A new report suggests that China is reducing its imports from the United States, with a decline in US exports to China in 2022, despite suggestions of record trade. The worsening of relations between the US and China since the Trump administration began imposing import tariffs on Chinese goods in 2018 has contributed to the shift. The US Bureau of Economic Analysis reveals that US exports to China increased by $2.4 billion in 2022 to $153.8 billion, while American imports from China rose by $31.8 billion to $536.8 billion.
The major Asian stock markets had a negative day today:
The major Asian currency markets had a mixed day today:
Some economic news from last night:
PBoC Loan Prime Rate remain the same at 3.65%
The European Investment Bank (EIB) is temporarily lifting its 4-year ban on financing in Turkey to provide €500 million ($540 million) for the country’s post-earthquake reconstruction efforts. The EIB had halted most lending to Turkey following a dispute over oil and gas drilling off Cyprus in 2019, but has decided to make an exception due to the severity of the recent earthquake in the country, which caused significant damage and loss of life. Commission President Ursula von der Leyen announced that the overall package by the Commission and EIB would total €1 billion ($1.1 billion).
The major Europe stock markets had a green day:
The major Europe currency markets had a green day today:
Some economic news from Europe today:
German PPI (MoM) (Feb) increased from -1.2% to -0.3%
Trade Balance (Jan) decreased from -8.8B to -30.6B
The S&P downgraded its credit rating for First Republic from BB+ to B+. Some believe a sale of the bank is possible if they cannot raise capital. Ten banks are helping Republic with a combined deposit of $30 billion. First Republic shares fell to a new 52-week low today after plummeting another 10.89%.
US Market Closings:
Canada Market Closings:
Brazil Market Closing:
The oil markets had a mixed day today:
The above data was collected around 11:35 EST on Monday
The above data was collected around 11:40 EST Monday.
Japan 0.250% (-3bp), US 2’s 3.97% (+0.122%), US 10’s 3.4716% (+7.46bps); US 30’s 3.64% (+0.041%), Bunds 2.111% (-1.2bp), France 2.656% (-1.8bp), Italy 3.979% (-6.6bp), Turkey 11.58% (+48bp), Greece 4.098% (-4.8bp), Portugal 3.02% (-4.9bp); Spain 3.190% (-3.3bp) and UK Gilts 3.289% (+0.7bp).
The post Market Talk – March 20, 2023 first appeared on Armstrong Economics.