In today’s briefing:
- Saudi Arabia Is Now in Charge of the Federal Reserve
- CX Daily: Chinese NEV Industry Hits Back at EU Anti-Subsidy Probe
- Portfolio Watch: Any juice left in the anti-Europe bet?
- Asian Economics: US to Be a Driver of Asian Growth Despite Cyclical Headwinds
Saudi Arabia Is Now in Charge of the Federal Reserve
- US headline inflation disappointed. But the underlying CPI data is less concerning than the headline inflation rate suggests.
- This means another Fed rate hike is now de facto dependent on oil prices and Saudi Arabia. Not where you want to be as Chairman of the Federal Reserve.
- Historically, stocks perform well following a peak in inflation, but historical performance has been entirely priced in with a return of almost 18% since last year’s peak.
CX Daily: Chinese NEV Industry Hits Back at EU Anti-Subsidy Probe
- NEVs /: Chinese NEV industry hits back at EU anti-subsidy probe
- China-Venezuela /: China and Venezuela agree to upgrade official status
Property /Charts of the Day: China’s latest policy support boosts home sales, but briefly
Portfolio Watch: Any juice left in the anti-Europe bet?
- Welcome to our weekly portfolio watch! In this piece, we look at the developments in our portfolio and try to assess the risk/reward in current markets.
- Earlier this week, we received the monthly fund manager survey, and it seems like Energy remains underweight relative to benchmarks despite the recent performance.
- Managers are also underweight equities in both Europe and the UK relative to benchmark allocations, while they also expect the Chinese economy to weaken further.
Asian Economics: US to Be a Driver of Asian Growth Despite Cyclical Headwinds
- For all the talk of China’s growing footprint in the world economy, what the US does matters for the region, perhaps now more than ever.
- Secular forces, industrial policy, and shifts in global supply chains mean that investments are holding up admirably despite aggressive monetary tightening.
- Washington’s geopolitical strategy of countering China’s influence also brings economic upsides for the region via trade, investments, and technology transfers.
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