Find here our morning brief which compiled the main macro news — released on Twitter — concerning Americas, Asia and Europe.
Geopolitics
US Frustration With Israel Grows As Gaza Civilian Deaths Mount – BBG https://t.co/3RLwdxoySV
— LiveSquawk (@LiveSquawk) November 15, 2023
Israel Plans To Allow UN Trucks In Gaza To Refuel At Rafah Crossing – Axios https://t.co/EEz3vErdA0
— LiveSquawk (@LiveSquawk) November 14, 2023
EXCLUSIVE: The White House is growing increasingly frustrated with Israel, as US concerns over the war’s conduct get ignored https://t.co/l797Luvti3
— Bloomberg (@business) November 15, 2023
Economic Indicators and Prospects
The slowdown in core CPI continued in October despite a bit less deflation in core goods. Shelter costs cooled as has long been anticipated
— Nick Timiraos (@NickTimiraos) November 14, 2023
12-month change
Core goods: +0.02% (vs, -0.03% in Sept)
Housing: +6.7% (vs. 7.1%)
Core services ex-housing: +3.8% (vs. 3.8%) pic.twitter.com/SMO9bedy30
🇺🇸 #Inflation | CPI: Main downside came from:
— Christophe Barraud🛢🐳 (@C_Barraud) November 14, 2023
➡ Shelter that slowed from +0.6% MoM to +0.3% MoM as "Lodging away from home" component partly reversed Sep. move (from +3.7% to -2.5%).
➡ Used cars and trucks that fell 0.8% MoM (Manheim index pointed to an upside risk for Oct.)… pic.twitter.com/0DyGAggAKJ
Atlanta Fed’s sticky CPI not that sticky after all.
— Stephane Deo (@StephaneDeo) November 15, 2023
It's down 1.5ppt over six months, and more than 0.6ppt over 3 months.
The fastest drop in 40 years… pic.twitter.com/QWFZGxx6BH
Housing
YoY Measures of Inflation: Services, Goods and Shelter https://t.co/C2fDloq9QM pic.twitter.com/o2YqfbFBcd
— Bill McBride (@calculatedrisk) November 14, 2023
Monetary Policy
🇺🇸 *BARKIN REMARKS AT EVENT IN SOUTH CAROLINA WITH BUSINESS LEADERS – BBG
— Christophe Barraud🛢🐳 (@C_Barraud) November 14, 2023
*BARKIN SAYS #FED 'MAKING REAL PROGRESS' ON #INFLATION ⬇https://t.co/soJoNS1Cyy
The Fed's Thomas Barkin says he’s not convinced inflation is on a clear path toward the central bank’s 2% target despite “real progress” curbing price pressures in recent months https://t.co/7Gd7vGtiod
— Bloomberg Markets (@markets) November 14, 2023
Fed’s Goolsbee: October CPI Report 'Looked Pretty Good'
— LiveSquawk (@LiveSquawk) November 14, 2023
Citadel CEO Ken Griffin said the Federal Reserve risks a hit to its reputation if it cuts interest rates too quickly https://t.co/Q5kpL8Tpbh
— Bloomberg Markets (@markets) November 14, 2023
Traders entered November wagering the Fed’s campaign to tame inflation was a long way from being won. Now they’re being forced into risky bets that the battle is over. https://t.co/1c9odzTpNV
— Bloomberg Economics (@economics) November 14, 2023
BofA Joins 'Fed Done Hiking Rates' View; Barclays Sees One More – Yahoo https://t.co/Nz2RHnYSc8
— LiveSquawk (@LiveSquawk) November 15, 2023
Fiscal Policy
The odds of a Nov. 18 US government shutdown diminished Tuesday as House Speaker Mike Johnson gained growing Democratic support for his interim funding plan. https://t.co/pXZKqZFztM
— Bloomberg (@business) November 14, 2023
Trade, Politics and Geopolitics
🇺🇸 🇨🇳 Biden, Xi Eye Economic and Military Thaw in High-Stakes Meeting – Bloomberghttps://t.co/wEIiXj5Jpa
— Christophe Barraud🛢🐳 (@C_Barraud) November 15, 2023
Janet Yellen says she told her Chinese counterpart that Beijing’s heavy financial support for certain industries could pose a threat to other nations https://t.co/LSTpCsg3yw
— Bloomberg Crypto (@crypto) November 14, 2023
US, China pledge cooperation on climate following California talks https://t.co/jO3eFUdotX pic.twitter.com/pCZwBkXyLm
— Reuters (@Reuters) November 15, 2023
Markets
🇯🇵 Foreigners hold more JGBs than #Japan banks for first time – Nikkeihttps://t.co/IygcqKnYFl
— Christophe Barraud🛢🐳 (@C_Barraud) November 15, 2023
Economic Indicators and Prospects
NBS's spokesperson Liu Aihua: #China sees notable consumption recovery momentum. https://t.co/lxMEkfxM0N
— CN Wire (@Sino_Market) November 15, 2023
Japan's economy contracts as recession risks grow https://t.co/a84cuMBevW pic.twitter.com/RTvslhTdBP
— Reuters (@Reuters) November 15, 2023
New Zealand Card Spending Total (M/M) Oct: -0.3% (R prev -0.2%)
— LiveSquawk (@LiveSquawk) November 14, 2023
– Card Spending Retail (M/M) Oct: -0.7% (prev -0.8%)
Housing
🇨🇳 #China #Property Slump Deepens as Beijing Mulls More Stimulus – Bloomberg
— Christophe Barraud🛢🐳 (@C_Barraud) November 15, 2023
➡ The contraction in China’s home sales and property investment both deepened in October.
➡ Investment in development fell 9.3% through first 10 monthshttps://t.co/lOwkx6SIn8… pic.twitter.com/U4UOCknZie
Monetary Policy
🇨🇳 #China Pumps Cash Into Banking System to Support Stimulus Funding – Bloomberg
— Christophe Barraud🛢🐳 (@C_Barraud) November 15, 2023
➡ The People’s Bank of China offered 1.45 trillion yuan ($200 billion) of cash through its medium-term lending facility — 600 billion yuan more than the amount coming due in November.
➡ The net… pic.twitter.com/cdBZpcB0iy
China Everbright sees the required reserve ratio #RRR cut will come before market expectations, as the flattening trend of the yield curve for maturities of 3 months and above indicates a higher demand for medium to long-term funds in banks.
— CN Wire (@Sino_Market) November 15, 2023
The exchange rate has stabilized… https://t.co/I9BmEMX5Oa
Fiscal Policy
China will vigorously promote investment reform and accelerate the development of a strong domestic investor base, creating a favorable environment for domestic and foreign investment to compete, says Fang Xinghai, the Vice Chairman of CSRC.#China $SHCOMP $KWEB
— CN Wire (@Sino_Market) November 15, 2023
Trade, Politics and Geopolitics
Japan PM Kishida: Ask Business Community To Raise Wages In Next Year's Spring Labour Talks To Level Higher Than This Year's In Light Of Current Price Trends
— LiveSquawk (@LiveSquawk) November 15, 2023
Economic Indicators and Prospects
French unemployment rises again, undermining Macron plans https://t.co/JtMF02dFH2 via @WHorobin pic.twitter.com/VaD7jSJMON
— Zoe Schneeweiss (@ZSchneeweiss) November 15, 2023
French CPI (Y/Y) Oct F: 4.0% (est 4.0%; prev 4.0%)
— LiveSquawk (@LiveSquawk) November 15, 2023
– CPI (M/M) Oct F: 0.1% (est 0.1%; prev 0.1%)
– CPI EU Harmonised (Y/Y) Oct F: 4.5% (est 4.5%; prev 4.5%)
– CPI EU Harmonised (M/M) Oct F: 0.2% (est 0.2%; prev 0.2%)
UK Inflation Rate Falls To The Lowest Level In Two Years – BBGhttps://t.co/xQmSrkrFAZ
— LiveSquawk (@LiveSquawk) November 15, 2023
🇪🇺 My proxies and regional surveys suggest that, on a MoM basis, #Eurozone industrial production (September) should surprise downward.
— Christophe Barraud🛢🐳 (@C_Barraud) November 15, 2023
*Bloomberg consensus:
-0.9%e v +0.6% prior
Monetary Policy
The ECB is confident inflation will return toward its 2% target by 2025 after raising interest rates at a record pace, Bank of France Governor Francois Villeroy said https://t.co/oKZGhiuEmn
— Bloomberg Economics (@economics) November 14, 2023
UK pay growth is "stubbornly high," says Bank of England Chief Economist Huw Pill https://t.co/Wj7VksVGkw
— Bloomberg UK (@BloombergUK) November 14, 2023
Fiscal Policy
Poland is expected to access a portion of suspended European Union financing by the end of the year, as opposition leader Donald Tusk prepares to take over the country’s premiership https://t.co/DNjII2gYbk
— Bloomberg (@business) November 15, 2023
Energy
French Government's Power Price Deal With EDF – World-Energy: https://t.co/4b2fxRUL84 pic.twitter.com/MKL7hHjzBp
— WorldEnergy (@theworldenergy) November 15, 2023
EU negotiators strikes a deal to curb methane emissions leaking from fossil-fuel infrastructure and plotted a course to reduce the gas’s presence in imports https://t.co/whzj64xPgv
— Bloomberg (@business) November 15, 2023
Trade, Politics and Geopolitics
#OOTT | Denmark Could Block Russian Oil Tankers From Reaching Markets – FT https://t.co/3K5Wz3rwJy
— LiveSquawk (@LiveSquawk) November 15, 2023
Bulgaria is starting to collect revenue from a new tax on imports and transit of pipeline natural gas from Russia, a measure that has caused a regional furor over energy security https://t.co/0IeEWC35rk
— Bloomberg (@business) November 15, 2023
Russian President Vladimir Putin on Tuesday cleared the way to hold Russia’s presidential election in occupied Ukrainian territory in March — part of a highly managed process to keep him in office until at least 2030. https://t.co/k7Dzrd4dKe
— The Washington Post (@washingtonpost) November 15, 2023
The head of Venezuela’s congress says EU monitors won’t be inivted to observe next year’s election after the bloc extended sanctions on Maduro governmnt officials https://t.co/uZd5yQwU69
— Bloomberg (@business) November 14, 2023
⚠ #WeekAhead Preview: Week 46 (2023) ⚠
— Christophe Barraud🛢🐳 (@C_Barraud) November 12, 2023
🇺🇸 U.S. Budget Deadline
🌏 #APEC Meetings
🇺🇸 🇬🇧 U.S. and U.K. #Inflation
🇨🇳 Chinese Data
🇪🇺 EC Economic Outlook
🌎 Central Banks’ Speeches
…https://t.co/wmFhzVvO76
#API
— Energy Insights (@EnergyAndOil) November 14, 2023
Crude: +1.335M
Cushing: +1.136M
Gasoline: +0.195M
Distillates: -1.022M#OOTT
🌎 #Rolex, #Patek Prices Hit Fresh Two-Year Lows: Subdial Index – Bloomberghttps://t.co/dCUdsdOlqQ pic.twitter.com/0MoBKLq8Xy
— Christophe Barraud🛢🐳 (@C_Barraud) November 14, 2023
*Note: Previous briefs can be found here