Morning Brief: Japan Braces for CPI hikes Starting June 1, German Retail Sales Collapse
Americas
Markets
Retail has sold all their US equity purchases from the last two years – Goldman pic.twitter.com/6q9FrykDet
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) May 31, 2022
Economic Indicators and Prospects
US consumer confidence dropped in May to the lowest since February, underscoring the impact of decades-high inflation on Americans’ economic views https://t.co/EhFahgfuWT
— Bloomberg Economics (@economics) May 31, 2022
Sen Minority Leader Mitch McConnell: It may take a recession to crush inflationhttps://t.co/BkdL4B0NKE
— ForexLive (@ForexLive) May 31, 2022
Housing
Case-Shiller: National House Price Index increased 20.6% year-over-year in March https://t.co/CL3dIeyAyj pic.twitter.com/frh2Gj0iEH
— Bill McBride (@calculatedrisk) May 31, 2022
Fannie Mae: Mortgage Serious Delinquency Rate Decreased in April https://t.co/LyUyjD4OAi pic.twitter.com/CXapZPx4eV
— Bill McBride (@calculatedrisk) May 31, 2022
Monetary Policy
Atlanta Fed President Raphael Bostic said his suggestion that the central bank take a September “pause” in raising interest rates should not be construed as a “Fed put,” or belief that the central bank would come to the rescue of markets.https://t.co/ULRu3My9Ak
— MarketWatch (@MarketWatch) May 31, 2022
Trade, Supply Chain and Geopolitics
The US will give Ukraine more precise rocket systems, including ones that can strike targets up to 80 kilometers away, the Biden administration says https://t.co/uIioM0E6j8
— Bloomberg (@business) June 1, 2022
Asia
Covid-19
Mainland #China reports 22 local confirmed cases and 46 asymptomatic cases on May 31.
— CN Wire (@Sino_Market) June 1, 2022
—#Shanghai reports 5 + 10 cases🔽#Beijing reports 14 + 1 cases🔽
—
Source: NHChttps://t.co/GnHSBF8rqu https://t.co/whJtAhshIh
Economic Indicators and Prospects
🇨🇳 #China | As Covid-19 cases fall below 100, reopening phase should gain traction in June. With massive fiscal firepower accumulated over the past few months, public investment should also spike supporting a bounce of #Manufacturing PMI >50 in June.https://t.co/1ILYWXgPj9
— Christophe Barraud🛢🐳 (@C_Barraud) May 31, 2022
🇨🇳 #China’s Home Sales Slump Persisted in May During Lockdowns – Bloomberg
— Christophe Barraud🛢🐳 (@C_Barraud) June 1, 2022
*Link: https://t.co/5QZJwqZXml pic.twitter.com/NkPQ3hnvZk
⚡Average sales of top 100 Chinese real estate companies in Jan-May fell 59.4% y/y but increased by 5.6% m/m: CRIC#China #property #realestate https://t.co/UroFDbBjfJ pic.twitter.com/NBwHJTfPwi
— CN Wire (@Sino_Market) June 1, 2022
🇨🇳 #China | #Shanghai Braces for Long Road to Recovery as Lockdown Ends – Bloomberg
— Christophe Barraud🛢🐳 (@C_Barraud) June 1, 2022
*Link: https://t.co/RYcKYy9ZR5 pic.twitter.com/0w1Z0r8x1c
🇦🇺 Australian House Prices Drop for First Time Since September 2020 – Bloomberghttps://t.co/PVa8ZtwnpG
— Christophe Barraud🛢🐳 (@C_Barraud) June 1, 2022
🇯🇵 #Japan braces for further consumer price hikes starting June 1 – Nikkeihttps://t.co/CGCITH9Wl6
— Christophe Barraud🛢🐳 (@C_Barraud) June 1, 2022
Housing
S&P: CHINA SIGNALS POLICY SUPPORT FOR PRIVATE DEVELOPERS.#CHINA #REALESTATE
— CN Wire (@Sino_Market) June 1, 2022
Chinese developer Fantasia might face liquidation after wind-up petition in Cayman Islands over outstanding loan of US$149 million https://t.co/ebys3WIBw4
— Sunil Beri (@sunchartist) June 1, 2022
Monetary Policy
🇨🇳 #China’s state-run firms are selling bonds at their lowest-ever yields, as concerns about a slowing economy and rising financial risk prompt investors to embrace the perceived safety of government-backed borrowers – Bloomberg pic.twitter.com/mX1X64JqkF
— Christophe Barraud🛢🐳 (@C_Barraud) May 31, 2022
Fiscal Policy
⚡#China expands scope of policy of deferred payment of social insurance premiums to 22 industries including automobile manufacturing and general equipment manufacturing from previous 22 industries. https://t.co/3QdR97cRIu
— CN Wire (@Sino_Market) May 31, 2022
Also from yesterday：
— Yuko Takeo (@grey_whistle) June 1, 2022
Japan’s government loosened the wording around its balanced budget commitment in changes that suggest it is seeking more fiscal flexibility as it tries to shore up the economy’s recovery from the pandemic https://t.co/uuiLFg11lP via @markets
Energy
Renewable energy generation should reach 3.3 trillion kWh and consumption should be the equivalent of 1 billion tons of standard coal equivalent by 2025.
— CN Wire (@Sino_Market) June 1, 2022
All renewables including hydropower should account for 33% of power by 2025, up from 28.8% in 2020.#China #energy
Trade, Supply Chain and Geopolitics
Taiwan says to hold more trade talks with United States https://t.co/PiiUDMOEgz pic.twitter.com/5HKufiCerB
— Reuters (@Reuters) June 1, 2022
This seems important. @iingwen: "The U.S. Department of Defense is now proactively planning cooperation between the U.S. National Guard and Taiwan's defense forces” https://t.co/1fv2TbxHGs
— Julian Ku 古舉倫 (@julianku) June 1, 2022
Europe
Economic Indicators and Prospects
🇬🇧 UK #Food Prices Surging Most In a Decade Signals More Pain Ahead – Bloomberghttps://t.co/KDsN28rC9h
— Christophe Barraud🛢🐳 (@C_Barraud) June 1, 2022
German Retail Sales – Full Report https://t.co/tIqLkbdFz3 pic.twitter.com/3NAK9nFJ4K
— LiveSquawk (@LiveSquawk) June 1, 2022
Eurozone S&P Global Manufacturing PMI – Full Report https://t.co/JakVRw8tT3 pic.twitter.com/WzQON3h8Tz
— LiveSquawk (@LiveSquawk) June 1, 2022
Monetary Policy
ECB’s Holzmann: Half-Point ECB Hike Needed After Inflation Record – BBG https://t.co/Qi8mlwPTwi
— LiveSquawk (@LiveSquawk) June 1, 2022
Geopolitics
Danes head to polls Wednesday to vote on joining the EU’s defense pact as the country is pushed closer to the bloc by Russia’s war against Ukraine https://t.co/dQJlBhGHNw
— Bloomberg Economics (@economics) June 1, 2022
Focus on Sanctions
#OOTT | What Exempting Russia From OPEC+ Supply Quotas May Mean For Oil – BBG https://t.co/SBa1rJ9LbX
— LiveSquawk (@LiveSquawk) June 1, 2022
Other Areas And Global Economy
Russia says Saudi Arabia hailed their oil-market cooperation in the OPEC+ alliance as Foreign Minister Sergei Lavrov visited the kingdom for talks with Gulf officials https://t.co/r8FfmG1cOn
— Bloomberg Economics (@economics) June 1, 2022
OPEC Weighs Suspending Russia from Oil-Production Deal – WSJ https://t.co/Jfs3oX6XtX
— FxMacro (@fxmacro) May 31, 2022
🚨Updated timings for tomorrow's #Opec+ meetings:
— Nader Itayim | نادر ایتیّم (@ncitayim) June 1, 2022
JMMC meeting now at 14:00 (Vienna) vs 13:00 before.#Opec+ ministerial meeting now 14:30 (Vienna) vs 14:30 before. #oott