The Day Today 11th January 2022

  • Fed Clarida resigns two weeks before his term ends
  • Facebook delays office reopening from Jan 31 to March 28 and requires employees to show proof of booster.
  • Japan extends entry ban to end of February, HK suspends in-person primary school until end of Lunar New Year.
  • US / Russia talks extended to later this week.
  • Ikea and Wessex Water to cut sick pay for unvaccinated staff.
  • Strike due at Colorado grocery chain King Soopers over wage demands.
  • Mizuho to buy Capstone.
  • EU to stop merger between two of the world’s biggest shipbuilders.
  • Take-Two to buy Zynga for $11bn in largest gaming deal.
  • Evergrande name disappearing from its Shenzhen HQ as it moves out to cheaper offices.
  • JPM Dimon sees US “best growth we’ve ever had this year”, expects more than four Fed hikes.
  • KPMG UK boss admits their auditors “misled” regulators.
  • UK retail sales rose 2.1% in December compared to the same period last year according to BRC.
  • Australia International Trade in Goods and Services was A$9.423bn in November vs f/c A$10.6bn.

US stock markets staged a rebound after selling off for most of the session, with the Nasdaq the only one managing to eke out a gain having been down over 2% in the morning. Asian equity markets were mixed. Clarida’s hasty departure no doubt linked to Powell testimony in front of Senate Banking committee today.

The Week That Will Be
The Fed and Inflation; it’s a political thing: Actual Inflation; China producer prices Wednesday, BUT despite all the central bank hawkishness, inflation is currently not a useful marker: Earnings; they begin Friday.

On this day in 1569 was the first recorded lottery in England. This lottery was designed to raise money for the “reparation of the havens and strength of the Realme, and towardes such other publique good workes”, including the rebuilding of ports and new ships for the royal fleet. Each ticket holder won a prize, and the total value of the prizes equalled the money raised.

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