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Livesquawk - US Briefing - Wednesday 24.11
US Briefing - Wednesday 24.11
Headlines
  • Supply Shortages Are Easing In U.S. And Worsening In Europe
  • US Braces For ‘Fifth Wave’ Of Covid On Eve Of Thanksgiving
  • ECB’s Panetta: ECB Musn’t Overreact To ‘Bad’ Bout Of Inflation
  • ECB'S Holzmann: Effect Of Lockdowns On Economies Is Increasingly Small
  • IFO Economists: Expect German GDP Stagnation During Q4
  • German Business Confidence Tumbles To 7-Month Low As Prices Soar
  • Scholz Seals Coalition Deal To Become Next German Chancellor
  • France: Strong Business Climate With Strong Inflationary Pressures
  • Treasury Yields Fall Ahead Of Fed Minutes And Data
  • Euro Falls To July 2020 Lows As Germany's Business Morale Darkens
  • Oil Steady As Investors Question Reserve Release Effect
  • European Stocks Rebound From Biggest Slide Since September
  • Chief Exec. Dimon Bets JPMorgan Will Outlive China’s Communist Party
  • HSBC Survey: More Investors Turning Sour On Emerging Markets
  • Turks Can't Buy iPhones, Other Electronics After Lira Plunge
Commentary
Supply Shortages Are Easing In U.S. And Worsening In Europe

The supply crunch that’s helped drive inflation to multi-decade highs shows some signs of easing in the U.S. -– but it’s still getting worse in Europe.

 

That’s the takeaway from the latest readings on Bloomberg Economics’ new set of supply indicators. The U.S. measure declined in October, while remaining at a historically elevated level, suggesting shortages are becoming less severe.

 

If the trend continues into 2022, sticker-shock for U.S. consumers should begin to fade. That could make life at least a bit easier for newly reappointed Federal Reserve Chair Jerome Powell, who’s under pressure to tighten monetary policy as prices surge.

 

The improvement in the U.S.’s supply crunch backs up President Joe Biden’s view that bottlenecks are easing after his administration moved to smooth operations at West Coast ports. His popularity has fallen recently amid economic concerns like inflation, with just 43% of voters approving of his job performance, according to an analysis of polls by FiveThirtyEight. (Continue Reading – Bloomberg)

German Business Confidence Shows Fifth Consecutive Decline

German managers expressed less optimism again in November after Europe’s most populous country continued to set records for new coronavirus cases, according to the results of the monthly poll conducted by Germany’s Ifo Institute.

 

The headline business climate index from the economic thinktank fell for the fifth straight month with a decline to 96.5 points in November versus the market estimate of 96.6 and the 97.7 reading announced last month.

 

The forward-looking business expectations component of the index dropped to 94.2, which was lower than both economists’ forecast of 94.6 and last month’s 95.4 result. The current assessment component slid to 99.0, matching the estimate but below October’s upwardly adjusted reading of 100.1.

 

Ifo said, “Supply bottlenecks and the fourth wave of the coronavirus are challenging German companies.” (Continue Reading – LiveSquawk)

Oil Prices Are Headed For $100 Despite SPR, Analyst Says

Oil prices could climb higher despite the U.S. and other major consumers releasing millions of barrels of oil from their reserves to try to keep energy prices down, one analyst told CNBC.

 

“It’s not going to work simply because the strategic petroleum reserve — any country’s strategic petroleum reserve is not there to try to manipulate price,” Stephen Schork, editor of the Schork Report, said Wednesday on CNBC’s “Squawk Box Asia.”

 

Strategic petroleum reserves exist only to offset short-term, unexpected supply disruptions, he explained.

 

“There’s a considerable amount of bets out there that we will see $100 a barrel oil,” Schork said, adding it could happen as early as the first quarter of next year, especially if there is a cold winter in the Northern Hemisphere. (Continue Reading – CNBC)

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