4,072
-0.12%
4,072
-0.12%
11,461
-0.18%
11,461
-0.18%
34,430
0.1%
34,430
0.1%
1,812
-0.2%
1,812
-0.2%
17,057
0.53%
17,057
0.53%

A cap on Russian oil makes no sense in a global market. At best it is a giant price deficit subsidy that will benefit China and at worst an irrelevant top set higher than the average Urals price of the past 5 years.#OOTT
The number of long-term unemployed was little changed at 1.2 million in November.

Labor force participation rate, 62.1 percent, and employment-population ratio, 59.9 percent, were little changed. These measures are each 1.3 percentage points below their values in February 2020.
US Equity Risk Premium at Global Financial Crisis Lows.

Via MS
Quote of @jbhearn
Must read
Central Bankers in the UK & US are saying inflation is set to fall quite rapidly in 2023.
The reason they know this is that they caused the current inflation and by slowing the rate of growth in monetary demand over the last year they know, given a time…
Peak tightening?

Morgan Stanley expects peak tightening as global growth worsens even into 2023
Cryptocurrencies vs bonds.

There are many headlines on the roundtrip of cryptocurrencies, but it's worth looking at the loss of price in bonds, allegedly the safest asset.

There have been many bubbles in risky assets, but negative-yielding bonds were, in my opinion, the worst.
Quote of @GeoffCutmore
We hope...
"People are going to be surprised by the strength of the #UK economy next year," says fund manager Andy Brough, Director, @Schroders @SquawkBoxEurope He likes #Pendragon #ABRDN and #HarbourEnergy
European stocks are again the "value call" for 2023...

Value call or value trap?
United States ISM Index.

The manufacturing index was in contraction at 49.0 in November, the lowest reading since the initial stages of the pandemic.

New orders fall to 47.2 from 49.2.
Employment fell from 50.0 to 48.4 percent. Both in contraction.
Asset returns YTD via Deutsche.
Quote of @CNBCJulianna
Watch
⚡️European energy crisis: The Netherlands edition.

We’re live from Groningen, home to Europe’s largest and yet most unusable gas field.

Here’s the story…a thread! @CNBCi @CNBC

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U.S. Treasury says oil price cap 'institutionalizing' Russian crude discounts |  Link
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Germany has become a no-fly zone for discount airlines like Ryanair and EasyJet |  Link
Biden administration officials are trying to reassure oil market participants that the newly agreed $60 price cap on Russian crude won’t trigger supply disruptions and price volatility after it kicks in Monday |  Link
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The Biden Administration this week hosted French President Emmanuel Macron for an elaborate state dinner, with the menu headed by pricey, Maine-caught lobsters – drawing bipartisan criticism for the opulent optics.
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