Macro Briefing: 4 April 2023

* US debt-ceiling crisis is still approaching with few, if any, signs of progress
* China launches cybersecurity probe into US chipmaker Micron Technology
* World Bank warns of “lost decade” ahead for global growth
* Italy is first Western country to block AI chatbot ChatGPT
* Global manufacturing output rises for second month in March
* Interest rates for car loans reach record high
* US construction spending unexpectedly eased in February
* US ISM Mfg Index slides deeper in March, indicating contraction for fifth month:

Price and supply pressures across the global manufacturing sector continued to ease in March, based on survey data. “The Global Price Pressures Index dropped further in March to indicate that commodity prices were rising at just under a third of the normal speed, the joint-slowest pace since June 2020,” reports S&P Global. “Similarly, the Global Supply Shortages Index edged down in March to reach the lowest level in two-and-a-half years.”