Biden, Xi set to steal APEC spotlight with talks to steady ties >>> China's Vice President Han Zheng sees “positive signals” after recent high-level talks with the US
IMF upgrades China's 2023, 2024 GDP growth forecasts
The Fed doesn't want to talk about rate cuts, but Wall Street is sniffing out an increasing likelihood of just that. "“Six months ago, if the economy had fallen off the cliff, the Fed’s hands were tied. It couldn’t cut rates. Now it can."-BBG surveys on WallStreet
UST's : the supply story is much more important to rates than the various Fed comments, this can of course change, but in the near term, the hike cycle is over and the market is totally focused on UST auctions and corporate issuances
Self-driving car technology will still need another 10 years to become a big part of the business, says Uber CEO
Coca-Cola, Danone and Nestle have been accused of making misleading claims about their plastic water bottles being "100% recycled"
Estimated annualized interest payments on the US government debt pile climbed past $1 trillion at the end of last month, an amount that has doubled in the past 19 months/BBG, Total US Credit Card debt hit a record $1.08 trillion in the 3rd quarter, rising 16.6% over the last year
Benjamin Netanyahu says Israel will have "overall security responsibility" in Gaza for an "indefinite period" after its war with Hamas
India is proposing reducing import taxes on some electric vehicles from the UK in an effort to clinch a free-trade deal between the two nations by the end of the year
Drought and shrinking herds push US beef prices through the roof
ECB can reduce borrowing costs once it’s sure that consumer-price gains are headed back to the 2% target, according to Governing Council member Martins Kazaks
FT article, "Can corporate America cope with its vast debt pile?"
Markets :
U.S equity pushed slightly higher, all main 3 indices closed higher, with SPX, Nasdaq booking their longest winning run since Nov 2021 >>> momentum has slowed hard, few Fed talks today and Powell tomorrow, lower crude prices have helped the camp looking for yet lower inflation (demand low and China data weaker)
SPX500 : from oversold to overbought in 10days... momentum should 'stall' ahead of 4380-4400 area - chart below (very similar picture in EU50stoxx chart yesterday)
Crude down a few pct again to below $80 (that's the 200dma around here), totally erased any ME premium, down about 20% in 4-5weeks! >>> should be a good time for Biden Team to refuel for the SPR in the U.S. and/or for investors to start thinking at the sector again
USD picks up steam pretty easily again, after short-term liquidation of longs last week (together with bonds, equity correction etc)
All technicals
We wanted to go deeper in our survey and find out specifically why voters are so sour on the Biden economy. Inflation is clearly part of it, but inflation has improved substantially during the last year, while Biden’s approval rating has not. Something else seems to be weighing on voters. Here are three warning signs that emerged in our survey: inflation, recession, job market booming, but
Shares hit 1y highs
UBS: Integration Costs Prompt Quarterly Loss (finews.asia) they would or should 'kitchen sink it' in 2024, all redundancy and restructuring costs up-front..
SPX - from oversold to overbought in 10days... momentum should 'stall' ahead of 4380-4400 area
Copper - been pretty rangy - China picking up steam (too many bears?..IMF ups forecasts on growth..) ... time to have a look again ?
