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[US] Household debt passed $15 trillion for the first time in the third quarter, as rising prices pushed up balances for homes and autos, the New York Federal Reserve reported Tuesday.

“The household debt growth represented a 6.2% gain from the same period a year ago… Despite worries over growth, credit card balances increased by $17 billion to around $800 billion for the quarter… Consumers see escalating inflation ahead.”

https://www.cnbc.com/2021/11/09/household-debt-total-passes-15-trillion-for-the-first-time.html


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High energy prices are a growing political problem for President Biden, and the administration is talking more about taking action to reverse the rise in products like gasoline.

“But the president has few options to change the market’s trajectory at a time when demand is rising and oil companies are hesitant to produce more.”

https://www.barrons.com/articles/biden-high-gas-prices-options-51636392697


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Oil price rise another reminder of Saudi Arabia’s lever over Biden…

“… the suspicion is that the reluctance to bow to US pressure is not solely related to market dynamics as Riyadh continues to smart over Biden’s coolness towards Crown Prince Mohammed bin Salman.”

https://www.ft.com/content/ca4f312c-61d2-4fd4-93e7-082ba2ed4cd9


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Fed Warns of Peril in Run-Up of Risky Asset Prices, Stablecoins.

“The Federal Reserve is warning that prices of risky assets keep rising, making them more susceptible to perilous plunges if the economy takes a turn for the worse, and cited stablecoins as an emerging threat.”

https://www.bloomberg.com/news/articles/2021-11-08/fed-warns-risky-asset-prices-are-rising-adding-to-crash-worries


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Fed says China’s real estate troubles could spill over to the U.S…

““The nexus of the Fed’s concern is that China’s real estate activity is slowing, but the developers have large debts [and] some of them (like Evergrande) are diversified into other areas of the economy,” said Paul Christopher, U.S.-based head of global market strategy at Wells Fargo Investment Institute.”

https://www.cnbc.com/2021/11/09/fed-says-chinas-real-estate-troubles-could-spill-over-to-the-us.html


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Chinese property bonds dive as contagion kicks in.

“China’s property sector suffered a fresh pounding on Tuesday as Kaisa Group made a desperate plea for help, Beijing-backed firms began to wobble and the U.S. Federal Reserve sent its first direct warning about potential global damage.”

https://www.reuters.com/world/china/chinas-state-council-held-meeting-with-property-developers-banks-source-2021-11-09/


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China struggles to regulate house prices despite glut of controls… Evergrande debt crisis prompts other developers to offer discounts, worrying authorities…

“Price controls are not just about price caps — local governments are also afraid of a sharp decline in price,” said Ting Lu, chief China economist at Nomura. “They want to prevent developers from cutting prices [and] competing against each other too aggressively.””

https://www.ft.com/content/5b28ab3c-a896-4c90-b41b-bca9111123dc


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China’s economic slowdown will worsen as the Asian giant forges on with its zero-Covid strategy, an economist warned on Monday.

““If China continues to stick to its zero-Covid strategy, I think domestic demand will be under pressure,” said Hao Zhou, senior emerging markets economist at Commerzbank.”

https://www.cnbc.com/2021/11/09/analysts-on-chinas-zero-covid-strategy-and-economic-slowdown.html


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China’s factory inflation hits 26-year high as power crunch bites.

“China’s factory gate inflation hit a 26-year high in October as coal prices soared amid a power crunch in the country’s industrial heartland, further squeezing profit margins for producers and heightening stagflation concerns.

https://www.reuters.com/world/china/chinas-factory-gate-inflation-hits-26-year-high-2021-11-10/


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China Keeps Up Pressure to Cut Coal Prices as Winter Looms.

“Beijing is maintaining pressure on coal miners to cut prices to keep a power crisis at bay as a burst of frigid weather provides a hint of the harsh winter that may be ahead.”

https://www.bloomberg.com/news/articles/2021-11-09/china-keeps-pressure-on-coal-mines-to-cut-prices-as-winter-nears


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Gas shortage fears and polar vortex threaten to plunge Britain into extreme cold crisis.

“The UK and the rest of the world must learn the lessons of the devastating cold snap in Texas this year that killed more than 200 people.”

https://www.telegraph.co.uk/world-news/2021/11/09/gas-shortage-fears-polar-vortex-threaten-plunge-britain-extreme/


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Millions [in the UK] face winter of debt as energy costs heat up…

Almost 60 per cent of households report concerns about how they will meet payments this winter, and a fifth will continue to leave their heating off to keep bills down, according to data from Uswitch.”

https://www.independent.co.uk/money/energy-gas-prices-winter-help-debt-fuel-b1954168.html


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Macron says France will build more nuclear energy reactors.

“France will build new nuclear reactors to help the country lessen its dependence on foreign countries for its energy supplies, meet global warming targets and keep prices under control, President Emmanuel Macron said on Tuesday.”

https://cyprus-mail.com/2021/11/09/macron-says-france-will-build-more-nuclear-energy-reactors/


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German retailers stung by shortages as Europe battles inflation surge…

“Companies expect disruption to continue for at least 10 months for many goods, according to a survey by the Munich-based Ifo Institute, with some facing even longer delays.”

https://www.telegraph.co.uk/business/2021/11/09/german-retailers-stung-shortages-europe-battles-inflation-surge/


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Poland warns of armed clashes at Belarus border as thousands of migrants congregate.

“Poland has amassed more than 12,000 troops at the border and authorities were spotted spraying substances in the direction of immigrants trying to force their way through. Belarusian authorities are being accused of deepening the refugee crisis by redirecting thousands of migrants… to the country’s border with Poland.”

https://inews.co.uk/news/world/poland-belarus-border-migrants-armed-clashes-latest-news-1291179


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North Macedonia government declares energy crisis.

“The government declared a 30-day energy crisis starting Tuesday (9 November) at the request of the Commission monitoring the electricity supply within the economy ministry, Economy Minister Kreshnik Bekteshi told a press conference.”

https://www.euractiv.com/section/politics/short_news/north-macedonia-government-declares-energy-crisis/


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South Africa’s Energy Minister Vows To Fight For Coal.

“Coal-fired power generation should continue to be part of South Africa’s energy mix, its Energy Minister Gwede Mantashe said on Tuesday, noting that he would go to court if necessary to keep a plan for new coal power plants alive.”

https://oilprice.com/Latest-Energy-News/World-News/South-Africas-Energy-Minister-Vows-To-Fight-For-Coal.html


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Fertiliser shortage heaps pressure on Modi government ahead of state elections.

“An acute shortage of fertilisers in rural India threatens to disrupt the winter planting season, stoking unrest among the country’s politically important farmers ahead of a series of crucial state elections next year.”

https://www.ft.com/content/5674eee9-6fad-45f4-9bd1-5d7898cf0a8a


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The head of the United Nation’s aid agency for Palestinian refugees has warned that the organisation is in the “danger zone” and faces potential collapse.

“Philippe Lazzarini, the commissioner-general for the United Nations Relief and Works Agency, told Al Jazeera the agency is cannot maintain the services it provides to millions of refugees without more funding.”

https://www.aljazeera.com/news/2021/11/8/unrwa-chief-seeks-funding-to-avert-financial-collapse


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Lebanese army receives food aid from Qatar amid economic meltdown.

“Sunday’s delivery was the fifth shipment from Qatar since July, as the emirate has vowed to help the army for a year in light of the severe financial and economic crisis. The army thanked Qatar for its donation.”

https://english.alaraby.co.uk/news/lebanese-army-receives-food-aid-qatar


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Afghanistan: People struggle to make ends meet amid economic turmoil.

“Most of Afghanistan’s public servants have lost their jobs and are left with no income since the Taliban takeover of the country. Many are forced to sell possessions just to buy food.”

https://www.dw.com/en/afghanistan-people-struggle-to-make-ends-meet-amid-economic-turmoil/a-59756824


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UN food agency: 45 million people on the edge of famine…

“Tens of millions of people are staring into an abyss. We’ve got conflict, climate change and COVID-19 driving up the numbers of the acutely hungry,” WFP Executive Director David Beasley was quoted as saying.”

https://www.aljazeera.com/news/2021/11/8/un-warns-of-sharp-rise-in-number-of-people-facing-famine


You can read the previous ‘Economic’ thread here. I’ll be back tomorrow with a ‘Climate’ thread.

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