Jerry Lin
The Latest
-
Moody's Lowers Outlook on U.S. Credit Rating to Negative Amid Rising Interest Rates and Political Polarization
Moody's Investors Service has downgraded the outlook for the U.S. government's credit rating from stable to negative on November 10, while maintaining its long-term issuer and senior unsecured ratings at AAA. The downgrade reflects concerns over the U.S. government's failure to address fiscal deficits amid rising interest rates, increasing the risks to the nation's finances. 
Moody's Investors Service has downgraded the outlook for the U.S. government's credit rating from stable to negative on November 10, while maintaining its long-term issuer and senior unsecured ratings at AAA. The downgrade reflects concerns over the U.S. government's failure to address fiscal deficits amid rising interest rates, increasing the risks to the nation's finances. -
World's Largest Bank ICBC's U.S. Operations Falter Amid Ransomware Siege
In a significant cybersecurity breach, the U.S. unit of the Industrial and Commercial Bank of China (ICBC), the world's largest bank by assets, suffered a ransomware attack that disrupted its operations, including trades in the U.S. Treasury market. The attack is the latest in a series of high-profile targets hit by ransomware, an aggressive form of cybercrime that has plagued various sectors across the globe. 
In a significant cybersecurity breach, the U.S. unit of the Industrial and Commercial Bank of China (ICBC), the world's largest bank by assets, suffered a ransomware attack that disrupted its operations, including trades in the U.S. Treasury market. The attack is the latest in a series of high-profile targets hit by ransomware, an aggressive form of cybercrime that has plagued various sectors across the globe. -
2023 On Track to Be Hottest Year in 125,000 Years as U.S. Gas Exports Intensify Global Warming
Data from the European Union's Copernicus Climate Change Service (C3S) indicates that last month's temperatures broke records set since October 2019. Samantha Burgess, the deputy director of C3S, has described October's temperatures as exceptionally extreme. Influenced by the El Niño phenomenon and excessive greenhouse gas emissions, this year could become the hottest in 125,000 years. 
Data from the European Union's Copernicus Climate Change Service (C3S) indicates that last month's temperatures broke records set since October 2019. Samantha Burgess, the deputy director of C3S, has described October's temperatures as exceptionally extreme. Influenced by the El Niño phenomenon and excessive greenhouse gas emissions, this year could become the hottest in 125,000 years. -
Ether Breaks $1,900 Barrier, Analysts Eye Potential $3,000 Surge
Ether, the cryptocurrency that powers the Ethereum network, recently vaulted over the pivotal $1,900 mark, ushering in a wave of optimism among traders and analysts who now see the possibility of the digital asset hitting the $3,000 milestone. This bullish trajectory has added a splash of green across trading screens, with Ether maintaining its momentum above this significant level. 
Ether, the cryptocurrency that powers the Ethereum network, recently vaulted over the pivotal $1,900 mark, ushering in a wave of optimism among traders and analysts who now see the possibility of the digital asset hitting the $3,000 milestone. This bullish trajectory has added a splash of green across trading screens, with Ether maintaining its momentum above this significant level. -
Turkish Parliament Bans Coca-Cola Amidst Global Boycotts of Western Brands Due to Israeli Actions
In the wake of geopolitical tensions, iconic products often become political symbols and targets to express public discontent. This phenomenon has been observed since the Iraq War in 2003, when a McDonald's in Beirut was bombed, and during heightened hostility towards Muslims after the 9/11 attacks, which led to the introduction of Mecca-Cola in Tunisia as an alternative to American Coca-Cola. 
In the wake of geopolitical tensions, iconic products often become political symbols and targets to express public discontent. This phenomenon has been observed since the Iraq War in 2003, when a McDonald's in Beirut was bombed, and during heightened hostility towards Muslims after the 9/11 attacks, which led to the introduction of Mecca-Cola in Tunisia as an alternative to American Coca-Cola. -
Global Trade Shows Signs of Fragmentation, Export Powerhouses in Europe and Asia Face Setbacks
China's General Administration of Customs reported on November 7 that the country's exports in October fell by 6.4% year-over-year to $274.2 billion. This decline was slightly greater than September's 6.2% drop and exceeded market expectations of a 3.5% fall. This marks the sixth consecutive month of year-over-year export declines for China, with cumulative exports from January to October totaling $4.899 trillion, a 5.6% decrease from the previous year. 
China's General Administration of Customs reported on November 7 that the country's exports in October fell by 6.4% year-over-year to $274.2 billion. This decline was slightly greater than September's 6.2% drop and exceeded market expectations of a 3.5% fall. This marks the sixth consecutive month of year-over-year export declines for China, with cumulative exports from January to October totaling $4.899 trillion, a 5.6% decrease from the previous year. -
Oil Prices Plunge Over 4%, Hitting Three-Month Lows Amid Economic Concerns
Oil prices tumbled on Tuesday, with a drop exceeding 4%, as both U.S. crude and Brent crude reached their lowest points in over three months, erasing all gains since the recent Israel-Palestine conflict. Investors' concerns about the global economic outlook, coupled with Federal Reserve officials' suggestions that interest rate hikes may not be over, and the U.S. Energy Information Administration's (EIA) downward revision of future oil price forecasts are among the reasons for the sharp decline. 
Oil prices tumbled on Tuesday, with a drop exceeding 4%, as both U.S. crude and Brent crude reached their lowest points in over three months, erasing all gains since the recent Israel-Palestine conflict. Investors' concerns about the global economic outlook, coupled with Federal Reserve officials' suggestions that interest rate hikes may not be over, and the U.S. Energy Information Administration's (EIA) downward revision of future oil price forecasts are among the reasons for the sharp decline. -
IMF Raises China's 2023 Economic Growth Forecast to 5.4%
The International Monetary Fund (IMF) has revised its economic growth forecast for China in 2023 to 5.4%, a 0.4 percentage point increase from its October projection. The revision is attributed to China's stronger-than-expected growth in the third quarter and a series of recently released policies. 
The International Monetary Fund (IMF) has revised its economic growth forecast for China in 2023 to 5.4%, a 0.4 percentage point increase from its October projection. The revision is attributed to China's stronger-than-expected growth in the third quarter and a series of recently released policies. -
Eurozone GDP Growth Threatened by Downturn Risks Amid Recession Fears
The eurozone saw further contraction in its service sector in October, while manufacturing continued to slow down. Data released on November 6 confirmed that the final value of the Hamburg Commercial Bank's Composite Purchasing Managers' Index (HCOB PMI) for October was 46.5, down from 47.2 in September. This acceleration in the contraction of private sector activity in the eurozone suggests that there are downward risks to GDP growth. 
The eurozone saw further contraction in its service sector in October, while manufacturing continued to slow down. Data released on November 6 confirmed that the final value of the Hamburg Commercial Bank's Composite Purchasing Managers' Index (HCOB PMI) for October was 46.5, down from 47.2 in September. This acceleration in the contraction of private sector activity in the eurozone suggests that there are downward risks to GDP growth. -
South Korea Stocks Surge Follows Extended Short-Selling Prohibition
In a move that propelled South Korean markets to their best gains in over two years, financial authorities announced the extension of a short-selling ban, sending the Kospi index soaring by 5.66% and the Kosdaq index up by 7.34%. The directive, aimed at leveling the playing field for investors, will halt the short-selling of stocks until June 2024. This decision coincides with a softer-than-expected U.S. jobs report, which dampened concerns over aggressive rate hikes by the Federal Reserve. 
In a move that propelled South Korean markets to their best gains in over two years, financial authorities announced the extension of a short-selling ban, sending the Kospi index soaring by 5.66% and the Kosdaq index up by 7.34%. The directive, aimed at leveling the playing field for investors, will halt the short-selling of stocks until June 2024. This decision coincides with a softer-than-expected U.S. jobs report, which dampened concerns over aggressive rate hikes by the Federal Reserve.
