Macro Briefing: 20 December 2023

* Red Sea chaos will cause shipping delays, drive up goods prices
* Democrats urge Biden to follow Europe’s lead and require stricter tech regs
* Canada to require all new autos to be zero-emission by 2035
* 44% Of US office loans underwater, which suggests high bank-failure risk
* US housing starts rise sharply, beating expectations by wide margin in Nov:

FedEx shares, a bellwether for the global economy, fall after the company cuts its revenue forecast and reported weaker than expected earnings. “We expect revenue will continue to be pressured by volatile macroeconomic conditions negatively affecting customer demand for our services across our transportation companies” for the rest of the firm’s fiscal year that ends May 31, FedEx said in a regulatory filing.

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