Macro Briefing: 8 December 2023

* Biden set to veto anti-electric-vehicle bill
* Crude oil prices on track for seventh straight weekly decline
* 2023 is least affordable year for homebuying on record–2024 may be better
* Apple plans to make 1/4 of iPhones in India within several years
* Google rolls out first phase of Gemini, its AI project
* US jobless claims edge up, but remain low by historical standards:

Semiconductor stocks trade just below a record high as TSMC, world’s largest supplier of made-to-order chips, reports a drop in revenue. Semi shares are closely watched as a proxy for the business cycle and on that basis VanEck Semiconductor ETF (SMH) continues to show an upside bias.