Morning Brief: Xi to Meet US Business Leaders for Dinner; China Slid Back into Deflation in October; German Federal Government Agrees On Electricity Price Package
Find here our morning brief which compiled the main macro news — released on Twitter — concerning Americas, Asia and Europe.
Israel Latest
Geopolitics
Americas
Markets
Economic Indicators and Prospects
US households tapped their credit cards more in the third quarter, when strong spending helped to power blockbuster economic growth. But Millennials and people with student debt and auto loans are falling further behind on payments https://t.co/Sz76wiU1ke
— Bloomberg Markets (@markets) November 7, 2023
BMO: The drop in oil prices is “likely to see next week’s CPI report .. dip back into the low 3’s. .. the Fed couldn’t have asked for much more to help it achieve a soft landing.”#OOTT pic.twitter.com/9GowdOc95Y
— Carl Quintanilla (@carlquintanilla) November 8, 2023
GOLDMAN: “We don’t think the last mile of disinflation will be particularly hard. First, although the [supply] improvement .. in the goods sector.. is now largely complete, the impact on core goods disinflation is still unfolding and will likely continue through most of 2024 ..” pic.twitter.com/hEl9EeaoXa
— Carl Quintanilla (@carlquintanilla) November 8, 2023
Maybe this time is different, but in the past half-century:
— Otavio (Tavi) Costa (@TaviCosta) November 8, 2023
⁰Every time the unemployment rate has crossed above its 24-month moving average, it marked the beginning of a significant deterioration in labor markets. pic.twitter.com/Vxuj8eoPOT
Housing
The average 30-year US mortgage rate plunged last week by the most in more than a year https://t.co/LrzZ9Pg2WE
— Bloomberg Markets (@markets) November 8, 2023
MBA: Mortgage Applications Increased in Weekly Survey https://t.co/RpU2ihUGe1 pic.twitter.com/4bfclNARrX
— Bill McBride (@calculatedrisk) November 8, 2023
Housing: Inventory will Tell the Tale https://t.co/E7sU3hefRa pic.twitter.com/z1YG88AtS6
— Bill McBride (@calculatedrisk) November 8, 2023
CRE
Monetary Policy
Fed's Cook says geopolitical tensions could change US economic outlook https://t.co/7Q58k2mPnX pic.twitter.com/1QBXbhOUia
— Reuters (@Reuters) November 8, 2023
Fed Chair Jerome Powell said the central bank must be willing to think beyond the complex mathematical simulations it traditionally uses to forecast the economy https://t.co/TmxhH4QuL7
— Bloomberg (@business) November 8, 2023
Cleveland Fed President Loretta Mester will retire in June 2024 when her tenure ends https://t.co/gPXhtGlgJd
— Bloomberg Economics (@economics) November 9, 2023
Austan Goolsbee Says Fed Will Need To Monitor Risks Of Overshooting On Rates – WSJhttps://t.co/qePWGTULA9
— LiveSquawk (@LiveSquawk) November 9, 2023
Fiscal Policy
🇺🇸 US #Debt Interest Bill Rockets Past a Cool $1 Trillion a Year – Bloomberghttps://t.co/MvCDdDeP5T pic.twitter.com/p0aVS31XCo
— Christophe Barraud🛢🐳 (@C_Barraud) November 8, 2023
Trade, Politics and Geopolitics
Xi to Meet US Business Leaders for Dinner in San Francisco https://t.co/UXy2sgbpdG
— cma (@cma_1973) November 8, 2023
SCOOP: Biden and Chinese President Xi Jinping are preparing to announce the resumption of military-to-military communications between the two countries when they meet on the sidelines of the APEC summit later this month.https://t.co/q0E44oZ8vt
— Axios (@axios) November 8, 2023
US lawmakers want Biden to hike tariffs on Chinese-made vehicles https://t.co/suhvhzjvEQ pic.twitter.com/NOcR2T8w8h
— Reuters (@Reuters) November 8, 2023
Hillary Clinton said she expects a rematch between Joe Biden and Donald Trump in the 2024 presidential elections, with the Democrat prevailing against his predecessor https://t.co/z7a6hl5Gxm
— Bloomberg Economics (@economics) November 9, 2023
Asia
Markets
#IMPORTANT #China's securities watchdog is asking brokerages to restrict leverage available to hedge funds that borrow large sums of money via a complex derivative business to trade stocks, three sources told Reuters.
— CN Wire (@Sino_Market) November 9, 2023
The new restrictions come after China's securities watchdog… https://t.co/e7tDgVcgZI
Japanese Funds Buy Most US Debt In Half Year, Pressuring Yen – BBGhttps://t.co/KT5i2D7ao1
— LiveSquawk (@LiveSquawk) November 9, 2023
Economic Indicators and Prospects
⚡JUST IN:
— CN Wire (@Sino_Market) November 9, 2023
China October
Annual CPI -0.2% [Est. -0.1% Prev. +0.0%]
Monthly CPI -0.1% [Est. +0.0% Prev. +0.2%]
Annual PPI -2.6% [Est. -2.7% Prev. -2.5%]
Monthly PPI +0.0% [Prev. +0.4%]#CPI #China #Inflation #PPI #EconTwitter 🇨🇳
1/ thread pic.twitter.com/sHrhuoeM1C
China slid back into deflation in October, suggesting domestic demand remains sluggish even after recent stimulus efforts to shore up growth https://t.co/RPi1PkSSHH
— Bloomberg Next China (@next_china) November 9, 2023
China's economic situation is "vastly different" from Japan's stagnation decades ago, says People’s Bank of China adviser https://t.co/wrNz9sXALy
— Bloomberg Economics (@economics) November 9, 2023
Housing
Monetary Policy
⚡PBOC conducted 202 billion yuan of the 7-day RRP on Thursday. A total 8 of billion yuan will be injected into the market on a net basis as 194 billion yuan comes due today.#China #liquidity https://t.co/8UsYATPwDI
— CN Wire (@Sino_Market) November 9, 2023
Bank Of Japan Governor Warns Unwinding Ultra-Loose Policy Is ‘Serious Challenge’ – FThttps://t.co/7bdb8ntdLl
— LiveSquawk (@LiveSquawk) November 9, 2023
Fiscal Policy
Japan’s Cabinet To Approve $88 Bln Extra Budget To Fund Stimulus – BBGhttps://t.co/snKiklHnbC
— LiveSquawk (@LiveSquawk) November 9, 2023
Trade, Politics and Geopolitics
Kyodo News Digest: Nov. 9, 2023
— Kyodo News | Japan (@kyodo_english) November 9, 2023
⏩ Japan PM Kishida rules out dissolving lower house in 2023
⏩ Kishida-Xi talks eyed around Nov. 16 at APEC meeting in U.S.: source
⏩ Latest #news summarieshttps://t.co/DG44IkPlrv#NewsDigest #KyodoNewsPlus
Support for Japan PM Kishida Cabinet at record-low 28%, tax cut not hailedhttps://t.co/ffH0PzEqx4
— ponta_fujii (@FujiiPonta) November 6, 2023
Europe
Economic Indicators and Prospects
The latest Economic Bulletin is out! The Bulletin presents the economic and monetary information which forms the basis for our policy decisions.
— European Central Bank (@ecb) November 9, 2023
Read more https://t.co/V29V2mnAKz pic.twitter.com/t7T6XsxbUD
🇩🇪 Scholz’s Advisers Slash Forecast for German Growth Next Year – Bloomberghttps://t.co/koSTAnRADr pic.twitter.com/lljt8u7xdc
— Christophe Barraud🛢🐳 (@C_Barraud) November 8, 2023
Housing
London rental demand declines as tenants struggle to pay rent https://t.co/H4uLWaQ4RU via @irinaanghel12 pic.twitter.com/6DeBwA9X59
— Zoe Schneeweiss (@ZSchneeweiss) November 9, 2023
Monetary Policy
ECB’s Lane: ECB Balance Sheet Can't Shrink Back To Pre-Crisis Levels – RTEhttps://t.co/T23vkGzxd2
— LiveSquawk (@LiveSquawk) November 9, 2023
ECB’s Villeroy ECB Won’t Hike Rates Again, Barring Shocks – BBGhttps://t.co/WDIuXP2xbc
— LiveSquawk (@LiveSquawk) November 9, 2023
ECB Rate-Cut Talk Is ‘Clearly Premature,’ Guindos Tells Finance – BBGhttps://t.co/MMC3VPqS3H
— LiveSquawk (@LiveSquawk) November 9, 2023
BoE’s Pill: We Need To Deliver The Restrictiveness Of Monetary policy Embodied In BoE Forecasts For Falling Inflation – ICAEW Event
— LiveSquawk (@LiveSquawk) November 9, 2023
– We Do Not Need To Raise Rates To Bear Down On Inflation
– Assume Rates Stay Restrictive For Extensive Period
Fiscal Policy
ECB's Knot: EU Should Finance Common Goods Jointly – MShttps://t.co/E2SZdaTGE4
— LiveSquawk (@LiveSquawk) November 9, 2023
French Finance Minister Le Maire: Wants Fiscal Rules Accord By End Of Year
— LiveSquawk (@LiveSquawk) November 9, 2023
Energy
German Federal Government Agrees On Electricity Price Package – HBhttps://t.co/Pl9lClE6DH
— LiveSquawk (@LiveSquawk) November 9, 2023
Trade, Politics and Geopolitics
Sanchez is set for a Catalan deal to form a Spanish government https://t.co/WL1fZFx6my via @rorihuela pic.twitter.com/thEm65IXhQ
— Zoe Schneeweiss (@ZSchneeweiss) November 9, 2023
Other Areas And Global Economy
*Note: Previous briefs can be found here