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China
Concerns over coronavirus proliferation forced the closure of a Chinese port. It’s the Dongxing port in Guangxi province, near the border with Vietnam’s Móng Cái.
• Goods and persons flows have been halted at customs.
• No reopening date has been announced.
China has firmly adhered to a ‘zero’ policy. This has ramifications for both global trade (supply chains) and the Chinese economy.
Japan
Japan has upgraded its assessment of its economy for the first time in 17 months;
they have raised their views on private consumption (for the second month in a row) and business conditions; they have cited the services sector, which has been bolstered by easing coronavirus restrictions;
they have also raised their employment assessment for the first time in 15 months due to increased job postings;
and they have flagged ongoing risks from supply constraints and raw material prices. For the first time in 13 months, Japan reduced its forecast for capital spending.
Russia
Russia’s Gazprom has not reserved gas transit capacity for December 21 deliveries via the Yamal-Europe pipeline. With Russia in the grip of a cold spell, the Kremlin continues to prefer to save its gas reserves for domestic use.
Turkey
Turkey’s lira is in ‘beast mode,’ rising 9 percent versus the US dollar this morning, following a historic 25 percent rebound from record lows, after President Tayyip Erdogan revealed a plan that he said would protect local currency savings from market volatility.
Erdogan proposed a scheme that he claims will protect local currency investments from market swings. Erdogan stated that the sequence of initiatives will alleviate the effects of the recent currency crisis and encourage Turks to save in lira rather than dollars.
According to the director of the Turkish bank association, roughly $1 billion was sold in markets after Erdogan announced economic measures. According to three bankers’ estimations, about $1-1.5 billion in savings were changed to lira on Monday night.
The lira soared, with some analysts claiming that the new measures are essentially concealed rate rises that may not eventually alleviate selling pressure while straining the Treasury’s backstopping ability.