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German Finance Minister Christian Lindner warned of potential retaliation if the U.S. initiates a trade war with the EU, emphasizing that such conflicts yield no winners. He highlighted the growing importance of the U.S. as a trading partner for Germany and cautioned against escalating tensions, particularly in light of proposed tariffs that could harm the German economy. Lindner urged diplomatic efforts to prevent a trade conflict, noting that the real issue lies with U.S.-China trade relations.
In 2023, the global art trade saw a 4% decline in sales volume, totaling $65 billion, largely due to geopolitical tensions and rising interest rates affecting high-value purchases. Despite a drop in average spending by collectors, optimism remains, with 91% expecting market growth in the next six months. The U.S. leads in millionaire distribution, while younger collectors show a reluctance to buy, favoring new galleries and emerging artists, with painting continuing to dominate sales.
Gold prices have reached a record high above USD 2,758/oz, marking a 32% increase this year, driven by central bank easing, US election uncertainty, and ongoing geopolitical conflicts. With expectations of further Federal Reserve rate cuts and continued central bank diversification into gold, prices are projected to approach USD 2,850/oz by March 2025. Investors are advised to maintain a diversified portfolio with a 5% allocation to gold, leveraging its hedging qualities amid a declining interest rate environment.
Goldwind Science & Technology Co., the largest wind-turbine manufacturer globally, reported a remarkable profit surge in the third quarter, with net income reaching 405.3 million yuan ($56.9 million), a 43-fold increase from the previous year. Revenue also saw a significant rise, growing 52% year-on-year to 15.6 billion yuan, driven by reduced production costs and China's aggressive expansion of clean energy initiatives.
China's parliament will convene from November 4 to 8, with expectations of announcing fiscal stimulus details. The meeting follows a call for enhanced fiscal and monetary policies, as local governments face challenges, and analysts predict support will prioritize them over direct consumption boosts. China's economy grew 4.8% in the first three quarters, slightly below the 5% target for 2024.
The upcoming 2024 U.S. presidential election is poised to significantly impact global bond markets, influencing inflation expectations, interest rates, and geopolitical risks. Historical patterns indicate that political uncertainty can drive demand for safe-haven assets like U.S. Treasuries, while potential shifts in fiscal policy may lead to increased bond yields. Investors must navigate these complexities as the election approaches, considering both domestic and international factors.
US elections significantly impact global bond markets, influencing inflation expectations, monetary policy, and geopolitical risks. Fiscal policies, whether aggressive or conservative, can lead to volatility in bond yields, while trade policies may disrupt international markets. As the 2024 election approaches, heightened uncertainty is expected to drive demand for safe-haven assets like US Treasuries.
The upcoming 2024 US presidential election is poised to significantly influence global bond markets, affecting interest rates, inflation expectations, and geopolitical dynamics. Political uncertainty may drive demand for safe-haven assets like US Treasuries, while potential aggressive fiscal policies could lead to higher bond yields and increased volatility in international markets. Historical patterns indicate that election years often yield higher stock market returns, but short-term corrections may follow post-election.
Apple reentered the top five smartphone vendors in China, securing second place with a 15.6% market share, despite a year-on-year shipment decline. Huawei, in third with 15.3% market share, experienced a 42% growth in shipments, driven by the success of its Mate 60 smartphone and new devices. Vivo led the market with 18.6% share, while Apple faces increasing competition from domestic rivals promoting their own AI features.
European stock markets are poised for a lower open, concluding a negative week as earnings season unfolds. Mercedes reported a 64% drop in operating profit due to tough market conditions, while Remy Cointreau cut its sales outlook amid challenges in the U.S. and Asia-Pacific. In Asia, markets were mixed, with Japan's indexes declining ahead of an election and a key monetary policy meeting.
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