Weekly Market Update - 11 December 2023

US Job Openings

A cooling labor market along with a still-healthy economy can reinforce a soft-landing narrative. In October, US job openings pulled back to the lowest since early 2021, underscoring the gradual retreat the Federal Reserve would like to see. The US service sector expanded at a faster pace in November as business activity and employment picked up. Plus, the central bank now has “a loaded gun that they can use as needed” if economic conditions worsen, as it has kept interest rates high, Apollo Asset Management Co-President James Zelter says.

Source: Bloomberg

Risk Management

China’s regulator wants provinces to come up with their own plans to handle financial risks, according to a report, about a month after officials pledged to set up a mechanism to resolve local debt issues. The country should make a greater effort in financial risk management but the policies need to be tailored, avoiding a one-size-fits-all approach, the Xinhua News Agency cited Li Yunze, head of the National Financial Regulatory Administration, as saying in an interview. Provinces have to devise their own policies on how to handle risks, according to the report.

Source: Bloomberg

Putin On The Move

Vladimir Putin will travel to the UAE and Saudi Arabia in the days ahead, according to people familiar with the Russian president’s plans, a rare trip abroad for the leader since the invasion of Ukraine. The excursion highlights the importance of the Gulf states to Moscow, given its dependence on energy-export revenues. Saudi Arabia, the UAE and Russia are all members of OPEC+.

Source: Bloomberg