Macro Briefing: 31 January 2023

* China’s economy grows in January (PMI survey)–first expansion since September
* Is a bull market returning to China’s stock market?
* Will China’s reopening keep global inflation higher for longer?
* Biden reportedly moves to halt US exports to Huawei, according to reports
* Eurozone GDP posts slight growth in Q4, beating expectations of a dip, but…
* German economy unexpectedly shrinks in Q4, raising risk of recession
* Demand for oil and gas will drop dramatically by 2050, BP projects
* IMF raises growth outlook for world economy in 2023:

Is forcing the Treasury Dept. to “prioritize” payments on government bonds if Congress doesn’t raise the debt ceiling a solution, if only a temporary one? Maybe, but not necessarily, says Brian Riedl, formerly chief economist to former Republican Senator Rob Portman and now an economist at the Manhattan Institute. “Prioritization is really default by another name. It’s not defaulting on the government’s debt, but it’s defaulting on its obligations.”