US Briefing - Thursday 12.11
Headlines
  • President-Elect Biden Reassures Allies In Calls With Japan, SK
  • President Trump Suits Aim To Block Certification In Key States
  • US Unemployment Claims Expected To Hold At Record Levels
  • US Covid Cases At Another Record, NY Limits Social Gatherings
  • EU Seeks Brexit Bargaining, Pitting Fish Against Energy Access
  • Covid Hot Spots Show Signs EU’s New Wave May Be Cresting
  • BoE’s Bailey: Little Need For Yield Curve Control At Moment
  • UK Record Growth Surge Before Lockdown Derailed Recovery
  • Key PM Johnson Aide Quits In Downing Street Power Struggle
  • OPEC+ Focuses On Delay To Output Hike Of Three-Six Months
  • EIA: Oil Recovery Unlikely For Months Despite Vaccine Hopes
  • Group Of 165 Google Critics Call For Swift EU Antitrust Action
  • Moderna Poised To Take Vaccine Spotlight With Results Due
Commentary
After Historic Fall, Record Growth As Rebound Loses Steam

GDP growth in the UK showed its best quarterly rise on record as the economy rebounded following the end of the severest Covid-19 restrictions earlier this year, but the good news was tempered by monthly data indicating the recovery is tapering off.

 

The Office for National Statistics said it estimates UK economic activity grew at a record 15.5% pace in the third quarter versus the previous three-month period, when growth suffered during the country’s first lockdown. The print fell just short of expectations of a 15.8% rise followed the second quarter’s 19.8% contraction. But GDP remained 9.7% below where it stood at the end of 2019.

 

The third quarter showed record quarterly increases in services (14.2%), production (14.3%) and construction output 41.7%. The largest sector, services, received its positive contribution from wholesale and retail trade, which were up 30.7%. (LiveSquawk - Continue Reading

Trump Suits Aim To Block Certification In Key States

President Trump’s campaign is pursuing a patchwork of legal attacks in key states that have been called for President-elect Joe Biden to mount a long-shot effort to try to prevent officials from certifying the results, advisers and lawyers involved said.

 

Trump advisers have grown more vocal in conversations with Mr. Trump in recent days that they don’t see a path to victory, even if his legal efforts meet some success, a White House official said, though some advisers have continued to tell the president he still has a shot.

 

One potential strategy discussed by Trump’s legal team would be attempting to get court orders to delay vote certification in critical states, potentially positioning Republican-controlled state legislatures to appoint pro-Trump electors who would swing the Electoral College in his favour. (WSJ - Continue Reading)

Moderna Poised To Take Vaccine Spotlight With Data Due

The same US explosion of Covid-19 cases that helped Pfizer get results for its vaccine trial earlier this week is helping speed along Moderna’s trial. Moderna said Wednesday its study has accumulated more than 53 infections, allowing a preliminary analysis of the shot’s effectiveness to begin.

 

Moderna didn’t predict how long it could take an independent monitoring committee to analyse the data but said the company could get the data to the committee within days. The company said it is still blinded to the data.

 

“Moderna has seen a significant increase in the rate of case identification across sites in the last week,” the company said in a statement. “As a result, the company expects the first interim analysis will include substantially more than 53 cases, the targeted trigger point for the analysis.” (BBG - Continue Reading)

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