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Livesquawk - European Briefing - Thursday 14.10
European Briefing - Thursday 14.10
Headlines
  • Fed Worried About Inflation Risk As Firmed Up Tapering Plan
  • Fed Bowman: Comfortable With November Taper, Sees Risks
  • Pres Biden Confronts Supply-Chain Crisis Stretching Past Grip
  • Biden Admin Asks Oil Industries For Help To Tame Gas Prices
  • US Hopeful Deals With EU On Metals Tariffs By End-October
  • Chinese Factory-Gate Inflation Surges To Highest In 26 Years
  • Evergrande Leaves China Developers Shut Out Debt Markets
  • Australia September Employment Tumbles As Delta Takes Toll
  • Erdogan Rid Turkey Interest-Rate Panel Of Opponents To Cuts
  • EU Holds Brexit Talks With UK To Avert Threats To Break Pact
  • UK Port Disruption Spreads, Pose Supply Threats To Christmas
  • UK Gas Shipping Company Stops Delivering To Retail Suppliers
Commentary
Fed Worried About Inflation Risk As Firmed Up Tapering Plan

Federal Reserve officials last month worried that disrupted supply chains were raising the risks of more persistent inflation as they firmed up plans to reduce their bond-buying stimulus program next month and conclude it by the middle of next year.

 

Minutes of their September 21-22 Fed meeting, released Wednesday, revealed a stronger consensus over scaling back the $120 billion in monthly purchases of Treasury and mortgage securities amid signs that higher inflation and strong demand could call for tighter monetary policy next year.

 

Under plans discussed last month, the Fed would reduce its purchases by $15 billion a month, divided proportionally between Treasury and mortgage bonds. Officials discussed starting the taper in mid-November; if they follow the schedule pencilled out last month, purchases would conclude by June. (WSJ - Continue Reading)

Biden Admin Asks Oil Industries For Help To Tame Gas Prices

The White House has been consulting with the oil industry to seek a remedy for rising gasoline prices as surging inflation threatens to tarnish the economic recovery, according to three people familiar with the discussions.

 

The latest outreach to the oil industry is an awkward shift for the Biden administration, which has pledged to move the country away from fossil fuels and has drawn criticism from the industry and Republicans for pausing lease sales of federal land for oil and gas development.

 

But President Joe Biden faces mounting political pressure to curb rising prices that have lifted the average per gallon price of gasoline to $3.28, more than $1 above the year-ago level, as crude oil prices hit 7-year highs this week above $80 a barrel. (Politico - Continue Reading)

China's Factory Gate Inflation Hits Record High In September

China’s annual factory gate prices grew at their fastest pace on record in September, driven by energy curbs and soaring commodity prices, piling pressure on businesses already grappling with supply bottlenecks.

 

The producer price index (PPI) rose 10.7% from a year earlier in September, the National Bureau of Statistics (NBS) said on Thursday, the biggest rise since the data began to be compiled in 1996. Economists in a Reuters poll had expected the PPI to rise 10.5% after a 9.5% increase in August.

 

A widening power shortage in China, caused by the country’s transition to clean energy, booming industrial demand and high commodity prices, have halted production at numerous factories including many supplying big global brands such as Apple. (RTRS - Continue Reading)

Files & Links
DATA
APAC GOVERNMENT/CENTRAL BANKS
EUROPEAN/AMERICAS GOVERNMENT/CENTRAL BANKS
FX
FIXED INCOME
COMMODITIES/ENERGY
APAC EQUITIES
EUROPEAN/US EQUITIES