Today's Economy

We're a bit more optimistic than the consensus on U.S. growth, but not by much.

A falling lira caused producer and consumer inflation to spike in December.

Hong Kong's retailers pivot away from mainland Chinese tourists towards local consumers.

Our Europe office will reopen Monday, January 3; Americas and Australia offices will reopen Tuesday, January 4.

Commentary

South Korea's exports will hold strong in December thanks to demand for semiconductors.

U.S. state and local current receipts have surpassed current expenditures in their longest streak since the 1970s.

We consider a property crash, a deteriorating COVID-19 situation, and early rate hikes in 2022.

The cartel could decide it is better served pumping less oil so that it can fetch higher prices.

Today's Economic Indicators

Singapore
GDP - Advanced
2021Q4: 5.9% y/y
Singapore’s fourth quarter GDP growth came in ahead of expectations, growing by 2.6% q/q.

Hong Kong SAR (China)
Retail Sales
Nov. 2021: 7.1% y/y
Retail sales values in Hong Kong rose by 7.1% y/y in November to HK$30.7 billion, after rising by 12.1% in October.

Chile
Monthly Economic Activity Indicator
Nov. 2021: 14.3% y/y
Chile’s economic recovery continued to advance solidly in November, as the domestic market remained strong.

United States
Construction Spending (C30)
Nov. 2021: 0.4% m/m
U.S. nominal construction spending rose 0.4% in November, matching the upwardly revised gain in October (previously 0.2%).

United States
Vehicle Sales - BEA
Dec. 2021:

Brazil
Foreign Trade
Dec. 2021: US$3.948 bil
Brazil’s trade balance ended the year in positive territory as exports gained momentum.

United States
Semiconductor Billings
Nov. 2021:

South Korea
Foreign Trade
Dec. 2021: