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Livesquawk - US Briefing - Tuesday 14.09
US Briefing - Tuesday 14.09
Headlines
  • Biden To Host Australia, India & Japan Leaders At WH Next Week
  • Wall Street Leaders, Top China Regulators To Meet On Sep. 16
  • BoFA Survey: Global Growth Expectations Lowest Since May'21
  • US Aug. NFIB Small Business Optimism: 100.1 Beats Forecasts
  • Nicholas Now A Hurricane; As US Gulf Coast Braces For Floods
  • ECB’s Villeroy: Inflation Spike Is Temporary, But ECB Is Vigilant
  • EU Seeks US Alliance On Investor Screening To Confront China
  • NGEU Oct 2028 Demand >EUR85B; Spread: Mid-Swaps -14bps
  • Benchmark EU & UK Gas Futures Surge As Supply Woes Mount
  • Spanish Aug, Final CPI In-Line; Swedish Prints Beat Expectations
  • Italy Sells Top End EUR5.75B Across 3, 7 & 30 Year Bond Auctions
  • Norway's Left Opposition Wins In A Landslide, Coalition Talks Next
  • UK Aug. Payrolls Hit Pre-Pandemic Level With Record Vacancies
  • UK Delays Brexit Border Checks On EU Food As Shortages Hit
  • RBA’s Lowe: Pushes Back Against Any Early Rate Rises Priced In
  • Fujian City Locked Down As SE China Cases More Than Double
  • Russia Sep 1-13 Oil Output Jumps As Gazprom Fire Effect Wanes
  • IEA Cuts Q3 Oil Demand View By 200K B/D On Covid Resurgence
  • Pfizer Over-50s Covid Shots Recommended In UK Booster Drive
  • Oracle Falls After Its Sales Miss Estimates On Cloud App Growth
  • China Hires Its Own Advisers To Examine Evergrande's Finances
Commentary
Vacancies At Record High As Employers Struggle To Find Workers

London - The UK’s payrolled workforce is now back to pre-pandemic levels as the resilient labour market appears to have avoided the worst predictions about high unemployment. However, the job recovery appears uneven as the hospitality positions remain hard to fill. The Office for National Statistics said the number of payroll employees showed another monthly increase, this time up 241,000 to 29.1 mln in August. Underlying figures said the number of employed grew 183,000 in the three-months July, which missed the 199,000 forecast but beat last month’s 95,000.

 

Unemployment also continued along its recovery trend. The ONS said the jobless rate fell a tenth of a percentage point on the month to an in-line 4.6%, 0.6 points higher than before the pandemic, but 0.3 points lower than the previous quarter. Jonathan Athow, deputy national statistician for economic statistics, acknowledged the recovery to the employment outlook but noted the rebound remains uneven: “In hard-hit areas such as London and sectors such as hospitality and arts and leisure, the numbers of workers remain well down on pre-pandemic levels.”

(LiveSquawk - Continue Reading)

Markets Brace For Hot Consumer Inflation Report

Investors are paying close attention to any reading on inflation these days, and the consumer price index will be the big one to watch in the coming week. The latest snapshot of the economy comes just a week before the Federal Reserve’s important September meeting. At that meeting, the Fed is expected to discuss more details about its plan to taper down its bond buying program, or quantitative easing.

 

Market professionals say a hotter inflation reading could speed up the Fed’s plans to slow the $120 billion a month in bond purchases. The paring back of its asset purchase program would be the Fed’s first major step away from the easy policy it put in place to combat the pandemic. The consumer price index is expected Tuesday, and there is retail sales data is released Thursday. They are expected to show consumer prices jumped at a 5.3% annual pace in August, according to the consensus estimate from FactSet, while the consumer continued to pull back from the high spending levels of earlier in the year. “If the CPI is hotter than expected, it could make the difference between a September announcement for tapering or waiting to November,” Bleakley Advisory Group chief investment officer Peter Boockvar said.

(CNBC - Continue Reading)

Read Also: Forecasts From 8 Major Banks On CPI Data - FXStreet

IEA: World Must Wait For Extra Oil As Ida Offsets OPEC Hike

The world will have to wait until October for additional oil supplies as output losses from Hurricane Ida wipe out increases from OPEC+, the International Energy Agency said.  Consumers should have been enjoying “solid gains” in production as the Organization of Petroleum Exporting Countries and its allies continued their revival of idle capacity, the agency said in its monthly report. Instead, global supply fell by 540,000 barrels a day in August due to unexpected disruptions and will be flat this month.

 

“Unplanned production outages have temporarily halted an uptrend in world oil supply that began in March, but growth is set to resume in October,” said the Paris-based IEA, which advises developed economies on energy policy.  The supply disappointment hasn’t had a big impact on prices because of bearish trends in fuel consumption. Global oil demand has been falling since July as rising Covid-19 cases prompt mobility restrictions in Asia, the IEA said. Crude has traded near $70 a barrel in New York for most of this month. 

(Bloomberg – Continue Reading)

Read Full September IEA Report Here

Tankers Flee Deeper Into Gulf As Nicholas Heads For Texas Ports

At least 10 vessels set to load crude from Texas ports appeared to be fleeing deeper into the Gulf of Mexico with their storage tanks empty as Tropical Storm Nicholas neared, ship tracking data compiled by Bloomberg show. These vessels, with the capacity to haul over 8 million barrels of crude, will likely wait out the storm before returning to load. Transfers of crude cargoes to larger vessels that typically occur off the Port of Corpus Christi may be delayed for one to two days, according to people familiar with the matter. 

 

Corpus Christi is a key export hub for American crude, including the industry’s largest terminal operated by Moda Midstream, which last year handled a quarter of all U.S. Gulf Coast crude shipments to overseas markets. The company announced Monday that it had suspended tanker loadings. Ahead of the storm, ships were putting requests to terminals in Corpus Christi seeking to bring forward their crude loadings, the people said. Nicholas is forecast to reached hurricane strength before it makes landfall in Texas, potentially adding to supply disruptions across the oil industry left behind by Hurricane Ida.

(Bloomberg – Continue Reading)

Read: Nicholas Strengthens To Hurricane; US Gulf Coasts Braces For Floods – RTRS

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