Macro Briefing: 27 March 2023

* Israel in turmoil as mass protests erupt over plan for judicial overhaul
* China’s managed economy continues to postpone a ‘Lehman moment’
* China’s central government borrowing at fastest pace on record
* US recession risk rises from banking stress, says Fed’s Kashkari
* US authorities consider expanding emergency lending for banks
* First Citizens Bank will buy assets of failed Silicon Valley Bank
* Copper prices looks set to rise further this year, analysts predict
* US business activity rebounds to strongest pace in a year in March:

US financial stress index spikes to three-year high as head of the International Monetary Fund says there are risks to global financial stability. Managing Director Kristalina Georgieva advised that “risks to financial stability have increased.” She called for greater vigilance over the global financial system in a speech in China on Sunday, noting that she also sees “green shoots” in the world’s second-largest economy.