Macro Briefing: Monday, Nov. 28

* Protests broke out across China against Covid restrictions
* Public anger over China’s zero-Covid policy Covid creates political risks for Xi
* China reports third straight day of daily record for new Covid cases
* China reaffirms its zero-Covid policy after widespread protests
* Recession risk may be rising, but hiring remains strong
* US gives Chevron permit to restart Venezuelan oil sales
* Markets pricing in a softer rate hike for Dec. 14 Fed meeting
* Risk appetite is rebounding, driven by outlook for softer Fed policy:

Demand for single-family home rentals rises as mortgage rates increase. “We are in the midst of a housing-affordability crisis and people are suffering from sticker shock,” says Gary Berman, CEO of Tricon Residential, a developer, builder, and operator of single-family homes for rent in the US and Canada.

Latin America’s stagnation is the ‘worse than the 1980s’, says the new head of the UN Economic Commission on Latin America and the Caribbean. “This is terrible, this really ought to be a huge red light,” he warns, referring to average annual economic growth of just 0.8% in the decade through 2023.


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Disclosures: None.

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