Briefings

Archive May 2023

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Week InAdvance: May 29, 2023

Mon May 29 US Memorial Day holiday. Markets and federal offices closed. Some European markets also closed for holidays, including the UK, Switzerland, and Germany. | Wed May 31 Green Swan 2023'. Fed's Beige Book. | Thu Jun 1 First day of meteorological summer. | Fri Jun 2 BRICS Summit. US unemployment.

 

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Week InReview: May 26, 2023

Crawling closer.

Photo: Graeme Sloan | Bloomberg

Republicans and the White House are narrowing their differences over raising the US debt limit but still haven’t reached an agreement to avert an approaching default. GOP Representative Patrick McHenry said the list of issues dividing the two camps had grown shorter. Should a deal be reached soon, Tuesday is emerging as the likely day for a House vote. The Senate would then need to act quickly to send it to Biden’s desk before June 1, the date by which Treasury Secretary Janet Yellen has said her department could run out of cash. Meanwhile, the economic impact of a debt ceiling deal will have ripple effects for presidential candidates in 2024 — and even in 2028.

 

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Week InAdvance: May 22, 2023

Tue May 23 BIS financial inclusion meeting. FHFA oversight hearing in the House. | Wed May 24 Fed's FOMC minutes. FDIC panel meets on economic inclusion. | Thu May 25 OECD anti-corruption forum. | Fri May 26 Memorial Day travel period begins in US. Hong Kong: Buddha’s birthday, financial markets closed.

 

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Week InReview: May 19, 2023

China fears.

Photo: Brendon Thorne | Bloomberg

Stocks in Asia were set for a mixed open, with optimism that the US will be able to avert a first-ever default being tempered by evidence that China’s economic activity is losing steam. Future contracts for Japanese shares advanced 1%, setting them on a course for their best week since October, after the S&P 500 hit a nine-month high. Hong Kong’s benchmark was poised to drop about 1% after Alibaba’s results. Treasuries sold off across the curve. The two-year bond yield, which is sensitive to imminent Fed moves, approached 4.3%, while the yen touched its lowest this year against the dollar.

 

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Week InAdvance: May 15, 2023

Mon May 15 Arab League summit in Riyadh. | Tue May 16 Ecofin meets in Brussels. FINRA annual conference. | Wed May 17 SEC trading & markets panel meets. | Thu May 18 Senate Banking financial regulators oversight hearing. | Fri May 19 G7 summit opens in Japan. SEC Divison of Investment Management meeting.

 

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Week InReview: May 12, 2023

Cooling down.

Stocks in Asia were set for a muted open after a mixed US session that saw Treasuries and the dollar rally on signals of a cooling jobs market and renewed concerns about the health of regional lenders. Data showed US initial jobless claims reached the highest since October 2021 while producer prices rose 0.2% in April, trailing economists’ estimates for a 0.3% increase. US-listed Chinese stocks climbed the most in three months after earnings from JD.com boosted e-commerce stocks, and US National Security Adviser Jake Sullivan met with China’s Wang Yi.

 

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Week InAdvance: May 8, 2023

Mon May 8 UK bank holiday honoring coronation of Charles III. | Tue May 9 Debt limit talks at the White House. | Wed May 10 SEC municipal securities disclosure conference. Data on US consumer prices. | Thu May 11 G7 finance ministers, central bankers in Japan.

 

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Week InReview: May 5, 2023

TGIF

 

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Week InAdvance: May 1, 2023

Mon May 1 May Day holiday celebrated in many countries including UK, France, China. | Tue May 2 2023 Tony Awards nominations. | Wed May 3 Fed rate decision. | Thu May 4 White House service for National Day of Prayer. ECB rate decision. | Fri May 5 Cinco de Mayo. US jobs report. | Sat May 6 Coronation of King Charles III and his wife Camilla.

 

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