Macro Briefing: 20 February 2024

* Delinquent commercial property loans exceed reserves at largest US banks
* Boom in EV battery metals showing signs of turning into a bust
* China banks cut key interest rate as economy falters
* Germany likely in recession, advises the country’s central bank
* Capital One will buy Discover, uniting two of the largest credit card firms
* SoftBank’s Masayoshi Son looks to raise $100 billion for new AI chip venture
* Goldman Sachs lifts S&P 500 target to 5,200 in 2024 on upbeat profits outlook:

Investors continue to plow money into money market funds as the Federal Reserve delays rate cuts. Total assets in money market funds now exceed $6 trillion, reports Bloomberg.

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