Morning Brief: Focus on U.S. Data, Several Chinese Banks Cut Deposit Rates, ETH Merge
Americas
Markets
🇺🇸 US 2- to 30-Year Curve Reaches Most Inverted Level This Century – Bloomberg
— Christophe Barraud🛢🐳 (@C_Barraud) September 15, 2022
*Link: https://t.co/p5n3Nzzp7P pic.twitter.com/u8QW91cgfJ
Economic Indicators and Prospects
U.S. producer prices notch second straight monthly decline in August https://t.co/4WCI0HE5ys pic.twitter.com/HvbmzCtt3e
— Reuters (@Reuters) September 14, 2022
US Retail Sales Expected To Drift Sideways Ahead Of Probable Fed Hike – LiveSquawk https://t.co/VHFwb7f8uO pic.twitter.com/mglP2dIke3
— LiveSquawk (@LiveSquawk) September 15, 2022
Fitch: We forecast that US and eurozone growth in annual terms will be quite close to 0% next year. China’s recovery is constrained by Covid-19 pandemic restrictions and a prolonged property slump. We now expect growth to slow to 2.8% this year and recover to only 4.5% next year.
— CN Wire (@Sino_Market) September 14, 2022
Housing
🇺🇸 #Housing #Recession | #Mortgage refinancing index fell for the 5th straight week, reaching the lowest level since Oct. 2000 ⚠ pic.twitter.com/K1TnvgbfTg
— Christophe Barraud🛢🐳 (@C_Barraud) September 14, 2022
30-Year Mortgage Rates at 6.30%; 14 Year High https://t.co/9Wduqa3zNj pic.twitter.com/semJznb1Hd
— Bill McBride (@calculatedrisk) September 14, 2022
Monetary Policy
Why the 2020s are NOT the 1970s in one chart.
— Alf (@MacroAlf) September 14, 2022
Also, a company today only needs 1/10th of the employees to make the same USD 1 million in sales. pic.twitter.com/kF2uJXXQ8y
Trade, Supply Chain and Geopolitics
🇺🇸 U.S. passenger railroad Amtrak canceling all long-distance trains for now – Reutershttps://t.co/qvmDVPJvHh
— Christophe Barraud🛢🐳 (@C_Barraud) September 15, 2022
The west is dialling up the pressure on Turkey. The US will focus on banks integrated into Russia’s Mir payment system, two officials tell the @FT. Banks here insist that they comply with US sanctions — and say the Mir system is needed for tourism. https://t.co/GM9SvZxWO6
— Laura Pitel (@laurapitel) September 15, 2022
Asia
Covid-19
Mainland #China reports 126 local symptomatic cases and 823 asymptomatic cases on September 14.🔽
— CN Wire (@Sino_Market) September 15, 2022
—#Guizhou 5 + 302🔼#Sichuan 84 + 159🔼#Tibet 9 + 101🔽#Guangxi 5 + 55🔼#Jiangxi 1 + 52🔼
—
Source: NHC https://t.co/k1g6bsfgyr pic.twitter.com/qoV0AoDhdR
Economists point to one main catalyst when it comes to China: Covid.
— David Ingles (@DavidInglesTV) September 15, 2022
Encouraging news out of Chengdu.
China Megacity Chengdu Eases Lockdown as Covid Cases Declinehttps://t.co/Aa8LfMRQHB
Economic Indicators and Prospects
Six months after China’s government set ambitious economic targets for the year, growth has slowed so sharply that several major banks don’t even think 3% is achievable anymore https://t.co/ICcZSQ8VD8
— Bloomberg (@business) September 14, 2022
New Zealand’s economy grew more than expected in the second quarter, avoiding a recession https://t.co/3I8xhG9diW
— Bloomberg Australia (@BloombergAU) September 14, 2022
Housing
⚠️ China's Guangzhou lets developers cut home prices by 20% -Yicai
— PiQ (@PriapusIQ) September 15, 2022
– Reuters via https://t.co/ymHY6x4lOb pic.twitter.com/cYE6XkHwaL
Monetary Policy
🇨🇳 Chinese premier chairs State Council executive meeting – Xinhuahttps://t.co/hNZ9bkKNlE
— Christophe Barraud🛢🐳 (@C_Barraud) September 15, 2022
🇨🇳 Big Chinese state-owned banks cut personal deposit rates – Reutershttps://t.co/LAUYxejCaB
— Christophe Barraud🛢🐳 (@C_Barraud) September 15, 2022
Yen Intervention Would Be Limited In Stopping Steeper Falls, Official Warns – RTRS https://t.co/JkJJXtVqoa
— LiveSquawk (@LiveSquawk) September 15, 2022
Fiscal Policy
🇨🇳 #China to Extend Time Frame for SMEs to Pay Tax: CCTV
— Christophe Barraud🛢🐳 (@C_Barraud) September 14, 2022
*Payment deferral will be extended for 4 more months from Sep. for SMEs in manufacturing sector, CCTV reports following a State Council meeting chaired by Premier Li Keqiang
*CNY32b of additional tax refunds will be offered
Trade, Supply Chain and Geopolitics
Putin, Xi Set To Meet On Thursday In Samarkand – RTRS https://t.co/5Y0NNfFQmP
— LiveSquawk (@LiveSquawk) September 15, 2022
Europe
Economic Indicators and Prospects
🇬🇧 UK Consumer Confidence Drop Feeds Concern About House Prices – Bloomberghttps://t.co/JfBopu79Gt
— Christophe Barraud🛢🐳 (@C_Barraud) September 15, 2022
France caps electricity, gas price hikes at 15% for 2023 https://t.co/aSGTxKjBDj via @Newsbaum_ @FrancoisDeBeaup @WHorobin pic.twitter.com/l3AHmlHEuH
— Zoe Schneeweiss (@ZSchneeweiss) September 14, 2022
Monetary Policy
MNI INTERVIEW: ECB Could Hike Past February – Kazaks https://t.co/VIMYT2hNyT
— Pedro da Costa (@pdacosta) September 14, 2022
ECB's Holzmann flags more (& more) interest rate rises ahead – adds they're data dependenthttps://t.co/AnHZaSRxBx
— ForexLive (@ForexLive) September 14, 2022
IYCMI – ECB chief economist Lane said interest rate rises ahead will be largerhttps://t.co/OBt8dyOEcW
— ForexLive (@ForexLive) September 14, 2022
Fiscal Policy
UK Government Pledges To Backdate Energy Support For Companies – @FT https://t.co/Kdw2LHBILC
— LiveSquawk (@LiveSquawk) September 14, 2022
Energy
Blackouts could be coming to Europe this winter as countries grapple with the worsening energy crisis https://t.co/KGICAv2jSI
— Bloomberg (@business) September 15, 2022
2.
— Carl Quintanilla (@carlquintanilla) September 14, 2022
“Moreover, Russia has already used its ‘trump-card’ in shutting off supplies through the Nord Stream 1 (NS1) and Yamal pipelines, and therefore has limited leverage on developments ahead.” – JPMorgan
(2/2) #ukraine
Trade, Supply Chain and Geopolitics
The head of the European Union’s executive Ursula von der Leyen said she would make her third trip to Ukraine since the war began later Wednesday
— Bloomberg (@business) September 14, 2022
Latest updates: https://t.co/952YKbUJBx pic.twitter.com/KRgWiFU7w9
Other Areas And Global Economy
⚠ Week Ahead: Week 37 (2022) ⚠
— Christophe Barraud🛢🐳 (@C_Barraud) September 12, 2022
🇺🇸 U.S. CPI and Other Data
🇮🇷 #Iran Nuclear Deal
🇪🇺 #ECB Speakers
🌎 #ETH #Merge
…https://t.co/2m0DhKrB2r
🌎 #ETH #XET | *#ETHEREUM’S ENERGY-SAVING ‘#MERGE’ UPDATE DONE: DEVELOPERS – BBG
— Christophe Barraud🛢🐳 (@C_Barraud) September 15, 2022
And we finalized!
— vitalik.eth (@VitalikButerin) September 15, 2022
Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.
🌎 #XET #ETH | #Ethereum Completes Long-Awaited Energy-Saving ‘#Merge’ Upgrade – Bloomberg
— Christophe Barraud🛢🐳 (@C_Barraud) September 15, 2022
*Link: https://t.co/0rDTi4KcQ0 pic.twitter.com/czoX0YL9Hu