In today’s briefing:
- Inflation Watch – Further Downside to US CPI Consensus
- A Mandatory Cancellation of Repurchased Treasury Shares in Korea: A Key Agenda for FSC in 2023
- Steno Signals – Recession Time as a Chinese Reopening Is Not Bullish
- CX Daily: China’s International Air Travel Resumes, But Covid Turbulence to Delay Takeoff
Inflation Watch – Further Downside to US CPI Consensus
- As economists anxiously await the coming CPI-print, we will in this ‘preview’ turn to our charts in an effort to align expectations according to select indicators.
- We aim for 6.3% in headline and 5.5% in core in Thursday’s CPI report from the US, with the bigger downside risk in core relative to headline.
- This is (again) clearly below the consensus. Let’s have a look at a bunch of charts on why.
A Mandatory Cancellation of Repurchased Treasury Shares in Korea: A Key Agenda for FSC in 2023
- On 10 January, the FSC announced that one of its key agendas this year would be to potentially complete a resolution of mandatory cancellation of repurchased treasury shares by companies.
- Korea is one of the few countries in the world where most of the shares that are repurchased by the companies are not cancelled.
- For now, it is unclear exactly what FSC will announce towards the end of this year with regards to this issue. At this point, there are two potential scenarios.
Steno Signals – Recession Time as a Chinese Reopening Is Not Bullish
- European inflation has peaked, but that doesn’t mean that we have seen the peak hawkishness from the ECB yet.
- European core inflation has on the other hand not truly peaked, and everything points to a continued six-month lag pattern between U.S. and European core inflation
- A Chinese reopening is not necessarily bullish for oil. For one, Copper and Gasoline inventories started increasing during Q4 2022. The Chinese prepared for the opening and bought early.
CX Daily: China’s International Air Travel Resumes, But Covid Turbulence to Delay Takeoff
Cover Story: China’s international air travel resumes, but Covid turbulence to delay takeoff
Pfizer’s Paxlovid to be dropped from national subsidy program as talks collapse
Foreign Ministry spokesperson Zhao Lijian transferred to Ocean Affairs Department
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