Market Talk – Tuesday, Dec. 22

Public Sector Net Cash Requirement (Nov) increased from 20.027B to 23.518B

Steel Production (Metric Ton) (Nov) increased from 600.10K to 702.20K

Germany:

GfK German Consumer Climate (Jan) decreased from -6.8 to -7.3

Norway:

Unemployment Rate (Oct) remain the same at 5.2%

US/AMERICAS:

Beijing firmly opposes a US proposal that would remove Chinese companies from American indexes unless they adhere to strict auditing. “It will seriously hinder the normal listing of Chinese companies and distort the basic market economy rules that the US has always touted,” foreign ministry spokesman Wang Wenbin stated. Wenbin called the proposal “an unjustified political crackdown” aimed to hurt China, but stated that it would likely backfire and hurt both the Chinese and US economies.

Over 42 million student loan recipients in the US are expected to resume payments next month after the new coronavirus stimulus package excluded extending the interest-free payment period. At the beginning of the pandemic in March, the US Department of Education signed a moratorium period until October, which President Trump extended until December. Currently, 25% of borrowers are in default or delinquency, according to CNBC, with the average person owing around $400 per month. The US student debt deficit has now reached $1.7 trillion. Incoming President-elect Joe Biden originally stated that he would consider forgiving up to $50,000 in student loans for individuals earning less than six-figures. Later, Biden proposed forgiving $10,000 in student debt for all borrowers, and a significant portion of debt for anyone earning under $125,000 who attended a historically black school.

After the US deemed Vietnam a potential currency manipulator last week, experts anticipate that President Trump will impose trade tariffs on the nation before leaving office. Vietnam exported around $65 billion in goods to the US during the first 10 months of 2020, similar to last year’s amount of $66.6 billion. According to Reuters, tariffs could potentially impact over $400 billion worth of apparel, footwear, furniture, household, and electronics.

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