Macro Briefing: 10 March 2023

* China’s Xi Jinping secures unprecedented third term as president
* Selling of bank shares spreads as troubles for tech lender SVB deepen
* UK reports stronger-than-expected growth for January GDP
* OPEC is again the main factor influencing global oil supply
* Credit card debt reaches new high, putting consumers at ‘breaking point’
* US jobless claims rise to 2023 high but remain historically low
* US stock market falls to lowest level since late-January:

Shares of bank stocks suffer sharp loss as concerns spread as tech lender SVB’s troubles deepen. The KBW Bank Index recent slide accelerated on Thursday. “This is the first sign there might be some kind of crack in the financial system,” says Bill Smead, chairman and chief investment officer of Smead Capital Management. “People are waking up to the gravity that this was one of the biggest financial euphoria episodes.”