Monday, 24 Jan 2022

European Economics Preview: Eurozone Unemployment Data Due

Treasury Reveals Details Of Long-Term Securities Auctions

On Thursday, the Treasury Department announced the details of this month’s auctions of three-year and ten-year notes and thirty-year bonds.

The Treasury revealed it plans to sell $54 billion worth of three-year notes, $36 billion worth of ten-year notes and $22 billion worth of thirty-year bonds.

The results of the three-year note auction will be announced next Tuesday, the results of the ten-year note auction will be announced next Wednesday and the results of the thirty-year bond auction will be announced next Thursday.

Last month, the Treasury sold $58 billion worth of three-year notes, $38 billion worth of ten-year notes and $24 billion worth of thirty-year bonds.

The three-year note auction attracted below average demand, the ten-year note auction attracted above average demand and the thirty-year bond auction attracted average demand.

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Last modified on Thu 2 Dec 2021 12.00 EST

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Apple Supports Trump Tariff Waivers On Apple Watch, Mac Pro Parts

Tech giant Apple Inc. (AAPL) has filed eight public requests in support for temporary waivers on tariffs for both the Apple Watch and Mac Pro parts.

The requests, which was first reported by CNBC, are listed on the US Trade Representative’s website.

The USTR has invited comments on “the possible reinstatement of previously extended exclusions,” and Apple’s responses are among 2,024 received so far.

The filings are a public step in a process that could reinstate a government-granted exclusion on 7.5% tariffs on Apple Watch imports and 25% tariffs on Mac Pro components.

The tariffs were levied during the Trump administration as a result of the trade war with China.

Apple, seeking exclusion on the tariffs for Apple Watch stated that it supports reinstating the exclusions, saying “This exclusion is needed for a U.S.-designed smartwatch that is widely used by consumers for mobile connectivity and health applications.” The application continues “This exclusion covers a complex consumer electronics device that is manufactured to specification at individually-qualified facilities. It is not currently available from sources in the United States.”

Similarly, Apple says it supports reinstating the exclusion on Mac Pro parts because the components are not currently available from sources in the United States.

Crude Oil Shows Notable Move Back To The Upside

After coming under pressure over the course of the previous session, treasuries showed a notable move back to the upside during trading on Thursday.

Crude for January delivery jumped $0.93 or 1.4 percent to $66.50 a barrel after ending Wednesday’s trading down $0.61 or 0.9 percent at a three-month closing low of $65.57 a barrel.

The rebound by crude oil came even though OPEC and its allies, collectively known as OPEC+, decided to stick to their plant to increase output by 400,000 barrels per day in January.

A statement from OPEC+ noted the meeting would “remain in session” so producers could “make immediate adjustments if required.”

Meanwhile, White House press secretary Jen Psaki told reporters Wednesday that she knew of no plans to slow releases from strategic reserves.

European Economics Preview: Eurozone Unemployment Data Due

Unemployment from euro area is due on Thursday, headlining a light day for the European economic news.

At 2.30 am ET, the Federal Statistical Office is slated to issue Swiss retail sales for October. Sales had increased 0.1 percent on month in September.

At 3.00 am ET, unemployment data is due from Spain.

In the meantime, revised GDP data from Austria and final foreign trade from Hungary are due. Austria’s GDP is forecast to grow 3.3 percent sequentially in the third quarter after rising 4 percent a quarter ago.

At 4.00 am ET, Italy’s Istat publishes unemployment figures for October. The jobless rate is expected to drop marginally to 9.1 percent from 9.2 percent in September.

At 5.00 am ET, Eurostat releases euro area unemployment and producer prices data. Economists forecast the unemployment rate to fall to 7.3 percent in October from 7.4 percent in September.

Producer price inflation is seen at 19.0 percent in October versus 16.0 percent in September.

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