US TSYS: Repo Reference Rates

European Parliament President Roberta Metsola states that the European Parliament website has been subjected to a cyberattack: "The European Parliament is under a sophisticated cyberattack. A pro-Kremlin group has claimed responsibility. Our IT experts are pushing back against it & protecting our systems. This, after we proclaimed Russia as a State-sponsor of terrorism. My response: Slava Ukraini"

• Earlier today, MEPs voted by a large margin to label Russia a state sponsor of terrorism (see 1131GMT bullet).
• Cyberattacks on networks and infrastructure from pro-Kremlin groups remain a threat to stability and security in the EU. It should be noted that the distributed denial of service (DDoS) attack like that seen today are viewed as relatively low-level attacks aimed at political decisions taken by Ukraine's allies, rather than full attempts to bring down infrastructure or gain access to gov't security information.

According to a new report from Morning Consult, the share of potential Republican primary voters willing to support former President Donald Trump decreased after his presidential campaign launch on November 15.

• Morning Consult: "The latest survey marks one of Trump’s worst showings in the hypothetical matchup against several lower-polling names, with a smaller share of support (40%) coming only immediately after the Jan. 6 Capitol attack."
• According to Morning Consult, Trump remains the favoured Republican candidate amongst voters, but a poor midterm performance from Trump-aligned candidates has seen his support evaporate in Congress and amongst Republican donors and Republican-affiliated media outlets.

The OECD’s latest Global Economic Outlook report has downgraded longer-term global growth projections, forecasting 3.1% growth in 2022 (vs 3.0% in June's projections), slowing to 2.2% in 2023 (vs 2.8% in June) and only moderately improving to 2.7% in 2024.

• Persistently high inflation, weaker real income growth, pessimistic sentiment and tightening financial conditions will all depress growth. Labour markets remain tight, yet employment growth is slowing.
• US and European growth are anticipated to decelerate sharply, with the eurozone and US on the verge of recession, whilst stronger expansions in Asian emerging markets will account for close to 3/4 of global GDP growth.
• That said, the Chinese growth outlook remains clouded, due to property-market weakness, rising non-performing loans and disruptions of Covid restrictions.
• Lower-income economies are more susceptible to higher inflation hurting growth. Signs of debt distress heightened by the strong dollar and global tightening of financial conditions have increased risks faced by emerging markets.