Morning Brief: U.S. Households’ Financial Fragility Is Worst in Decade; Yuan Strengthens Past PBOC’s Fixing for First Time Since July; EC To Publishe Assessments Of EU Draft Budgets
Find here our morning brief which compiled the main macro news — released on Twitter — concerning Americas, Asia and Europe.
Americas
Markets
🇺🇸 Booming Bond Rally Likely to Continue After Strong $16 Billion Debt Auction – Bloomberghttps://t.co/Mrjcvs1igp pic.twitter.com/ifS8Kltk4P
— Christophe Barraud🛢🐳 (@C_Barraud) November 21, 2023
Argentine Stocks Soar, Bonds Climb as Investors Cheer Milei Win – Bloomberg https://t.co/pRgR3rMWVq
— Alejandro Manrique (@Alejo_Manrique) November 20, 2023
Economic Indicators and Prospects
🇺🇸 *US OCT. LEADING INDICATOR FALLS 0.8% M/M; EST. -0.7% (19th straight drop) – BBG
— Christophe Barraud🛢🐳 (@C_Barraud) November 20, 2023
*On a YoY basis, the index fell 7.6%.
*Usually, this level is associated with #recession. pic.twitter.com/3QvtfNpk3p
U.S. leading indicators have not ceased sending recession signals https://t.co/rmUVJPaUG5
— MarketWatch (@MarketWatch) November 20, 2023
🇺🇸 California’s Pump Prices Fall Below $5 for First Time Since July – Bloomberghttps://t.co/X9W6L9aMLn pic.twitter.com/2CCCtnu9vS
— Christophe Barraud🛢🐳 (@C_Barraud) November 20, 2023
Housing
Housing November 20th Weekly Update: Inventory Up Slightly Year-over-year https://t.co/DKJguVYZWT pic.twitter.com/tKF4XCkGzi
— Bill McBride (@calculatedrisk) November 20, 2023
Monetary Policy
Recent progress in the US economy isn’t sufficient for the Federal Reserve to declare victory on inflation, Richmond Fed President Thomas Barkin said https://t.co/P8niBu4Uqn
— Bloomberg (@business) November 21, 2023
Fiscal Policy
The US is launching a $3 billion program to boost the domestic chip-packaging industry, which Washington fears has become dominated by Asia https://t.co/T6k5kEfq9E
— Bloomberg (@business) November 20, 2023
Trade, Politics and Geopolitics
A new front is opening up in the US-China conflict over chips for technological supremacy — and China is already moving to capitalize on it https://t.co/fhoE8gosFW
— Bloomberg (@business) November 21, 2023
Yellen says Biden, Xi remain far apart on Taiwan's independence post-APEC https://t.co/ekDfC8TPaZ
— CNBC (@CNBC) November 20, 2023
Defense Secretary Lloyd Austin is visiting Kyiv for talks on a mission to reaffirm Washington’s continued backing for Ukraine against Russia’s invasion. https://t.co/N9tZUoLP9B
— Bloomberg Government (@BGOV) November 20, 2023
Asia
Markets
China Property Stocks Surge, With Sunac Rallying 27%, After Beijing Picks 50 Firms to Fund https://t.co/sYaeohzp4K
— YU HAO YU (@cestleiden) November 21, 2023
JGB Yields Fall To Multi-Month Lows Tracking US Yields, Smooth Auction – MarketScreenerhttps://t.co/Lrp9KxhYBC
— LiveSquawk (@LiveSquawk) November 21, 2023
Economic Indicators and Prospects
China's smartphone exports decline amid shrinking global demand, relocation of productionhttps://t.co/5GP7m1lozs
— ForexLive (@ForexLive) November 21, 2023
Exports gain 2.2 pct during first 20 days of November https://t.co/uEYmgJxUjP
— Yonhap News Agency (@YonhapNews) November 21, 2023
New Zealand’s annual trade deficit shrunk to the smallest this year as a slowing economy cools demand for imports. https://t.co/i7bJbtQbcW
— Bloomberg (@business) November 20, 2023
Monetary Policy
🇨🇳 #China Guides Banks to Cap Early 2024 Loans, Shift Some Forward – Bloomberghttps://t.co/snjISLTkOI pic.twitter.com/oYgkOjn3ly
— Christophe Barraud🛢🐳 (@C_Barraud) November 21, 2023
Australia’s central bank chief said taming consumer prices remains a “crucial challenge” for policymakers after they resumed raising interest rates two weeks ago https://t.co/JBAU82EwZ7
— Bloomberg Markets (@markets) November 21, 2023
Fiscal Policy
¥13 Trillion Draft Extra Budget Sent to Diet https://t.co/jSMuOvOWFP
— The Japan News (@The_Japan_News) November 21, 2023
Trade, Politics and Geopolitics
Prime Minister Fumio Kishida is set to face tough questioning from opposition parties as Japan's parliament starts debating his unpopular tax cut plan. https://t.co/bVMMai8zGA
— Nikkei Asia (@NikkeiAsia) November 20, 2023
(LEAD) S. Korea, Britain to adopt 'Downing Street Accord' to upgrade ties, expand cooperation https://t.co/mHlfXhNrYQ
— Yonhap News Agency (@YonhapNews) November 20, 2023
South Korea is set to announce $26.3 billion of investments in U.K. renewable energy and infrastructure projects during President Yoon Suk Yeol's visit to the country this week. https://t.co/hVRK3aacqk
— Nikkei Asia (@NikkeiAsia) November 20, 2023
UPDATE: North Korea notifies Japan of new 9-day satellite launch windowhttps://t.co/KSNBPlEcks #NorthKorea #Japan #satellite #rocket #北朝鮮 #衛星 #KyodoNewsPlus
— Kyodo News | Japan (@kyodo_english) November 21, 2023
N. Korea notifies Japan of plan to launch satellite between Wednesday and Dec. 1: report https://t.co/OxAr558WUq
— Yonhap News Agency (@YonhapNews) November 20, 2023
Europe
Markets
Economic Indicators and Prospects
Europe’s Car Sales Climbed In October On Order Backlogs – BBG https://t.co/9hdDSMlkEJ
— LiveSquawk (@LiveSquawk) November 21, 2023
Monetary Policy
The ECB may have to raise interest rates again if investor bets on monetary loosening undermine the institution’s policy stance, Governing Council member Pierre Wunsch says https://t.co/voGQM37ikf
— Bloomberg (@business) November 20, 2023
'Premature' to start talking about interest rate cuts – ECB's De Cos https://t.co/CKP8JJfVWG pic.twitter.com/srd5BNRbH5
— Reuters (@Reuters) November 20, 2023
🇪🇺 #ECB Rates Probably at Plateau for a Few Quarters, Villeroy Says – Bloomberghttps://t.co/ecRiMACck9
— Christophe Barraud🛢🐳 (@C_Barraud) November 21, 2023
Fiscal Policy
🇬🇧 Sunak's Cabinet Split on Inheritance Tax Ahead of Hunt's Statement – Bloomberghttps://t.co/pMgggHGiSC pic.twitter.com/MjkyY1Bbpo
— Christophe Barraud🛢🐳 (@C_Barraud) November 20, 2023
#Sunak vows tax cuts ahead after meeting U.K. #inflation pledge.
— BQ Prime (@bqprime) November 20, 2023
Read ⬇️https://t.co/OiqxfzONhm
Germany is exploring a drastic overhaul of its federal budget for this year, following last week’s ruling by the country’s top court https://t.co/NQfs3gcQxh
— Bloomberg (@business) November 20, 2023
The German government’s shouldn’t try to evade the debt brake by tapping loopholes, the Bundesbank says https://t.co/HwSBdEO2QK
— Bloomberg (@business) November 20, 2023
German Budget Crisis Deepens With Freeze On This Year’s Finances – BBG https://t.co/Qcj3ljEndF
— LiveSquawk (@LiveSquawk) November 21, 2023
🇪🇺 🇫🇷 EU Is Set to Place #France on Its Fiscal Watch List – Bloomberghttps://t.co/j0DADGY2Af pic.twitter.com/FWPxoy5jXT
— Christophe Barraud🛢🐳 (@C_Barraud) November 21, 2023
Trade, Politics and Geopolitics
France’s top diplomat will head to China this week to smooth relations after the EU anti-subsidy probe raises trade tensions https://t.co/kG6FlcMHxC
— Bloomberg (@business) November 20, 2023
Far-right leader suddenly jumps in polls ahead of Dutch election https://t.co/128Szgj43d via @cagankoc pic.twitter.com/tmqnZdJTbH
— Zoe Schneeweiss (@ZSchneeweiss) November 21, 2023
Other Areas And Global Economy
*Note: Previous briefs can be found here