Macro Briefing: 5 December 2023

* A key part of global trade at risk from attacks on vessels in Red Sea
* Moody’s cuts China credit rating to negative due to rising debt risks
* China Services PMI rises to 3-month high in November
* Eurozone Composite PMI contracts for sixth straight month in November
* Uber shares rise on news company will join S&P 500
* War on inflation is a hefty headwind for renewable energy
* US factory orders fell much more than expected in October:

The hot US labor market shows signs of cooling, according to several key statistics, reports The Wall Street Journal: 1) Workers quit quitting, 2) Less help wanted, 3) Hiring slows down, 4) Raises are getting smaller, and 5) Finding a job gets harder. “More people are having trouble finding a job when they are laid off. Nearly two million Americans have been applying for continuing unemployment benefits in recent weeks, the most in about two years, according to the Labor Department. The level is still historically low and just approaching the prepandemic average.”

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