Morgan Stanley: Taiwan’s 11-day ‘LNG cliff’ threatens global chip supply
The major theme continues to be that of Russia and uncertainty over whether an attack on Ukraine is imminent. Earlier today the Russian Defense Ministry announced the start of a pullback of some forces following recent military exercises.
The immediate market reaction was clear. Stocks breathed a sigh of relief and WTI crude futures have dropped back below the $94 handle.
IRON ORE SINKS
Prices tumbled as much as 13% in Singapore on signs that authorities in China will intensify efforts to quell a big rally since mid-November. (Bloomberg)
UK INCOMES GET SQUEEZED?
The average wage excluding bonuses rose 3.6% from a year earlier, less than the increase in consumer prices. Adjusted for inflation, wages fell 1.2%, the biggest decline since 2014. This comes with inflation still expected to top 7% by the spring. (Bloomberg)
FACEBOOK'S LATEST WOES
The Texas attorney-general is suing Facebook (NASDAQ:FB) parent Meta for billions of dollars over claims that it harvested and exploited citizens’ biometric data without proper consent through its recently-shuttered facial recognition system. (FT)
Catch you tomorrow!
Anthony