【The US】
🔸 US trade deficit narrows sharply in August. The US trade deficit narrowed sharply in August as exports increased and imports fell, suggesting that trade could be a small drag on economic growth in the third quarter. The trade gap contracted 10.8 per cent to US$70.4 billion from a revised US$78.9 billion in July, the Commerce Department’s Bureau of Economic Analysis said on Tuesday. Trade has subtracted from gross domestic product for two straight quarters. Growth estimates for the third quarter are currently as high as a 3.2 per cent annualised rate.
🔸 NVIDIA (NVDA.US) kicks off AI summit in D.C., with two more in Asia to follow. Chip giant working with U.S. government to bring AI to climate change and healthcare
【China】
🔸 China explores cross-border uses for digital yuan in new trial. China has kicked off a trial for cross-border payments using central bank digital currencies (CBDCs) with Saudi Arabia and other partners, eyeing alternative uses for the digital yuan amid its struggles in the home market. Other participants include Hong Kong, Thailand and the United Arab Emirates. Such international organizations as the International Monetary Fund and also taking part as observers.
【Asia-Pacific】
🔸 BOJ’s Next Hike Likely to Come in January, Former Official Says. New Prime Minister Shigeru Ishiba won’t impede the Bank of Japan’s path toward raising interest rates, with January the most likely timing for its next hike, according to a former executive director in charge of monetary policy. That would be about a half year since the July rate hike and that’s also when the bank releases its latest economic projections. The BOJ will be watching three critical developments: the US presidential election, the trend in service prices this autumn and momentum in the run-up to next year’s annual wage talks.
🔸 Korea and India Join Key FTSE Russell Index After Bond Market Reform. South Korea will join FTSE Russell’s benchmark bond index next year, capping months of official campaigning and an overhaul of financial market infrastructure in the hopes of attracting tens of billions of dollars of foreign investment. The index provider is also adding India to its gauge of emerging market debt from 2025, according to a statement, citing officials’ efforts to improve market access.
🔸 Samsung (005930 KP) to invest in EV tech firm ChargeScape. South Korea's Samsung Electronics released on October 8 the consolidated financial report for July-September 2024 shows that operating profit increased by 3.7 times that of the same period last year, reaching 9.1 trillion won (about 47.8 billion yuan).
$CSOP DIV ETF S$ (SHD.SG)$ $CSOP SEA TECH ETF S$ (SQQ.SG)$ $CSOP SEA TECH ETF(USD) (SQU.SG)$ $CSOP STAR&CHINEXT50 SGD (SCY.SG)$ $CSOP LOW CARBON US$ (LCU.SG)$ $CSOP LOW CARBON S$ (LCS.SG)$ $CSOP USD Money Market Fund (SGXZ96797238.MF)$ $CSOP S-REITs INDEX ETF (SRT.SG)$ $CSOP iEdge SREIT ETF US$ (SRU.SG)$ $ICBC CSOP CGB ETF US$D (CYB.SG)$ $ICBC CSOP CGB ETF S$ (CYC.SG)$
US trade deficit narrows sharply in August; China explores cross-border uses for digital yuan in new trial [CSOP Global Market Morning Report]
Disclaimer
This document is intended for general information purposes only. This document is intended for recipients only and not for further distribution. This document does not constitute any investment advice, advertisement or promotion of any investment products or any services, nor should it be construed as an offer, solicitation of offer, invitation, or recommendation to buy or sell any securities, funds, or any other financial instruments or enter into any transaction. CSOP Asset Management Limited and CSOP Asset Management Pte. Ltd. (“CSOP”) which prepared this document believes that information in this document is based upon sources that are believed to be accurate, complete and reliable. However, CSOP does not warrant the accuracy, reliability, timeliness, completeness or reasonableness, and CSOP and any of its affiliates shall not be liable for any loss, damage or expense incurred directly or indirectly by any recipient and/or its controlling shareholder as a result of the use of and/or reliance on this document. This document may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections, forecasts, and estimates of yields or returns. The opinions expressed in this document only reflect the judgment of CSOP on the date of preparation of the material, and may be changed at any time due to subsequent changes in circumstances without prior notice. CSOP is under no obligation to keep the information up-to-date. This document (and any information in this document) does not constitute, and is not intended to be a substitute for, any financial, professional, investment, legal or any other advice or opinion. Investors should consult their own tax, legal and accounting advisors before engaging in any transaction. This document is not legally binding. The provision of this document shall not be deemed as constituting any offer, acceptance, or promise of any further contract or amendment to any contract. This document is not directed to, intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution, availability or use would be contrary to local law or regulations, or which would subject CSOP to any registration or licensing or other requirement, or penalty for contravention of such requirements within such jurisdiction.
Investment involves risk. Future performance and the capital value are not guaranteed. Past performance figures are not indicative of future performance. Investors should not make any investment decision solely based on this document. If you wish to receive advice on investment, please consult your professional advisers.
This document is not applicable in jurisdictions where the distribution of this material is restricted. This document is prepared by CSOP and has not been reviewed by the Securities and Futures Commission ("SFC") in Hong Kong or the Monetary Authority of Singapore (“MAS”) in Singapore. All copyrights, patent rights and other property rights related to the information contained in this document are owned by CSOP. This document does not confer upon the recipient any copyright or intellectual property rights (whether direct, indirect, or implied) in the use of the information contained herein. This document (and information in this document) should not be copies, reproduced, or distributed to any parties without the written consent of CSOP.
Issuer: CSOP Asset Management Limited and CSOP Asset Management Pte. Ltd.
Index Provider Disclaimer
For index provider disclaimers, please refer to the relevant funds' offering documents.
Comments