korean media that a visit of the heads of state requires good political atmosphere, and the two sides should work together to… pic.twitter.com/dpHqDOHBnj
— Global Times (@globaltimesnews) May 26, 2023
Europe
Economic Indicators and Prospects
UK retail sales bounce back in April as the weather improves https://t.co/9Q2NuQfvPR via @LucyGJWhite pic.twitter.com/jsOrF8RhkX
— Zoe Schneeweiss (@ZSchneeweiss) May 26, 2023
Europe’s economic engine is breaking down https://t.co/MrCvrF3qLe via @WillWilkesNews @jrandow pic.twitter.com/UFzHjSuPYJ
— Zoe Schneeweiss (@ZSchneeweiss) May 26, 2023
Monetary Policy
BOE’s Haskel signals support for more UK interest rate hikes https://t.co/WTEtCyE12c via @tomelleryrees @LucyGJWhite @PhilAldrick pic.twitter.com/VD3W7I0lmy
— Zoe Schneeweiss (@ZSchneeweiss) May 26, 2023
ECB’s Knot says rates must rise, stay high for some time https://t.co/HGTnTCgqPQ via @Alemrome pic.twitter.com/DVXufJXeYZ
— Zoe Schneeweiss (@ZSchneeweiss) May 26, 2023
Fiscal Policy
German recession emboldens finance chief’s drive for budget cuts https://t.co/Qc1WKytnWW via @KowalczeKamil pic.twitter.com/cK7GFYt4Pk
— Zoe Schneeweiss (@ZSchneeweiss) May 26, 2023
Italy will submit to the #EU Commission an update of its spending plans related to European post-COVID-19 recovery funds by July following the guidance agreed with Brussels, Italy’s Treasury undersecretary is quoted as saying.https://t.co/tY4UTJ4rZw
— Al Arabiya English (@AlArabiya_Eng) May 25, 2023
Trade, Politics and Geopolitics
The EU is downplaying the chances of a deal with the UK on car factory rules happening any time soon https://t.co/Z5ORPxfCAE via @AlbertoNardelli pic.twitter.com/D0BPejne8J
— Zoe Schneeweiss (@ZSchneeweiss) May 25, 2023