Macro Briefing: 9 February 2023

* US-China tensions are high, but so is commerce between the two nations
* Fed officials reaffirm that higher rates needed to tame inflation
* China deploys surveillance balloons worldwide, say US officials
* Disney announces 7,000 job cuts as streaming business falters
* Credit Suisse reports huge annual loss as it continues with reforms
* Mortgage refinance demand ticks up as mortgages rate fall for fifth week
* JPMorgan reportedly cuts hundreds of mortgage employees
* Commodities prices near lowest level in over a year:

Big oil draws fresh scrutiny after reporting record profits for 2022. “The scale of the gains by oil companies is generating fresh scrutiny of their investments in renewable energy and of the prices they charge their customers,” reports CNN. “It has also led governments in Europe to impose windfall taxes to raise the money needed to help households struggling with high energy bills.”