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What I Am Reading

Tuesday, December 16, 2025

Latest Morning Briefing

On Challenges For China & Europe

It’s not China’s feared “Lehman moment.” But the psychological impact of Chinese property developer Vanke’s inability to pay its debt on time can’t be overstated, writes William. The situation is rattling investors who recall the 2021 default of China Evergrande Group and catastrophic aftermath. Now Vanke’s problems suggest the property sector’s troubles are far from over, putting the government’s GDP growth goals further from reach. Japan’s lost decades hold lessons for China, if only President Xi would heed them. … Also: The European Central Bank may be about to start tightening, notwithstanding the global challenges. This has stirred global debate about the limits of monetary policy to fix what ails an economy.

Markets

US stocks fall as soft jobs data fails to shift Fed-cut outlookBloomberg
Stocks under pressure; WTI slipsMarketWatch
How Markets Are Reacting to the Jobs Report, in ChartsWall Street Journal
U.S. Treasuries rebuild risk premia heading into 2026Reuters
Dollar hits 10-week low after jobs dataBarron's

Commodities

Brent breaks below $60oilprice
Oil Prices, Defense Stocks Fall on Ukraine TalksWall Street Journal

Central Banks

US Economy

U.S. Unemployment Rose in November Despite Job GainsWall Street Journal
S&P Global PMI: US business activity growth hits 6-month lowReuters
Trump approval slips to 39% as economy weighsReuters

Europe

UK firms see some relief after budget; euro zone flash PMI softerReuters

Japan

Japan passes ¥18.3tn extra budget to fund stimulusReuters

China

China's Economy Is Deteriorating on Several FrontsWall Street Journal
China cuts anti-dumping tariffs on EU porkReuters

AI & Technology

Trade & Geopolitics

Crypto

Bitcoin and majors fall again as jobs data dents rebound hopesBarron's

Canada Inflation Rate YoY (November 2025)

y for a third month. Source:Statistics Canada
in November. Source:Westpac–Melbourne Institute