Powell : not confident rates were high enough, but the bar for another hike is pretty high overall, given lag impact of recent hikes still to be digested >>> data dependent, with higher inflation overall, a cyclical downturn beginning to take shape and China trapped in D-flation
US government debt is on track to surpass $50 trillion by 2033. That means $5.2 billion is piling up every day/BoA
Mario Draghi delivers downbeat outlook for EU economic growth. Bloc is falling behind its global counterparts, says former ECB president
Portugal president calls March snap election, leaves time to pass budget
Nvidia will reportedly sell new chips to China that still meet U.S. rules
The Xi-Biden summit in San Francisco comes at a critical juncture for the United States and China as the global giants attempt to strike a balance amid strategic competition in an increasingly precarious world
Israel has no plans to occupy Gaza after its war against Hamas is finished, Benjamin Netanyahu has said.
FT-'Delinquent commercial real estate loans at US banks have hit their highest level in a decade, as higher interest rates, an uncertain economy and the rise of remote working pile pressure on building owners.'
SNB's Schlegel says a temporary increase in inflation via rent is possible
Markets :
30y auction, biggest tail on record (but, there is always a but-see below and it was a new issue, super-sized in a refunding month). UMich should not matter, unless out of whack relative to expectations..
USDollar picking up strength again/gradually. UST yield much lower last 2weeks and USDJPY On highs
SPX500 'topping' around 4380/4400 together with 10's hitting (yield) support around 4.5%. The high(er) cost of capital for longer, will continue to hurt weak balance-sheets, companies without much of an E and definitely those who need to roll debt (if-when too expensive then they will -have- to issue equity..), this is an ongoing process over the next 12-18months still
BTC quietly back to 35K
VIX on 15 handle - huge delta buying back SPX, purely mechanical, on the yield puke lately (yesterday was always going to be more difficult wiht 30y)
Virgin Galactic stock surges nearly 20% after announcing plan for cost savings (msn.com) The share price soared after the company announced a cost-saving initiative, which includes pausing spaceflight operations next year - this is quite a typical market reaction...
Tory clamour grows for Sunak to sack Suella - with even the chancellor condemning her remarks (msn.com) never ending political chaos
Some colourful language in there ! but crickey... to be honest it probably was almost just as bad in other countries... Led By Donkeys on X: "What we’ve learned so far at the Covid inquiry (turns out the Tories are terrible). With @GavinEsler https://t.co/qfqxzfHPzI" / X (twitter.com)
Holger Zschaepitz on X: "Good Morning from #Germany, where another green stock gets hammered. SMA Solar falls to a new 2023 low due to an order slowdown which puts risk on 2024 estimates. Despite billions invested in the energy transition, all German green stocks have lost a lot of ground in 2023. https://t.co/Cjx4dnYMw7" / X (twitter.com) >>>> without huge fiscal help from tax payers... it is very tough...
10's UST prices
SPX500
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