Briefings

Archive November 2023

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Week InAdvance: November 27, 2023

Mon Nov 27 Cyber Monday. | Tue Nov 28 NATO foreign ministers meet in Brussels. | Wed Nov 29 Fed Beige Book. OECD presents its economic outlook. | Thu Nov 30 COP28 opens in Dubai. A much-anticipated OPEC+ meeting. | Fri Dec 1 The northern hemisphere's first day of winter according to the meteorological calendar. Brazil takes over the rotating one-year G20 presidency. | Sun Dec 3 Advent Sunday, the fourth before Christmas Day.

 

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Week InReview: November 24, 2023

Coming up.

A short truce between Israel and Hamas will begin this morning. A four-day ceasefire in Gaza will start at 7 am local time, while a first group of women and children hostages will be released by Hamas around 4 pm. Hamas is set to free 50 hostages in total, while Israel is meant to release 150 jailed Palestinians. All of the 200 will be women and children. Photographer: Kobi Wolf/Bloomberg

Japan reports national CPI today in what could be a key moment for the yen, which has been holding at a stronger level than 150 per dollar for the past few days. The median forecast is that core inflation slowed, but the headline rate rose to 3.4%. Economists expect Sri Lanka’s central bank to cut rates by 75 basis points, which would add up to 625 basis points of reductions in just under six months. Malaysia is expected to report inflation remained unchanged at 1.9% in October.

 

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Week InAdvance: November 20, 2023

Mon Nov 20 Sustainability Innovation Lab launches in Singapore. | Tue Nov 21 FOMC minutes. OECD sustainable development forum. | Wed Nov 22 G20 Leaders' Summit. GIFCS plenary meeting in Basel. UK’s Autumn Statement. | Thu Nov 23 Thanksgiving holiday; US markets closed. OECD COP28 virtual event. ECB's monetary policy account. | Fri Nov 24 Black Friday, traditional kick-off for the US holiday retail binge. | Sun Nov 26 OPEC Joint Ministerial Monitoring Committee meeting.

 

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Week InReview: November 17, 2023

Oil tanks.

Oil plummeted to the lowest since July as trend-following trades accelerated losses that were kicked off by swelling inventories and the failure of key technical support levels. Algorithms were partly behind the move along with several selling programs, causing a vicious cycle.

 

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Week InAdvance: November 13, 2023

Mon Nov 13 APEC meetings begin in San Francisco. CFTC's EEMAC panel meets. Disinformation on the OECD's agenda. WEF's annual cybersecurity gathering in Geneva. Asia Pacific Climate Week opens in Malaysia. | Tue Nov 14 US CPI. High-level global risk conference in Zurich. Fed's Barr in the Senate. | Wed Nov 15 Joe Biden and Xi Jinping meet at the sidelines of APEC forum. Singapore Fintech Festival. Fed's Barr in the House. | Thu Nov 16 Treasury Market Conference. Fed, OFR financial stability conference. European Systemic Risk Board meets in Frankfurt. | Fri Nov 17 US Congress faces a midnight deadline to pass a federal spending measure.

 

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Week InReview: November 10, 2023

Powell vows no hesitation.

Protesters interrupt a speech by Jerome Powell, chair of the US Federal Reserve, left, during the 24th Jacques Polak Annual Research Conference in Washington, DC on Thursday, Nov. 9, 2023. Photo: Ting Shen | Bloomberg

Federal Reserve Chair Jerome Powell said the US central bank won’t hesitate to tighten policy further if appropriate and reiterated that the central bank isn’t fully confident it has tightened enough to return inflation to 2%. The central bank will move carefully, he told an audience at the International Monetary Fund in Washington, to avoid the risk of overtightening. Shortly after he began to speak, Powell was ushered from the room as a group of environmental protesters jumped onto the stage with a banner. 

 

Stocks fizzle: The rally in stocks sputtered on Thursday as Europe’s Stoxx 600 index slipped 0.3% and US equity futures traded flat. Oil hovered near a three-month low after plunging almost 7% over the previous two sessions. Yields on 10-year Treasuries held below 4.5%.

 

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Week InAdvance: November 6, 2023

Mon Nov 6 CFTC's global markets panel meets. Fintech conference in DC. | Tue Nov 7 'Woke' in the House. OECD sustainable investment forum. | Wed Nov 8 Wealthy tax cheats in the Senate. FSB meets on CCP resolution. | Thu Nov 9 Fed chair featured at IMF research conference. | Fri Nov 10 Paris Peace Forum. | Sat Nov 11 Armistice Day in France. | Sun Nov 12 Remembrance Sunday in the UK

 

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Week InReview: November 3, 2023

Subduing inflation.

For a lesson in the real-time pitfalls of Federal Reserve messaging, consider the market reaction to Jerome Powell’s commentary on the role of Wall Street in subduing inflation. Stocks and Treasuries rose after the central bank held interest rates steady and the Fed chair name-checked rising bond yields in helping to tighten financial conditions — potentially serving as a substitute for additional interest-rate hikes down the road.

 

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