Notes Today:
- Market Watch: China overtook the U.S. as the world’s top destination for new foreign direct investment last year, as the COVID-19 pandemic amplifies an eastward shift in the center of gravity of the global economy.
- New investments by overseas businesses into the U.S., which for decades held the No. 1 spot, fell 49% in 2020, according to U.N. figures released Sunday, as the country struggled to curb the spread of the new coronavirus and economic output slumped.
- China, long ranked No. 2, saw direct investments by foreign companies climb 4%, the United Nations Conference on Trade and Development said. Beijing used strict lockdowns to largely contain COVID-19 after the disease first emerged in a central Chinese city, and China’s gross domestic product grew even as most other major economies contracted last year.
- The notable drop-off in Chinese iron ore demand may be behind AUD’s recent bit of weakness.
The IHS Markit Manufacturing PMI for the US jumped to 59.1 in January of 2021 from 58.3 in December and well above market forecasts of 56.5.
Sales of previously owned houses in the US rose 0.7% MoM to 6.76 million units in December of 2020, beating market forecasts of 6.55 million. The median existing-home price was $309,800, up 12.9% YoY
- Bloomberg: “I have received calls from every building with Trump on it in the city trying to get it removed,” Bailey said. “Over time in New York, Donald Trump has not been very popular and New York is about money, so having Trump’s name on the building reduces its value.”
- Bloomberg: Trump’s campaign paid more than $2.7million over two years to individuals and firms that organized the Jan. 6 rally that led to rioters storming the U.S. Capitol, according to the Center for Responsive Politics.
- AT&T gains on report of talks to sell
minority DirecTV stake to TPG. T is reporting Wednesday morning. (I enjoyed HBO Max the Flight Attendant)
- A hacker hacked sensitive information from
Intel’s website, prompting the company to report the numbers earlier than
planned. Hopefully Pat Gelsinger can get INTC’s act together – I’m
expecting the answer to be yes.
- MoM Retail sales in Australia fell 4.2%
- Japan Manufacturing PMI fell to 49.7 In December.
- New Zealand inflation running at 1.4% currently.
- (MW) Biden’s plan to make community college free and four-year public college tuition-free for students from households earning $125,000 or less would increase Americans’ disposable income by $61 billion, according to an analysis published this week by the Campaign for Free College Tuition and Rise, an advocacy organization focused on college affordability and other youth and student issues.
