Macro Briefing: 1 December 2023

* Israel resumes war in Gaza after week-long truce expires
* Pressure rises to phase out fossil fuels at climate summit in Dubai
* Fed officials remain cautious on talking about rate cuts
* 60/40 stock/bond portfolio benchmark set for best monthly return in 3 years
* US jobless claims edge higher as continuing claims at 2-year high
* Chicago PMI rises to 17-month high in November, signaling expansion
* US consumer spending and inflation cooled in October:

OPEC+ agree to voluntarily extend cut in oil production as price of US crude oil benchmark remains near 5-month low. CNN reports: “Saudi Arabia, the world’s biggest exporter of crude oil, will lead the effort by extending a voluntary production cut of 1 million barrels per day of oil — previously intended to run till the end of December — by another three months, according to a statement from OPEC+, which comprises the Organization of the Petroleum Exporting Countries and its allies.”

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