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MNI POLICY: EC To Approve Hungary NGEU Plan, Keep Funds Frozen

The European Commission is set to approve aid for Hungary but recommend keeping a cohesion fund freeze.

MARKET NEWS TOP STORIES

MNI INTERVIEW: US Wage Pressures Likely To Be Longer Lasting

Shortages of new workers are likely to keep labor costs high, Philly Fed visiting scholar Giuseppe Moscarini says.

MNI: Italy Seeks To Cover EUR6.2 Bln Shortfall In Budget Plan

Italy's right-wing government is looking at raising some taxes or cutting spending to cover a financing gap in next year's spending plans.

MNI Europe Pi (Positioning Indicator): Faded Shorts

European bond futures positioning remains short/flat, though extreme shorts have dissipated.

MNI: Canada Q3 GDP Doubles Forecasts With 2.9% Annualized Gain

Output likely stalled in month of October, according to flash estimate.

Political Risk

President Biden Shortly Due To Deliver Remarks On His Economic Plan

President Joe Biden is shortly due to deliver remarks on his economic plan from Bay City, Michigan.

  • Livestream: https://www.whitehouse.gov/live/
  • According to the White House, Biden "will discuss how his economic plan is leading to a manufacturing boom, growing the economy, and creating good-paying jobs in Michigan and across the country."
  • Biden will deliver remarks from SK Siltron, a manufacturer of components for electric vehicles and comes shortly before French President Emmanuel Macron touches down in Washington DC for the first state visit of Biden's tenure in the Oval Office.
  • Macron has criticised US legislation - the Inflation Reduction Act - which uses subsidies and tax relief to preference domestic electric vehicle manufacturing, and discussions with the French delegation on the IRA are on the agenda this week.

Biden To Repair Relations With France During Macron State Visit

French President Emmanuel Macron will arrive in Washington DC later this evening ahead of the first state visit of Biden's tenure in the Oval Office.

  • Macron’s visit comes amid strain in the Franco-US relationship over the establishment of AUKUS which prompted the scrapping of a major military contract with Australia and a simmering trade dispute between the United States and the European Union over the electric vehicle subsidies provided by the US Inflation Reduction Act (IRA).
  • US Trade Rep Katherine Tai and French Finance Minister Bruno Le Maire yesterday agreed to “deepen bilateral understanding of the [IRA] legislation.”
  • Bloomberg: “The Inflation Reduction Act.... provoked concerns in Europe over the cumulative impact of some measures on industry, including the threat of luring away investment.”
  • Macron and German Chancellor Olaf Scholz found rare common ground over opposition to the IRA with Macron pushing a “Buy European Act” to counter the US subsidies.
  • White House National Security Council Spokesperson, John Kirby yesterday confirmed that IRA will be on the agenda: “We look forward to having that discussion with our French counterparts,” so the administration can “better understand the concerns of our European friends.”

White House Press Conference Underway Shortly

White House Press Secretary Karine Jean-Pierre is shortly due to brief the press aboard Air Force One en route to Freeland, Michigan where President Biden will deliver remarks on his economic plan.

  • Livestream: https://www.whitehouse.gov/live/
  • Jean-Pierre will update on the negotiations to end a rail strike which could take place in early December.
  • President Biden said in a statement yesterday: “I am calling on Congress to pass legislation immediately to adopt the Tentative Agreement between railroad workers and operators – without any modifications or delay – to avert a potentially crippling national rail shutdown.”

House Of Representatives To Vote On Bill To Block Rail Strike Tomorrow

House Speaker Nancy Pelosi (D-CA) has confirmed that the United States House of Representatives will hold a vote tomorrow to block a rail strike which could happen as early as December 9.

  • Pelosi said: "We must avoid a strike," and will bring the bill to the House floor early tomorrow in order to give the Senate maximum time to address the bill and overcome any opposition.
  • President Biden said after the meeting with Pelosi and other Congressional leaders: "Congress, I think has to act to prevent it. It's not an easy call, but I think we have to do it. The economy is at risk."
  • Biden sought to mitigate some of the political fallout from the progression wing of the Democratic party and acknowledged a perceived inconsistently with his vocally pro-union position in a statement yesterday: “As a proud pro-labor President, I am reluctant to override the ratification procedures and the views of those who voted against the agreement,” but, Biden said, “at this critical moment for our economy… we cannot let our strongly held conviction for better outcomes... hurl this nation into a devastating rail freight shutdown.”

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