Morning Brief – March 18th 2021
Americas
WATCH: U.S. stocks closed higher, boosted by Fed Chair Jerome Powell's comments that it was too soon to talk about tapering off measures https://t.co/UTi5zcTFWT pic.twitter.com/gsZjhJK667
— Reuters Business (@ReutersBiz) March 18, 2021
In hammering home the Fed's dovish message, Chair Jerome Powell is making a clean break with the way things used to be done https://t.co/TNboMlUmT4
— Bloomberg Economics (@economics) March 18, 2021
#FED SEES UNEMPLOYMENT RATE 4.5% 2021, BACK TO 3.5% BY END-2023 – BBG
*FED FORECAST SHOWS 2.2% CORE INFLATION IN `21, 2% `22, 2.1% `23
*Link: https://t.co/hGFDW4igIX pic.twitter.com/bNOoXJ9M6L— Christophe Barraud (@C_Barraud) March 17, 2021
#FED POWELL: ASSET VALUES BY SOME MEASURES ARE ELEVATED – BBG
— Christophe Barraud (@C_Barraud) March 17, 2021
The Federal Reserve will stop its regular buying of agency commercial mortgage-backed securities after March 23 because that market is now functioning smoothly, according to a NY Fed statement released on Wednesday.https://t.co/fpuAbNRHAb
— Christophe Barraud (@C_Barraud) March 17, 2021
Stocks Expode Higher After Powell Says Will Give SLR Update "In Coming Days" https://t.co/1JehJwNqRc
— zerohedge (@zerohedge) March 17, 2021
IRS to Delay Tax Deadline to Mid-May After Chaotic Year – Bloomberg
*The Internal Revenue Service is planning to delay the April 15 tax filing deadline by about one month.https://t.co/CkGjBZsGHt— Christophe Barraud (@C_Barraud) March 17, 2021
#Housing | U.S. #Mortgage #Refinancing Index Crashed To A 6-Month Lowhttps://t.co/pMbOrGRRR7
— Christophe Barraud (@C_Barraud) March 17, 2021
Our real-time US oil production tracking shows we are at ~10.8 to ~11 mb/d following the full recovery from the freeze-off.
No "permanent" production was lost from this.#OOTT pic.twitter.com/DXpdKyFtbA
— HFI Research (@HFI_Research) March 17, 2021
#China Communication Firms Subpoenaed by U.S. in Security Review – Blooomberg
*Commerce Department: https://t.co/PxCHshQt2Q https://t.co/YDe7FN5PNF— Christophe Barraud (@C_Barraud) March 18, 2021
U.S. FCC Moves Toward Banning More Chinese Wireless Carriers – Bloomberghttps://t.co/tU798lQd9a
— Christophe Barraud (@C_Barraud) March 18, 2021
US warns #China it will enforce sanctions on #Iran oil shipments – FThttps://t.co/KhyHOH3C0i
— Christophe Barraud (@C_Barraud) March 17, 2021
#Covid_19: Daily Summary (March 18th)
➡ News
➡ Restrictions (easing)
➡ Regional/national data
➡ Vaccine trackerhttps://t.co/e5kPynLfr2— Christophe Barraud (@C_Barraud) March 18, 2021
Asia
The surge in #dollar–#yuan swap points to near the highest level in five years this week was driven by buying from Chinese banks, according to traders – Bloomberg pic.twitter.com/uCJDdggs9w
— Christophe Barraud (@C_Barraud) March 18, 2021
#Japan | #BOJ to widen interest rate target range to support bank profits – Nikkeihttps://t.co/h8vOWrV70t
— Christophe Barraud (@C_Barraud) March 18, 2021
The Bank of Japan could change its yield target to five-year government debt from the current 10-year maturity if it is looking to surprise markets, according to former BOJ policy board member Takahide Kiuchi https://t.co/WNkElIk0Kz
— Bloomberg Economics (@economics) March 18, 2021
BOJ seen phasing out guidelines on ETF buying, focus on band on yield moves https://t.co/fNS6zST0YF pic.twitter.com/Ls6KwwWLex
— Reuters Business (@ReutersBiz) March 18, 2021
Indonesia’s central bank leaves its benchmark interest rate unchanged and pledged greater efforts to stabilize a currency that’s weakening https://t.co/2NiYvYuX6T
— Bloomberg Economics (@economics) March 18, 2021
China’s banking regulator slams an online lender backed by Xiaomi in the latest sign of intensifying scrutiny on tech companies' financial operations https://t.co/TmSWubaVBF
— Bloomberg Economics (@economics) March 18, 2021
Top #China Chipmaker Gets State Funds for $2.4 Billion Plant – Bloomberghttps://t.co/pgUgfbtQHJ
— Christophe Barraud (@C_Barraud) March 18, 2021
#China is building up its ability to weaponize trade, new report says – CNBChttps://t.co/R9sItaifhm
— Christophe Barraud (@C_Barraud) March 18, 2021
#China Plans to Ask U.S. to Roll Back Trump Policies in Alaska Meeting – WSJhttps://t.co/g57M9QUzuP
— Christophe Barraud (@C_Barraud) March 18, 2021
*#CHINA: NO PLANS NOW TO DISCUSS #XI–#BIDEN MEETING – BBG
— Christophe Barraud (@C_Barraud) March 18, 2021
#China Seeks Biden-Xi Meeting Next Month If Alaska Talks Go Well – Bloomberghttps://t.co/cV6PImPO9S
— Christophe Barraud (@C_Barraud) March 18, 2021
#Australia Posts First Quarterly Decline in Population Since 1916 – Bloomberghttps://t.co/xQoZVEGqkQ
— Christophe Barraud (@C_Barraud) March 18, 2021
Australia’s jobless rate tumbled to 5.8% in February, as government stimulus helped return employment to pre-pandemic levels https://t.co/dY41SSmjce
— Bloomberg Economics (@economics) March 18, 2021
New Zealand’s economy contracted in the final three months of 2020 after its dramatic, V-shaped recovery from the pandemic https://t.co/U74A31U1lR
— Bloomberg Economics (@economics) March 17, 2021
Japanese Prime Minister Yoshihide Suga is set to announce that Tokyo's state of emergency will end March 21, even after cases rose https://t.co/wimMRhrVSS
— Bloomberg Economics (@economics) March 18, 2021
New Zealand and Australia are close to agreeing terms for a quarantine-free travel corridor, says New Zealand Deputy Prime Minister Grant Robertson https://t.co/JTypCNPJzL
— Bloomberg Economics (@economics) March 17, 2021
Taiwan clears AstraZeneca vaccines, shots may start next week https://t.co/cuKdT1oeRv pic.twitter.com/tmk0Cd4GNu
— Reuters (@Reuters) March 18, 2021
Europe
BOE watchers focus on outlook for the UK recovery
Turkey set to hike rates as inflation risks grow
Powell hammers home dovish message in "clean break" with old Fed
Here's a rundown of your top economic news today https://t.co/ZLEIQyGQdo— Bloomberg Economics (@economics) March 18, 2021
#Europe #Covid_19: Daily Summary (March 18th)
Special focus on ⚠ #France ⚠
Data for #Germany, #Spain and #Italyhttps://t.co/8bwVeSWE0r
— Christophe Barraud (@C_Barraud) March 18, 2021
*EMA MAY INDICATE POSSIBLE GROUPS AT RISK WITH ASTRA: AIFA CHIEF – BBG
— Christophe Barraud (@C_Barraud) March 18, 2021
#ECB LAGARDE: YIELD INCREASE GETTING AHEAD OF ECONOMIC RECOVERY – BBG
— Christophe Barraud (@C_Barraud) March 18, 2021
#ECB LAGARDE: ECONOMIC OUTLOOK STILL SURROUNDED BY UNCERTAINTY – BBG
*LAGARDE: RISKS TO OUTLOOK HAVE BECOME MORE BALANCED
*LAGARDE SEES FIRM REBOUND IN SECOND HALFhttps://t.co/YgU3X7CIpo— Christophe Barraud (@C_Barraud) March 18, 2021
"While records of our weekly purchases will continue to be distorted by short-term noisy factors – such as occasionally lumpy redemptions – the step-up in the run-rate of our programme will become visible when ascertained over longer time intervals." https://t.co/TahRnel9qb
— Frederik Ducrozet (@fwred) March 18, 2021
*NORGES BANK RATE PATH POINTS TO FIRST HIKE IN H2 2021 – BBG
— Christophe Barraud (@C_Barraud) March 18, 2021
Dutch Give Rutte Election Win With Signs of Softening on Europe – Bloomberghttps://t.co/foMpdI0RPw
— Christophe Barraud (@C_Barraud) March 18, 2021
#FRANCE’S HCSF: FINANCIAL STABILITY RISKS STILL AT HIGH LEVEL – BBG
*FRANCE'S HCSF: BANKS CAPITAL BUFFER TO REMAIN AT 0% TO END 2022— Christophe Barraud (@C_Barraud) March 18, 2021
#France | "Au moins de janvier, nous avons encaissé 19,4 milliards d'euros de TVA, c'est 2 milliards de plus que ce que nous imaginions, ce qui prouve que l'économie résiste bien et c'est à 100 millions près, le même niveau de TVA qu'en janvier 2020"https://t.co/UenK7XlGgl.
— Christophe Barraud (@C_Barraud) March 17, 2021
The Bank of England is likely to emphasize its high bar for tightening monetary policy in its statement due for release on Thursday https://t.co/SCLDHGOt63
— Bloomberg Economics (@economics) March 18, 2021
Russia wants an apology from U.S. after Biden called Putin a killer, says Kremlin ally https://t.co/IR1jIS7Dro pic.twitter.com/nYuFwrqZZd
— Reuters (@Reuters) March 18, 2021
#Russia warns it may scale up response to #Biden’s statement – APhttps://t.co/8934YlqMWg
— Christophe Barraud (@C_Barraud) March 18, 2021
Global Economy
World GDP Forecasts Revised Up After US Fiscal Stimulus Package – Fitchhttps://t.co/A7dNdpCDg1
— Christophe Barraud (@C_Barraud) March 17, 2021
UN Sees World Economy Healing From Year of 255 Million Lost Jobs – Bloomberghttps://t.co/mJOkp4f3lg
— Christophe Barraud (@C_Barraud) March 18, 2021
The IHS Markit Global Business Outlook Survey – pointed to a notable improvement in business confidence.
*At +32%, up from +26% in October 2020, the business activity net balance indicated the strongest degree of optimism in three years ⚠
*Link: https://t.co/Yn0Z5rC0e3 pic.twitter.com/kFQelQ845Z— Christophe Barraud (@C_Barraud) March 18, 2021
⚠ Week Ahead – w11 (2021) ⚠https://t.co/nWtOHQdNGM
— Christophe Barraud (@C_Barraud) March 15, 2021
*Most Read:
U.S. Economic Growth Will Easily Top 6 Percent In 2021
U.S. Total Excess Personal Savings Will Be A Massive Economic Boost From 2Q
US Growth Will Exceed Expectations In 2021
U.S. Mortgage Refinancing Index Crashed To A 6-Month Low