Macro Briefing: 5 January 2022

* North Korea reportedly fires ballistic missile into the sea
* Protests in Kazakhstan intensify: government declares state of emergency
* Stock market ignores rising bond yields, for now
* Global manufacturing expansion continued at end of 2021
* Can US regain some of mfg output lost to foreigners? Companies aim to try
* Toyota tops GM for US car sales–first time foreign firm leads
* US home prices set to continue surging in 2022, Zillow predicts
* Job openings in US fell in Nov, but remained near record high
* Small-company wages up 4%-plus in December, a record high estimates Paychex
* US mfg activity slowed in Dec to 11-month low via ISM Mfg Index: