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Iron ore prices have dipped toward $100 a ton as China's recent economic measures failed to meet investor expectations. The government's debt-swap plan did not include direct actions to stimulate domestic demand, particularly in the struggling property sector, while rising port stockpiles indicate sufficient supply.
India's central bank is prepared to allow the rupee to weaken alongside the Chinese yuan following Donald Trump's election, amid concerns over increased US tariffs. A depreciating yuan could lead to higher imports from China, exacerbating India's trade deficit. The Reserve Bank of India aims to mitigate the impact by managing the rupee's decline while utilizing its reserves.
Chinese stocks are facing pressure after a legislative meeting failed to deliver the anticipated large-scale fiscal stimulus to invigorate the economy. While Beijing announced a 10 trillion yuan ($1.4 trillion) program to assist local governments with hidden debt, it did not introduce new measures to enhance consumption. The Nasdaq Golden Dragon China Index fell 4.7% in the US, reflecting investor disappointment.
Oil prices declined for a second consecutive day, with Brent near $74 a barrel and West Texas Intermediate close to $70. The downturn is attributed to a weak economic outlook in China, highlighted by low consumer inflation and falling factory-gate prices, despite a recent debt-swap plan from Beijing that failed to meet investor expectations.
Chinese and Indonesian firms are set to sign over $10 billion in business agreements, as announced by President Prabowo Subianto during his state visit to Beijing. This marks Prabowo's first foreign trip since his inauguration, highlighting the strengthening ties between the two nations. President Xi Jinping noted that Prabowo's choice to visit China first underscores Indonesia's commitment to enhancing bilateral relations.
Donald Trump's election victory has prompted global leaders to brace for potential shifts in the economy. In China, factories are increasing shipments ahead of the holidays, anticipating heightened trade tensions. Meanwhile, emerging markets face challenges as the dollar and US yields rise, with economists warning that Trump's tariff proposals could lead to inflation and hinder growth in the US.
China's consumer prices rose at the slowest pace in four months in October, with a 0.3% increase year-on-year, while producer prices fell 2.9%, marking the largest drop in 11 months. Despite a substantial 10 trillion yuan stimulus package aimed at easing local government debt, analysts predict limited immediate impact on economic activity and demand. The central bank's recent aggressive monetary measures and upcoming tax policies for the housing market may provide some support, but a recovery in consumption and the housing sector is expected to take time.
UBS has successfully completed its pilot program for UBS Digital Cash, a blockchain-based solution aimed at enhancing cross-border payments for corporate and institutional clients. The initiative addresses longstanding issues such as settlement delays and fragmented liquidity visibility, enabling near-instant settlements in multiple currencies.The pilot involved transactions with multinational clients and included domestic payments within Switzerland, as well as cross-border transactions in USD, CHF, EUR, and CNY. UBS plans to further develop this offering while continuing its exploration of blockchain technology to modernize financial services and support central bank digital currency initiatives.
UBS has successfully completed a pilot for its blockchain-based payment solution, UBS Digital Cash, aimed at improving cross-border transactions for corporate and institutional clients. The system addresses issues like settlement delays and liquidity visibility, enabling near-instant settlements in multiple currencies. UBS plans to further develop this offering while continuing its exploration of blockchain technology and partnerships with central banks to enhance global payment systems.
The S&P 500 surged past 6,000 points, reaching a new record as investors celebrated Donald Trump's election victory, despite concerns over China's lack of substantial fiscal support. Following a quarter-point rate cut by the Federal Reserve, Wall Street remained optimistic, overlooking the disappointing news from Beijing. Meanwhile, the offshore yuan weakened, and U.S.-listed shares of Chinese companies faced declines.
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