The Monday Mix: Sept. 5 – 11, 2022

Top-of-mind economic headlines as we start the week:

The European Central Bank exited negative interest rates, raising its key rate to around zero (up 75 basis points) to curb inflation.

New weekly claims for U.S. unemployment benefits fell slightly; there are 11 million job openings, 2x the number of job seekers.

China’s economy is expected to grow only 3% or less this year (vs. 5%+ Chinese forecast), as Covid lockdowns affecting an estimated third of the population add to weakness in the real estate sector.

The EU backed away from imposing price caps only on Russian gas; Europe now gets only 7% of its gas from Russia vs. 40% before start of Ukraine war, as Russia has cut off supplies.

Corporations in developed countries need to double their emission-reduction targets to fend off the worst impacts of global warming.

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