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Germany's Chancellor Olaf Scholz now views the EU as a problem to manage, reflecting a shift from past collaborative efforts. With a struggling economy and few allies, Germany's recent actions, such as rejecting tariffs on Chinese electric vehicles and imposing border checks, signal a "Germany First" approach that complicates EU unity. As member states increasingly pursue their own agendas, the need for collective action to address structural challenges remains critical.
UBS forecasts gold prices to reach $2850 by mid-2025, citing ongoing benefits from rate cuts, including a projected 100 basis points in 2024 and another 100 in 2025. Additionally, global rate cuts and potential political shifts, such as a Trump election win, may support gold's value.
Despite rising US Treasury yields and increased global public debt, the outlook for fixed income remains positive. The Federal Reserve is expected to continue cutting rates amid disinflation, while solid credit fundamentals in investment-grade corporate bonds suggest potential high single-digit returns over the next year. Investors are advised to shift excess cash into quality fixed income and consider diversified strategies to enhance portfolio income.
Qualcomm, Inc. focuses on designing, developing, and marketing CDMA systems and software, with 83.8% of net sales from communication systems and 16.2% from licensing. Geographically, 63.6% of sales come from China and Hong Kong, followed by Vietnam (13.7%) and South Korea (7.2%).
WuXi AppTec Co. reported third-quarter revenue of 10.5 billion yuan ($1.47 billion), a 2% decline but surpassing analysts' expectations of 10 billion yuan. Revenue from US clients reached 17.6 billion yuan in the first nine months of the year, marking a 7.6% increase year-over-year, excluding Covid-19 projects.
The upcoming trading week is set to be influenced by the US presidential election and the labor market report, with key economic data releases including the JOLTS report and non-farm payrolls. German GDP growth figures and inflation data from the eurozone will also be closely monitored, alongside significant earnings reports from major companies like Alphabet, Meta, and Amazon. Traders are advised to consider knock-out certificates for potential market movements.
WTI oil prices have fallen over 20% since March, currently remaining above $100 a barrel due to factors like ongoing conflict in Ukraine, new COVID-19 lockdowns in China, and the U.S. releasing strategic reserves. While short-term corrections are expected, persistent geopolitical tensions and low production growth could keep prices elevated. A break below $96.15 may accelerate the downtrend, while a rise above $111.15 could signal a bullish reversal.
Sinopec, China's largest oil refiner, reported a significant decline in third-quarter profits, with net earnings dropping to 8.03 billion yuan ($1.1 billion) from 17.9 billion yuan a year earlier. The company faces mounting challenges due to the country's economic struggles and the shift towards electrified transportation.
Cnooc Ltd. reported a third-quarter profit increase, with net income rising to 36.9 billion yuan ($5.2 billion) from 33.9 billion yuan last year. This growth was achieved despite a decline in Brent crude prices, averaging around $79 a barrel, attributed to weaker demand in China.
The US dollar remains the dominant global currency, holding 62% of foreign exchange reserves, while the euro trails at 20%. Despite efforts from BRICS nations to establish alternatives, the dollar's unique attributes—such as a large economy, liquid capital markets, and free tradability—ensure its continued supremacy. The euro is the only potential challenger, but its structural flaws hinder confidence in its viability.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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