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Copper prices are rebounding as China's National People's Congress opens, with speculation about new economic support measures boosting investor confidence. The metal has reached a three-week high, approaching the critical $4.45 mark, with a potential breakout above $4.7 signaling a bullish reversal. A significant rebound in copper would indicate positive trends for the global economy, given its cyclical demand.
UBS Asset Management maintains an overweight stance on the JPY and select emerging market currencies like BRL and ZAR, citing favorable valuations and carry potential. Global equities are also favored due to a positive earnings outlook, while the USD is seen as a hedge against tariff risks amid a strong US economy. Conversely, the CHF, European equities, and Japanese government bonds are underweight due to expensive valuations and economic challenges.
U.S. markets experienced declines ahead of the presidential election, with the Dow Jones down 0.61% and the S&P 500 dipping 0.28%. Despite this volatility, historical trends suggest stocks typically rise post-election, although short-term fluctuations may occur. Consumer confidence in equities has reached an all-time high, reflecting optimism amid uncertainty.
Donald Trump pledged to impose a 25% tariff on imports from Mexico and China if elected, demanding action against the flow of fentanyl into the U.S. He emphasized the need to combat drug trafficking at the southern border and threatened tariffs on Mexico's new president, Claudia Sheinbaum Pardo, if no measures are taken. Trump also indicated he would hold China accountable for exporting fentanyl to Mexico.
Chinese stocks rose as traders reacted to a proposal that would shift some off-balance-sheet debt of local governments to official accounts, alongside better-than-expected service activity data. The CSI 300 Index increased by up to 1.6%, following a 1.4% rise on Monday, while the Hang Seng China Enterprises Index gained as much as 0.6%.
China's parliament standing committee is reviewing a proposal to increase the local government debt limit, aimed at replacing hidden debt, as local authorities face financial struggles due to declining land sale revenues. Finance Minister Lan Fo’an indicated that an additional debt quota of around 10 trillion yuan could be approved, potentially rising to 15 trillion yuan if economic challenges worsen. The committee, led by Chair Zhao Leji, is expected to finalize decisions on further fiscal support for the slowing economy by the end of the week.
Asia-Pacific markets are mixed as investors await the Fed's decisions, while China's services sector shows robust growth with a PMI rise to 52.0 in October. South Korea's inflation eases to 1.3%, prompting a recent interest rate cut by the Bank of Korea. Meanwhile, crude oil prices increase over 2% as OPEC+ delays production hikes.
Spot gold is projected to reach $2,900 per ounce by year-end and trade between $3,000 and $3,113 in Q1 2025, according to market analyst Axel Rudolph. Despite recent fluctuations, gold remains in a long-term uptrend, supported by central bank purchases, particularly from China. If gold surpasses the $3,000 mark, it could target $3,113 and potentially $4,000 in the future.
The healthcare predictive analytics market is projected to grow from USD 14.02 billion in 2023 to USD 126.15 billion by 2032, driven by advancements in AI and data analytics. North America leads the market, while Asia Pacific is rapidly emerging due to increased electronic health record adoption and government support. Key applications include financial management and population health, with significant contributions from providers and life sciences sectors.
Country Garden Holdings Co. reported a moderation in its sales slump for October, with contracted sales declining 31% year-on-year to 4.3 billion yuan ($610 million), an improvement from a 41% drop in September. Additionally, October sales rose by 20% compared to the previous month, reflecting a positive shift in the industry following China's recent property stimulus measures.
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