Macro Briefing: 30 August 2023

* Some House members flirt with possibility of a US government shutdown
* US firms complain China is ‘uninvestable’, says US commerce secretary
* Peak China may be shaping up to be a key challenge for US
* Home prices in US rose for fifth straight month in June
* US court clears path for first US-listed spot bitcoin ETF
* US Consumer Confidence Index declined in August after two month gains
* US job openings fall in June to lowest level since March 2021:

US imports directly from China have declined as Vietnam, Taiwan, India and Canada lead the way in reshuffling supply sources for America. But a closer look at the data suggests that the US is still closely linked to China for trade, in part because several countries, such as Vietnam and Mexico, are importing more from China. In short, China exports to the US appear to be increasingly going through intermediaries.