February 5, 2024
United States:
US Economy Is Remarkably Strong Compared to Europe, OECD Economist Says
The US economy is showing “remarkable strength” compared with Europe, where countries are struggling more with tighter monetary policy and the shocks of the energy price surge in recent years, OECD Chief Economist Clare Lombardelli said.
The Paris-based organization revised up its forecasts for US growth next year while it cut expectations for most of the euro area, which it now sees expanding only 0.6% in 2024.
Europe:
UK Says Job Market Was Tighter Than Expected in Late 2023
Britain’s labor market is tighter than thought, reflecting changes to population estimates in official data that showed more young people of working age than before.
Unemployment by the new measure was 3.9% in the three months through November, well below the 4.2% estimated using previous data, the Office for National Statistics said Monday. Joblessness has now fallen for four straight months, according to the improved dataset, when the temporary experimental figures had shown it to be flat over the same period.
Asia:
China Tightens Some Trading Restrictions for Domestic and Offshore Investors
China is tightening trading restrictions on domestic institutional investors as well as some offshore units as authorities fight to stem a deepening stock rout, according to people familiar with the matter.
Officials this week imposed caps on some brokerages’ cross-border total return swaps with clients, limiting a channel that can be used by China-based investors to short Hong Kong stocks, said the people, asking not to be identified discussing a private matter. At the same time, some Chinese brokers that use the channel to buy mainland shares for their offshore units were told not to reduce their positions, the people said.
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