Morning Brief: Pelosi On her Way to Taiwan?, China PMIs Missed Estimates
Americas
Economic Indicators and Prospects
US consumer spending barely rose in June after falling in the prior month, underscoring how decades-high inflation has eroded Americans’ paychecks and tempered demand https://t.co/vNNrmQrGYT
— Bloomberg (@business) July 29, 2022
The Labor Department's employment cost index rose 1.3% in the 2nd quarter from the prior 3 months, 0.1% more than economists estimated & Commerce's personal consumption expenditures price index rose 1%, the fastest since 2005, stoking inflation fears.https://t.co/BGYxYm9JWs
— Stars and Stripes (@starsandstripes) July 29, 2022
The University of Michigan’s final July reading of US consumer long-term inflation expectations was marked up slightly, hovering near an 11-year high and weighing on sentiment https://t.co/hxCj1dUZXL
— Bloomberg (@business) July 29, 2022
Companies’ mentions indicate a sharp drop in business conditions vs. last quarter
— Mike Zaccardi, CFA, CMT (@MikeZaccardi) July 31, 2022
Mentions of “better” or “stronger” vs. “weaker” or “worse” on S&P 500 earnings calls by qtr pic.twitter.com/pKQXf9Qn3o
Housing
Politics
Monetary Policy
Fed Governor Chris Waller pushed back against economists Olivier Blanchard's and Larry Summers' dire predictions of high unemployment: “A soft landing is a plausible outcome for the labor market going forward.” https://t.co/Aj3s7WEdhf via @markets @economics @ctorresreporter
— Steve Matthews (@SteveMatthews12) July 30, 2022
Fiscal Policy
The climate and tax spending deal announced last week by Senate Majority Leader Chuck Schumer and Senator Joe Manchin could cost the oil industry $25 billion in new taxes https://t.co/G1BrL1KWzS
— Bloomberg (@business) August 1, 2022
Trade, Supply Chain and Geopolitics
U.S. SEC Adds Alibaba Group Holding, Mogu Inc, Cheetah Mobile and Boqii Holding to List of Firms That Could Face Delisting.#Alibaba $BABA #Cheetah $CMCM $BQ $MOGU $KWEB $FXI pic.twitter.com/1sPPdpQeEy
— CN Wire (@Sino_Market) July 29, 2022
Asia
Covid-19
Economic Indicators and Prospects
Housing
China's top 100 developers see July sales at 523.14 billion yuan, down 28.6% m/m and 39.7% y/y: CRIC#China #property pic.twitter.com/llXJSw2TqZ
— CN Wire (@Sino_Market) July 31, 2022
Trade, Supply Chain and Geopolitics
From my sources, @SpeakerPelosi is arriving in Taipei tomorrow night.
— Tingting Liu 劉亭廷 (@tingtingliuTVBS) August 1, 2022
Pelosi is in Singapore and will fly to South Korea, en route Taiwan, after visiting Malaysia. The PLA has clearly been well prepared. If she dares to stop in Taiwan, it will be the moment to ignite the powder keg of the situation in the Taiwan Straits. pic.twitter.com/EVxyD87c11
— Hu Xijin 胡锡进 (@HuXijin_GT) August 1, 2022
Europe
Economic Indicators and Prospects
German Retail Sales M/M Jun: -1.6% (est 0.3%, prevR 1.2%)
— LiveSquawk (@LiveSquawk) August 1, 2022
– Retail Sales NSA Y/Y Jun: -8.8% (est -8.3%, prevR 1.1%)
#Eurozone manufacturing sector fell deeper into contraction territory in July, as #PMI data signalled the sharpest decline in output since May 2020. Cost pressures remained sharp, but softened from June. Read more: https://t.co/eG7lR90Dy9 pic.twitter.com/CRlfVe0QCG
— S&P Global PMI™ (@SPGlobalPMI) August 1, 2022
Monetary Policy
Bank of England is set for biggest interest rate hike in 27 years https://t.co/7BO2JkBVE9 via @PhilAldrick @ZeinabDiouf pic.twitter.com/st4Agy4AIk
— Zoe Schneeweiss (@ZSchneeweiss) August 1, 2022
Italian bonds rally as investors put aside concerns that a new government would renege on commitments needed to unlock about $204 billion of EU funds https://t.co/mAg1EHmUq5
— Bloomberg Asia (@BloombergAsia) August 1, 2022
Energy
Germany’s economy is extremely resilient and more than capable of withstanding the impact of Russia cutting gas supplies, according to the chief executive officer of the country’s leading bank https://t.co/q1CBHA3FBf
— Bloomberg Economics (@economics) August 1, 2022
Production nucléaire en France [2015-2022], à jour avec les données de Juillet pic.twitter.com/vYvK9ZXCa3
— Emeric de VIGAN (@Emericdevigan) August 1, 2022
Politics
Consecutive Spanish governments have struggled to breach the divide between permanent and temporary workers and progress under Pedro Sanchez is a major win for his Socialist government https://t.co/DIRFgUHh75 via @alonsosotoj pic.twitter.com/zSgrbISzJD
— Zoe Schneeweiss (@ZSchneeweiss) August 1, 2022
Rishi Sunak, trailing in the race to become the next UK prime minister, committed to reducing personal taxes by 20% within seven years https://t.co/36EvlXNoDU
— Bloomberg Economics (@economics) August 1, 2022
Trade, Supply Chain and Geopolitics
The first ship to export Ukrainian grain since an agreement was reached for the safe transit of vessels may depart as soon as Monday, Haberturk TV reported https://t.co/NeaDiosFlt
— Bloomberg Economics (@economics) July 31, 2022
Here's the latest news on Russia's invasion of Ukraine https://t.co/0KZS1j0Eco
— Bloomberg Asia (@BloombergAsia) August 1, 2022
Other Areas And Global Economy
Shanghai to Los Angeles Container rates are down -58% from peak pic.twitter.com/rcktI7Fbnu
— Sunil Beri (@sunchartist) August 1, 2022