Overseas Headlines – January 3, 2023

January 3, 2023

 

United States:

US Recession ‘Pretty Likely,’ Ex-New York Fed Chief Dudley Says

A US economic recession is in the cards because of what the Federal Reserve must do to cool inflation, former New York Fed President William Dudley, but it probably won’t be a severe slowdown.

“A recession is pretty likely just because of what the Fed has to do,” he said in an interview on Bloomberg Surveillance Tuesday. “But what’s different this time I think is that if we have a recession, it’s going to be a Fed-induced recession and the Fed can end the recession by subsequently easing monetary policy.”

https://www.bloomberg.com/news/articles/2023-01-03/us-recession-pretty-likely-ex-new-york-fed-chief-dudley-says

Europe:

German Inflation Slowed After Government Picked Up Gas Bills

German inflation slowed more than anticipated in December after the government paid some households’ gas bills for the month, offering a temporary respite in the country’s cost-of-living crisis.

Consumer-price growth at 9.6% was the weakest since August. Economists anticipated 10.2%, according to the median of 20 forecasts.

https://www.bloomberg.com/news/articles/2023-01-03/german-inflation-slowed-after-government-picked-up-gas-bills

Asia:

China’s Economy Ends Year in Slump as Covid Infections Surge

China’s economy ended the year in a major slump as business and consumer spending plunged in December, with more disruption likely in the first few months of the year as Covid infections surge across the country.

Official data over the weekend showed the decline in manufacturing worsened last month, while activity in the services sector plunged the most since February 2020.

https://www.bloomberg.com/news/articles/2023-01-02/china-s-economy-ends-year-in-slump-as-covid-infections-surge

 

Disclaimer:

Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.

Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.

2023-01-03T08:53:28-05:00