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China's central bank, the PBOC, has activated its open market outright reverse repo operations facility, aiming to maintain ample liquidity in the banking system. This new tool, with a tenor of less than one year, will be utilized monthly with primary dealers and is expected to facilitate liquidity adjustments over the coming year.
China's steel and oil refining sectors are facing significant challenges amid a sluggish economy, with steelmakers reporting cumulative losses of 34 billion yuan ($5 billion) in the first nine months of the year. The oil refining industry has also seen its losses deepen to 32 billion yuan during the same period, reflecting a broader decline in profits among industrial firms.
The global art market shows signs of resilience despite a 32% drop in average spending in 2023, with median values remaining stable. Wealthy collectors, particularly from China, are optimistic, with 91% expecting market growth, and they increasingly support new galleries and emerging artists. The proportion of works by women in collections has also risen to a seven-year high, reflecting a shift in purchasing behavior towards informed decisions rather than impulse buys.
Pakistan has requested an additional 10 billion yuan (USD 1.4 billion) loan from China, having already utilized the existing 30 billion yuan (USD 4.3 billion) trade facility. Finance Minister Muhammad Aurangzeb sought to raise the currency swap agreement limit to 40 billion yuan during discussions with China's Vice Minister of Finance, Liao Min. This request marks another attempt to increase the debt limit, which has been declined by Beijing in the past.
The Swiss stock market showed broad recovery at the week's end, with Lonza and Logitech seeing increased demand, while oil prices rose significantly. In China, the Caixin/S&P Global PMI for manufacturing improved in October, indicating a slow economic recovery, though challenges remain in the labor market and consumer demand. The Shanghai Stock Exchange rose 0.6%, reflecting positive sentiment among major companies.
The global diabetic retinopathy devices market, valued at USD 12.47 billion in 2022, is projected to grow at a robust CAGR of around 30% through 2030, driven by rising diabetes cases and an aging population. Non-proliferative diabetic retinopathy is expected to dominate, while North America will lead regionally, with significant contributions from the APAC region due to its large diabetic population. Key players include F. Hoffmann-La Roche, Novartis, and Regeneron, focusing on innovative treatments and technologies.
Investors are increasingly favoring Chinese assets, betting on more stimulus despite potential escalated tensions post-US election. Whether Trump or Harris wins, expectations of continued support from Beijing for stocks remain strong, although concerns linger over the yuan's stability amid possible monetary easing.
Western Digital Corporation focuses on the development, manufacture, and marketing of hard disk drives under the Western Digital and WD brands. The company offers a range of internal and external drives for various devices, with net sales distributed across the United States (28%), China (24.3%), Asia (25.7%), Europe/Middle East/Africa (17.5%), and the Americas (4.5%). UBS has issued a neutral rating for the company.
Western Digital Corporation focuses on the development, manufacture, and marketing of hard disk drives under the Western Digital and WD brands. The company offers a range of internal and external drives for various devices, with net sales distributed across the United States (28%), China (24.3%), Asia (25.7%), Europe/Middle East/Africa (17.5%), and the Americas (4.5%). UBS has issued a neutral rating for the company.
UBS maintains an 'attractive' rating for gold, forecasting prices to reach USD 2,850/oz by March 2025, driven by central bank easing, geopolitical tensions, and a weakening US dollar. The demand for gold is bolstered by significant central bank purchases and a shift in investment strategies towards gold as a hedge against political volatility. As interest rates decline, a diversified portfolio with a 5% gold allocation is recommended to mitigate risks.
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12:02 27.10.2024
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