Rise and shine Traderade family
I hope everyone had a great holiday with friends and family.
We have a half a market day today - with closing at 1pm ET. Liquidity is sure to be poor as most people have taken a longer holiday.
Asia and Australia
China daily Covid infections rose above 30K for the first time. China’s aim of relaxing Covid measures don’t seem to be going too well. Economist have made repeated downgrades to China’s GDP.
China's biggest banks pledged another $131B in credit to the country's property sector
Singapore's MAS warns of potential liquidity strains on financial firms
Tokyo consumer inflation rises at fastest pace in 40 years rising 3.6% YoY in November, vs 3.5% consensus and 3.4% in the previous month. -
Europe, Middle East, Africa
European Council President Michel set to meet Xi as Europe looks to forge alternative path from US
Negotiations continue over a watered down plan to cap the price of Russian oil. Poland and Baltic countries said to insist on a $30/bbl price cap; Cyprus, Greece and Malta want a price closer to $70/bbl
Swedish central bank hikes rates by 0.75% and points to higher rate path
The Americas
The major news on Wednesday was the FOMC Minutes. As expected, there was discussion about the slowing of the pace of rate hikes. The market has been pricing in a 50bps hike for the December meeting. There was also general acknowledgement inflation risks remained skewed to the upside while risks to the economic outlook are weighted to the downside.
Calendar
No major earnings today
No major US economic indicators. A few overseas indicators of note.