Macro Briefing: 29 November 2022

* Protests in China create new uncertainty global economic outlook
* China reports first decline in daily Covid infections in more than a week
* Inflation fight could last through 2024, says NY Fed president
* Business groups ask Congress to prevent rail strike
* Eurozone economic sentiment in November rises for first time in 9 months
* Cryptocurrency lender BlockFi files for bankruptcy, latest casualty in FTX crisis
* Meta fined $276 million in Eurozone for Facebook data leak
* Texas factory activity slumped for seventh straight month in November:

US Treasury yield curve inversion reaches new extremes, diving to levels unseen in decades. The slide in the current yield curve reflects “the market saying: I think inflation is going to come down,” says Gene Tannuzzo, global head of fixed income at the asset management firm Columbia Threadneedle.

Foreign firms in China face elevated uncertainty in wake of protests. “In my 12 years of being in China, I have never seen the levels of social and economic disruption. The extraordinary civil unrest taking place at the moment is all due to zero-Covid fatigue,” says Steven Lynch, British Chamber of Commerce’s managing director. “This is the lowest level of sentiment we’ve ever experienced, certainly for British businesses.”