Morning Brief: Focus on China Covid Policy; BOE Starts Sales of Bonds Bought in UK Market Mayhem; Focus on German CPI
Americas
Economic Indicators and Prospects
🇺🇸 #CyberMonday Sales On Track to Break Record Despite US Inflation – Bloomberghttps://t.co/MFkqVqdb9n
— Christophe Barraud🛢🐳 (@C_Barraud) November 29, 2022
#Texas Factory Activity Declined in November for Seventh Straight Month — Dallas Fed – MarketWatchhttps://t.co/iZuOys4R5l
— Macro Brief (@macroandfinance) November 29, 2022
Housing
Price Reductions are slowly declining too.
— Mike Simonsen 🐉 (@mikesimonsen) November 28, 2022
I suspect this is mostly due to unsold properties being pulled from the market.
42.9% of homes on the market have had a price cut.
3/3 pic.twitter.com/ZkG1ebwFsM
Monetary Policy
🇺🇸 #Fed’s Bullard Says Markets Underestimating Chances of Higher Rates – Bloomberghttps://t.co/HCRstl5CB8
— Christophe Barraud🛢🐳 (@C_Barraud) November 29, 2022
Fed policymakers stressed they'll raise rates further to curb inflation, though one mused about a path to eventual cuts https://t.co/zBN7fhooTP
— Bloomberg (@business) November 28, 2022
Loretta Mester: The costs of stopping tightening too early are high https://t.co/rYkewxuxcz
— FT Economics (@fteconomics) November 28, 2022
Fed's Barkin: Our Foot Is Off The Gas – BBG TV
— LiveSquawk (@LiveSquawk) November 28, 2022
– I'm Supportive Of A Path That Is Slower, Longer And Potentially Higher For Rates
– Inflation Has Been Stubborner Than Would Like
– If Inflation Stays Elevated, Fed Needs To Do More
Trade, Supply Chain and Geopolitics
🇺🇸 🇨🇳 Biden admin, industry huddle on outbound investment order – Politicohttps://t.co/O9txAvLaax
— Christophe Barraud🛢🐳 (@C_Barraud) November 29, 2022
Asia
Covid-19
🇨🇳 #CHINA HEALTH OFFICIAL MAKES VACCINATION REMARK IN BRIEFING – BBG
— Christophe Barraud🛢🐳 (@C_Barraud) November 29, 2022
*CHINA URGES ELDERLY TO GET VACCINED: HEALTH OFFCIALhttps://t.co/G7UYaVfHA8
🇨🇳 #CHINA OFFICIALS MUST KEEP AVOIDING EXCESSIVE COVID CURBS: NHC – BBG
— Christophe Barraud🛢🐳 (@C_Barraud) November 29, 2022
*CHINA NHC: OFFICIALS MUST RESOLVE PUBLIC COVID REQUESTS QUICKLY
🇨🇳 #China | Frequent PCR #Covid tests are unnecessary for people such as the elderly who spend most of their time at home and students taking online classes as they face low risks of getting the virus, according to a commentary by Xinhua News Agency.https://t.co/62DfRkXMgE
— Christophe Barraud🛢🐳 (@C_Barraud) November 29, 2022
Here's an interesting item that suggests China may soon dump the COVID zero policyhttps://t.co/vcLzWIHKsA
— ForexLive (@ForexLive) November 29, 2022
The new Omicron variant is spreading fast,pushing adjustment in COVID response in many parts of China.China's current rate of severe cases is about 0. 025%.Most Chinese people are no longer afraid of being infected.China may walk out of the shadow of COVID-19 sooner than expected
— Hu Xijin 胡锡进 (@HuXijin_GT) November 28, 2022
Economic Indicators and Prospects
Japanese retail sales marked an eighth successive month of annual growth in October, after a full reopening of borders added to the boost from this year's dismantling of internal pandemic control measures. https://t.co/yIgvTE0BfG
— The Japan Times (@japantimes) November 29, 2022
Japan Unemployment Rate Oct: 2.6% (est 2.5%; prev 2.6%)
— LiveSquawk (@LiveSquawk) November 28, 2022
– Job-To-Applicant Ratio Oct: 1.35 (est 1.35; prev 1.34)
NZIER: Inflation And Rising Interest Rates Remain Key Headwinds For New Zealand Economy – Quarterly Predictions, December 2022
— LiveSquawk (@LiveSquawk) November 28, 2022
– Sees RBNZ Cash Rate Peaking At 5% In 2023https://t.co/5LqeIfwrsm
Housing
🇨🇳 #Property | #China improves equity financing to underpin #housing market – Xinhuahttps://t.co/gbmcrZXJAV
— Christophe Barraud🛢🐳 (@C_Barraud) November 29, 2022
🇨🇳 #Housing #Property | #China Boosts Developer Funding by Resuming Local Share Sales – Bloomberghttps://t.co/MouuscyAfi
— Christophe Barraud🛢🐳 (@C_Barraud) November 29, 2022
Monetary Policy
China’s worsening economic slump and a likely disruptive rollback of Covid restrictions will keep the central bank on its easing path, economists said, with calls growing for more interest rate cuts https://t.co/RBLMyKMGgX
— Bloomberg (@business) November 29, 2022
Fiscal Policy
Japanese Prime Minister Kishida instructs his defense and finance ministers to increase national-security related expenditures to 2% of GDP by fiscal 2027 https://t.co/2v5Q5RjrJ6
— Bloomberg (@business) November 29, 2022
Trade, Supply Chain and Geopolitics
China says it warned US warship from Spratly Islands in South China Sea https://t.co/Wls1SZrHXd
— South China Morning Post (@SCMPNews) November 29, 2022
Europe
Economic Indicators and Prospects
🇩🇪 *German N Rhine Westphalia Nov CPI -0.8% MoM (v +1.2% prior); +10.4% YoY (v +11.0% prior)
— Christophe Barraud🛢🐳 (@C_Barraud) November 29, 2022
UK housing market seen facing further 'mini-budget' fallout https://t.co/bGdg4oj3pX pic.twitter.com/bmTXtRjq8h
— Reuters (@Reuters) November 28, 2022
🇸🇪 Weakest retail sales numbers ever. -7.7% y/y. And it looks like it could get worse… pic.twitter.com/eyxQNENI3F
— Mikael Sarwe (@MikaelSarwe) November 29, 2022
Monetary Policy
🇬🇧 #BOE Starts Sales of Bonds Bought in UK Market Mayhem – Bloomberghttps://t.co/KmFer14l9g
— Christophe Barraud🛢🐳 (@C_Barraud) November 29, 2022
ECB President Christine Lagarde says “I would like to see inflation having peaked in October, but I’m afraid that I would not go as far as that.” She spoke to European lawmakers Monday in Brussels https://t.co/eXQwuj2Z2C pic.twitter.com/5BMgLweszm
— Bloomberg TV (@BloombergTV) November 28, 2022
ECB Governing Council member Klaas Knot signals that the cycle of interest-rate increases targeting record inflation isn’t close to ending https://t.co/TuM9emlTqV
— Bloomberg (@business) November 28, 2022
Fiscal Policy
Spain to trim fuel subsidies to refocus on low-income customers https://t.co/k5ZaqWaCHL via @alonsosotoj @rorihuela pic.twitter.com/T7nSyU9hdO
— Zoe Schneeweiss (@ZSchneeweiss) November 28, 2022
Energy
EU discusses Russian oil price cap as low as $62 as talks slow https://t.co/X7udTgG07C via @albertonardelli @E_Krukowska @europressos pic.twitter.com/dRYxMPhaVN
— Zoe Schneeweiss (@ZSchneeweiss) November 28, 2022
Trade, Supply Chain and Geopolitics
Ukraine set for another NATO deferral 14 years later: Brussels Edition https://t.co/Bm7myfSup9 via @DeutschJill pic.twitter.com/YdH76bkKcf
— Zoe Schneeweiss (@ZSchneeweiss) November 29, 2022
A dispute between the US and EU over electric vehicle tax credits will come up when President Joe Biden hosts French President Emmanuel Macron this week for a state visit https://t.co/4Y68oieUQq via @Jordanfabian @JenniferJJacobs pic.twitter.com/STJaZFppG2
— Zoe Schneeweiss (@ZSchneeweiss) November 29, 2022
Other Areas And Global Economy
⚠ #WeekAhead: Week 48 (2022) ⚠
— Christophe Barraud🛢🐳 (@C_Barraud) November 28, 2022
🇺🇸 Cyber Monday
🇺🇸 🇪🇺 🇯🇵 🇬🇧 Powell, Lagarde, Bailey and Kuroda Speak
🇺🇸 U.S. Employment Report
🇺🇸 Beige Book
🇪🇺 Eurozone CPI
…https://t.co/GfkqsAxvqR
🌎 Global Yield Curve Inverts in Signal a #Recession Is Brewing – Bloomberg
— Christophe Barraud🛢🐳 (@C_Barraud) November 29, 2022
*Link: https://t.co/bVevh00lu4 pic.twitter.com/ssLIFgxRQI
🌎 Global #inflation likely to have peaked, key data indicators suggest – FT
— Christophe Barraud🛢🐳 (@C_Barraud) November 29, 2022
*Link: https://t.co/J3mlr2y9N2 pic.twitter.com/acNMYheMam