Morning Brief – March 31st 2021
Americas
Stocks on Wall street ended lower with technology stocks the biggest drag, spooked by Treasury yields which hit a 14-month high. Read more https://t.co/xgvDNUlV9T pic.twitter.com/vuryi4TFtb
— Reuters Business (@ReutersBiz) March 31, 2021
Estimates of Archegos exposure via @CreditSights: pic.twitter.com/9uQB7q1463
— Tracy Alloway (@tracyalloway) March 31, 2021
UBS May Face Low Three-Digit-Million Loss On Archegos – FINews https://t.co/qtHmUKygVz
— LiveSquawk (@LiveSquawk) March 31, 2021
CREDIT SUISSE NOW REPORTEDLY LOST $5 BILLION FROM ARCHEGOS AND STILL UNWINDING – FINEWS
— FXHedge (@Fxhedgers) March 31, 2021
Credit Suisse’s Outlook Cut to Negative by S&P on #Archegos – Bloomberghttps://t.co/qwNJabJizn
— Christophe Barraud (@C_Barraud) March 31, 2021
Global banks brace for losses from #Archegos fallout – Reutershttps://t.co/X59m1C8vhR
— Macro Brief (@macroandfinance) March 31, 2021
Wall Street counted the cost of the Archegos Capital meltdown, with pressure mounting on heavily exposed Credit Suisse and regulators stepping up scrutiny of the fallout from banks unwinding the New York fund’s positions https://t.co/fMNCgvi5vn
— Reuters Business (@ReutersBiz) March 31, 2021
JPMorgan Says Banks’ Archegos Hit May Be Up to $10 Billion – Bloomberghttps://t.co/5zRmxQvJcz
— Christophe Barraud (@C_Barraud) March 31, 2021
*U.S. MARCH CONSUMER CONFIDENCE INDEX RISES TO 109.7 (V 96.9E)https://t.co/BXAuSlV1VZ
— Christophe Barraud (@C_Barraud) March 30, 2021
US #Housing Prices Are Overheating Amid Tight Inventoryhttps://t.co/dv9wx5KB5M
— Christophe Barraud (@C_Barraud) March 30, 2021
#Covid_19: Daily Summary (March 31st)
➡ News
➡ Regional/national data
➡ Vaccine trackerhttps://t.co/r7wk7rcYlZ— Christophe Barraud (@C_Barraud) March 31, 2021
#OOTT | U.S. open to discussing wider nuclear deal road map if #Iran wishes – Reutershttps://t.co/loDdZdKWx8
— Christophe Barraud (@C_Barraud) March 31, 2021
The Biden administration faulted Turkey over a series of “significant human rights issues” ranging from allegations of arbitrary killings and torture cases to the jailing of political foes https://t.co/iI5gshGLJI
— Bloomberg Asia (@BloombergAsia) March 31, 2021
Infrastructure Plan: Previews
#Biden to Map $2 Trillion Economic Plan (over eight years) in Reborn Pittsburgh – Bloomberg
*That would be paid for over a 15-year period with a ⬆ in the corporate tax to 28% from 21% and the introduction of a minimum tax on global corporate earningshttps://t.co/SEQRZgaYFH— Christophe Barraud (@C_Barraud) March 31, 2021
#Biden decides to shelve Warren’s wealth tax – Politicohttps://t.co/82iHasaUA5
— Christophe Barraud (@C_Barraud) March 31, 2021
Factbox-What we know about #Biden's U.S. #infrastructure plan so far – Reutershttps://t.co/J7aSdS6ipg
— Christophe Barraud (@C_Barraud) March 31, 2021
SALT-Cap Foes Threaten #Biden Tax Plan as Repeal Bid Gains Steam – Bloomberghttps://t.co/0fyH3BEDbe
— Christophe Barraud (@C_Barraud) March 31, 2021
Infrastructure Plan: White House Statements
*Focusing on new taxes:
– "actually stop the race to the bottom of profit-shifting to tax havens by setting the corporate rate at 28 percent"
– by strengthening a global minimum tax and raising the rate to 21 percent— Christophe Barraud (@C_Barraud) March 31, 2021
FACT SHEET: The American Jobs Plan – WH Statementhttps://t.co/Yx9wDnJteZ
— Christophe Barraud (@C_Barraud) March 31, 2021
Most of economists, analysts, reporters don't understand that #geopolitics is a key argument behind this plan.
➡ Therefore, counter-arguments like potential inflation, overheating matter less than they think.
— Christophe Barraud (@C_Barraud) March 31, 2021
In other words, the probability of implementing an #infrastructure plan in the U.S. is clearly underpriced.https://t.co/L3BVcgvF5i
— Christophe Barraud (@C_Barraud) March 31, 2021
Asia
-China stocks dip at the open, on track to end the quarter lower
-Kweichow Moutai is down after reporting slowing sales
-Onshore yuan is at weakest level since December https://t.co/ICCYN1AN81 pic.twitter.com/iQwQRgYPeM— Bloomberg Next China (@next_china) March 31, 2021
Exclusive: China is considering establishing a stock exchange to attract overseas-listed firms and bolster the global status of its onshore share markets, sources tell @Reuters https://t.co/oBDF4pByCo
— Reuters Business (@ReutersBiz) March 31, 2021
China is considering creating a new stock exchange to lure overseas-listed firms from markets like Hong Kong and the U.S., Reuters reported https://t.co/IgFve8rupo
— Bloomberg Asia (@BloombergAsia) March 31, 2021
#China March #Manufacturing PMI at 51.9 from 50.6 in Feb. (biggest rise since economy re-opened last March); Est. 51.2
*The employment component rose to 50.1 — the first expansionary reading since last May.
*March non-manufacturing PMI rises to 56.3 from 51.4 in Feb.; Est. 52 pic.twitter.com/GMVgGyzZQm— Christophe Barraud (@C_Barraud) March 31, 2021
Growth in China's services sector surges in March https://t.co/kkUjfEez75 pic.twitter.com/GcsjXarytZ
— Reuters Business (@ReutersBiz) March 31, 2021
China is considering a number of tax changes for its mammoth steel industry to bolster efforts to clean up one of the dirtiest industries in the world’s top carbon emitter https://t.co/LeD7vVU0xt
— Bloomberg Economics (@economics) March 31, 2021
China’s economy might overtake the U.S. by 2028 – 2 years earlier than expected before the pandemic, according to some predictions. But there are no guarantees and other experts warn the mix of aging population and debt will keep it confined to 2nd place https://t.co/qVIAum62HR pic.twitter.com/28gypzZTDI
— Bloomberg Economics (@economics) March 31, 2021
Australia To Build Advanced Missiles As Indo-Pacific Tensions Rise – FT https://t.co/bvzy3SmioV
— LiveSquawk (@LiveSquawk) March 31, 2021
Vietnam’s aviation authority proposed a gradual resumption in international passenger flight arrivals starting in July https://t.co/legts5YU2x
— Bloomberg Asia (@BloombergAsia) March 31, 2021
Europe
ECB's gloomy inflation view highlighted by weak German pay deal
UK and EU Brexit forum seeks dialog on financial market access
IMF to upgrade world growth outlook on U.S. stimulus, vaccines
Here's a rundown of your top economic news today https://t.co/edWY522I1l— Bloomberg Economics (@economics) March 31, 2021
#Europe #Covid_19: Daily Summary (March 31st)
Special focus on ⚠ #France ⚠
Data for #Germany, #Spain and #Italyhttps://t.co/dsGTeuqdkD
— Christophe Barraud (@C_Barraud) March 31, 2021
#Covid_19 | French President Emmanuel Macron to address the nation Wednesday at 8pm in Paris about the health situation, his office says in a text message – Bloomberg
— Christophe Barraud (@C_Barraud) March 31, 2021
French President Emmanuel Macron will address the nation about the coronavirus situation on Wednesday at 8 p.m. in Paris after a council meeting to discuss options to fight a surge in infections https://t.co/lhsiqdqrpT
— Bloomberg Asia (@BloombergAsia) March 31, 2021
“Providing a degree of certainty is the best that we can do at the moment,” says ECB President Christine Lagarde https://t.co/Ehel64viDd pic.twitter.com/A1sr4x4qQZ
— Bloomberg TV (@BloombergTV) March 31, 2021
*LAGARDE: #ECB WON'T BE GUIDED BY SHORT-TERM MOVES OF ECONOMY
*LAGARDE: MARKETS `CAN TEST US AS MUCH AS THEY WANT' ⚠— Christophe Barraud (@C_Barraud) March 31, 2021
Euro-area consumer prices rose 1.3% in March from a year earlier, driven higher by a surge in energy costs. That’s below the ECB’s goal of just-under 2%, and a measure that strips out volatile components such as food and fuels slipped to 0.9% https://t.co/DCF4kgB9MO pic.twitter.com/5ZkRLUbntY
— Zoe Schneeweiss (@ZSchneeweiss) March 31, 2021
The number of people unemployed in Germany declined in March, signaling economic resilience even as thousands of businesses remain affected by pandemic restrictions https://t.co/yI3A2CoG5K
— Bloomberg Asia (@BloombergAsia) March 31, 2021
UK March Nationwide House Price Report – Nationwidehttps://t.co/6GB26CSMH6 pic.twitter.com/SKtr70cx8H
— LiveSquawk (@LiveSquawk) March 31, 2021
UK Calls For World To ‘Get Tough’ With China As Part Of Global Trade Shake-Up – FT https://t.co/X7p2twNxRT
— LiveSquawk (@LiveSquawk) March 30, 2021
Global Economy
#IMF to Upgrade World Growth Outlook on U.S. Stimulus, Vaccines – Bloomberghttps://t.co/dwlKeEdnVF
— Christophe Barraud (@C_Barraud) March 30, 2021
The Suez Canal may be open again, but it will take time to clear the traffic backed up by the waterway’s longest closure in almost half a century. @daniburgz reports https://t.co/hqO5UnP6T6 @Quicktake pic.twitter.com/wdXqGUeA4Y
— Bloomberg Asia (@BloombergAsia) March 31, 2021
Week Ahead
⚠ Week Ahead – w13 (2021) ⚠https://t.co/YdZwlPa0OX
— Christophe Barraud (@C_Barraud) March 29, 2021
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