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Zeekr reported a remarkable 92% increase in EV deliveries in October, reaching a record 25,049 vehicles, surpassing its previous high of 21,333 in September. The Geely-backed automaker aims for 230,000 deliveries in 2024, needing over 31,000 in the final two months of the year. Meanwhile, Xpeng also achieved a personal best with 23,917 deliveries, while Li Auto delivered 51,443 cars, slightly below its September record.
China's 14th NPC Standing Committee will meet from November 4-8, 2024, amid pressures to meet a 5% GDP growth target. Authorities are expected to discuss fiscal measures to stabilize the economy, with markets hoping for direct stimulus to boost consumption. The Hang Seng Index is currently in a consolidation phase, with key levels at 20,300 and 21,200, indicating potential volatility based on the meeting's outcomes.
UBS Asset Management has launched its first tokenized investment fund, the "UBS USD Money Market Investment Fund Token," utilizing Ethereum's distributed ledger technology. This initiative reflects the growing demand for tokenized financial assets and is part of UBS's broader blockchain efforts, including a pilot tokenized Variable Capital Company fund in collaboration with Singapore's Monetary Authority.
ASEAN is emerging as a key beneficiary of escalating U.S.-China trade tensions, according to the IMF. The region has strengthened trade and investment ties with both superpowers, increasing its market share of imports and attracting foreign direct investment, despite some members experiencing slower export growth. However, the IMF cautions that rising geopolitical pressures could pose risks to future growth, particularly through potential global economic fragmentation.
Goldman Sachs economists suggest that increased U.S. tariffs on Chinese goods could hinder growth in China but also prompt a necessary shift towards consumer spending. To counteract the impact of higher tariffs, Beijing may enhance fiscal support to stimulate domestic demand, building on existing government stimulus measures.
Global stock markets are declining due to disappointing earnings from tech giants Microsoft and Meta, alongside pre-election uncertainties. The US economy grew by 2.8% in Q3, missing forecasts, while job openings fell significantly. Key upcoming events include the US presidential election and interest rate decisions from the RBA and FOMC.
The SMI is up in pre-market trading, while Wall Street faces pressure following disappointing tech results. Estee Lauder's shares have plummeted due to weak business in China, despite a rise in the Caixin/S&P Global PMI for manufacturing, indicating a slow economic recovery. Economists suggest that achieving China's 2024 growth target hinges on boosting consumer demand and household disposable income. The Shanghai Stock Exchange rose 0.6%, with major companies in Shanghai and Shenzhen gaining 0.9%.
eBay Inc. is a leading online marketplace that facilitates buying and selling transactions for individuals and businesses through various platforms, including eBay.com and others. The company's net sales are primarily generated from the United States (50.2%), followed by the United Kingdom (15.9%), China (10.2%), Germany (9.6%), and other regions (14.1%). UBS has reiterated its neutral rating on the company.
Asia-Pacific markets experienced declines, led by Japan's Nikkei 225, which fell over 2% following significant losses on Wall Street. The S&P 500 and Nasdaq Composite recorded their worst days in nearly two months, influenced by disappointing earnings forecasts from Microsoft and Meta. Traders are awaiting key economic data, including China's manufacturing PMI, while Australia's producer prices index showed a year-on-year increase of 3.9%.
Brazil has declined to sign the Silk Road Treaty with China, citing unmet expectations for technology transfer and reliable investment commitments. As Brazil seeks to maintain a non-aligned stance in global politics, it emphasizes the need for a partnership that extends beyond mere trade, especially given China's market restrictions on Brazilian technology products.
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