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China plans to give its domestically produced goods a competitive edge in government procurement by pricing them 20% lower than their actual sales figures when compared to foreign products. This initiative, outlined in a draft rule by the Ministry of Finance, aims to bolster local supply chains against potential US tariff increases. Public feedback is currently being sought before the rule is finalized.
All three major US stock indices reached record highs, with the Dow Jones surpassing 45,000, buoyed by positive remarks from Fed Chair Powell on economic resilience and inflation progress. Meanwhile, the ASX 200 also hit a new peak, though momentum waned after Australia's Q3 GDP growth slowed to 0.8%, the weakest since the 1990s recession. Key economic indicators are set for release next week, including the RBA's interest rate decision and US CPI data.
China is seeking public feedback on new guidelines for reporting greenhouse gas emissions from the steel industry, as announced by the environment ministry. This initiative is part of the country's efforts to prepare steel mills for participation in its carbon market.
Billionaires' wealth surged 121% over the past decade, reaching $14 trillion, with tech billionaires seeing the fastest growth. In 2024, 268 new billionaires emerged, primarily self-made, while North American billionaires' wealth rose significantly, contrasting with declines in China. UBS forecasts an uncertain future for billionaires amid geopolitical tensions and evolving industries like generative AI and renewables.
China's central bank is set to implement its largest interest-rate cuts in a decade, with Wall Street banks like Goldman Sachs and Morgan Stanley predicting reductions of up to 40 basis points in 2025. This move aims to bolster growth and combat deflation amid ongoing economic challenges, including a prolonged property slump and subdued credit demand. Central bank chief Pan Gongsheng is prepared to support these efforts, although analysts caution that monetary policy alone may not suffice to stimulate the economy.
Wall Street banks, including Goldman Sachs and Morgan Stanley, anticipate the largest interest-rate cuts in a decade by China's central bank next year, aiming to boost growth and combat deflation. They project a reduction of 40 basis points to the main policy rate, bringing the seven-day reverse repo rate down to 1.1%. Bloomberg's latest survey indicates a median forecast of 30 basis points in cuts.
The wealth of billionaires has surged by 121% over the past decade, reaching $14 trillion in 2024, outpacing global stock market growth. While North American billionaires saw consistent increases, Chinese fortunes peaked before declining, and real estate wealth lagged due to market corrections and rising interest rates. The number of billionaires rose from 1,757 to 2,682 during this period.
India's GDP growth slowed to 5.4% for the quarter ending September, the lowest in seven quarters and below the expected 6.5%, driven by reduced urban consumption and rising inflation, particularly in vegetable prices. Despite this, the Nifty 50 index has risen 13.7% this year, and analysts predict a gradual slowdown in growth, with forecasts around 6% for 2025. Concerns remain about investment activity and credit growth, highlighting the need for policy action to mitigate risks.
The wealth of billionaires worldwide has more than doubled in nearly a decade, rising from $6.3 trillion in 2015 to $14 trillion in 2024, outpacing global stock market growth. This surge is primarily driven by the technology sector, where fortunes tripled to $2.4 trillion. While North American billionaires saw consistent gains, Chinese billionaire wealth peaked in 2020 before declining, and real estate fortunes lagged due to market corrections and rising interest rates.
Chinese companies dominate the global electric vehicle market, accounting for 76% of sales, with BYD leading the charge. Despite rising tariffs in the US and EU, demand for affordable EVs remains strong, particularly in China and emerging markets like Russia. As traditional automakers struggle, the future of the industry may hinge on how Western markets respond to this growing competition.
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