December 22, 2022
United States:
US Claims for Jobless Benefits Were Little Changed Last Week
Applications for US unemployment benefits were little changed last week, remaining near a historically low level, underscoring businesses’ reluctance to lay off workers in a supply-constrained labor market.
Initial unemployment claims increased by 2,000 to 216,000 in the week ended Dec. 17, Labor Department data showed Thursday. The median forecast was for 222,000 applications.
Europe:
European Gas Falls Further Amid Mild Weather and Ample Supplies
European natural gas prices fell for a fifth day as temperatures are forecast to stay mild into the new year while supplies remain plentiful.
Benchmark futures declined as much as 7%, after closing at the lowest level since mid-June on Wednesday. Prices have been sliding over the last two weeks with mild and windy weather curbing demand for gas. Industrial consumption, already curbed by high prices earlier in the year, typically eases during the holiday season.
Asia:
China Developers’ Recovery After $74 Billion Rout Faces Covid Turmoil
Despite a disastrous year for China’s property sector, markets turned from extreme pessimism to euphoria in just a matter of weeks thanks to Beijing’s policy bazooka. Now there are growing signs the rally is faltering.
Real estate shares have entered a technical correction after a runup of 88% over the six weeks through early December. Weak homebuyer confidence and an uncertain economic recovery are threatening to outweigh policy support measures, including expanding a key bond-financing program to private developers and lifting a ban on equity refinancing.
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