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Livesquawk - US Briefing - Thursday 25.11
US Briefing - Thursday 25.11
Headlines
  • More Fed Officials Open To Speeding Up Bond-Buying Taper, Liftoff
  • US Works Toward Year-End Defense Talks With Top China Officials
  • EU To Propose 9-Month Limit On Covid Vaccine Validity For Travel
  • Europe Pushes Ahead On Long-Awaited Capital Markets Union
  • German Household Spending Drives Weaker-Than-Expected Q3 GDP
  • German Covid Deaths Pass 100,000 With Cases Still Spiking
  • Riksbank Holds Policy Unchanged, Sees First Rate Hike At End 2024
  • US Dollar Slips From 16-Month Highs, Swedish Crown Picks Up
  • Eurozone Government Bond Yields Dip, Focus On ECB Minutes
  • European Equity Markets Edge Higher Despite Covid Headwinds
  • US Cash Equity Markets Closed Today For Thanksgiving Day Holiday
Commentary
US Trading Hours For Thanksgiving And Black Friday

U.S. financial markets are closed Thursday for Thanksgiving, and will close early on Black Friday.

 

Black Friday, Nov. 26, is the official start to the holiday shopping season, with many retailers — including Macy’s and Walmart — offering bargains for those looking for holiday gifts.

 

The Intercontinental Exchange -owned New York Stock Exchange and the Nasdaq will close at 1 p.m. Eastern on Friday, while the Securities Industry and Financial Markets Association recommends a 2 p.m. Eastern close for Treasury markets. (MarketWatch – Continue Reading)

Goldman Sachs: Fed Starting Faster Tapering Plan From January

The U.S. Federal Reserve will likely double the pace of tapering its monthly bond purchases from January to $30 billion, and wind down its pandemic-era bond buying scheme by mid-March, Goldman Sachs strategists said in a daily note on Thursday.

 

"The increased openness to accelerating the taper pace likely reflects both somewhat higher-than-expected inflation over the last two months and greater comfort among Fed officials that a faster pace would not shock financial markets," analysts led by Jan Hatzius said in a client note.

 

Despite the accelerated tapering calendar, Goldman expects the Fed to start raising interest rates only from June for a total of three times in 2022. The U.S. investment bank is one of the several banks which have recently raised their interest rate hike expectations for 2022 to three from two. (Reuters – Continue Reading)

Europe’s Record Cash Glut Warps Market For Short-Term Funding

A record cash glut is distorting European money markets, with euro-zone banks paying more to borrow overnight than for three months.

 

After the European Central Bank flooded markets with cash, banks are having to scramble to find a place to put all that money. That’s causing a shortage of short-term German bonds that’s especially acute as balance sheets get adjusted for year-end reporting.

 

It’s another sign of how unprecedented economic stimulus has turned markets upside down. In normal times, long-term funding should be more expensive. (Bloomberg – Continue Reading)

Covid Threatens Germany's Last Pillar Of Growth

A surge in coronavirus infections in Germany is weighing on consumer morale in Europe's largest economy, dampening business prospects in the Christmas shopping season and threatening to kick away its last remaining pillar of growth.

 

The GfK institute said on Thursday its consumer sentiment index, based on a survey of around 2,000 Germans, fell to -1.6 points heading into December, from a revised 1.0 points a month earlier.

 

The December reading was the lowest since June and compared with a Reuters forecast for a smaller drop to -0.5. (Reuters – Continue Reading)

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