【Morning Top 5】Curated news you should read before starting work.

Ken_USstock wrote a column · Nov 12, 2024 05:23

Good morning, I look forward to your continued support today.

Treasury Secretary candidate

Next US President Trump is expected toList of Treasury Secretary candidatesIn line with Trump's plan, several sources familiar with the disclosed that the direction is to appoint a person with a Wall Street background to the same post, which has significant influence on the economy, tax system, and bank policies.

The candidates being mentioned include Howard Lutnick, CEO of Cantor Fitzgerald, billionaire John Paulson from a hedge fund, Scott Bessent, who served as the money manager for George Soros, and Glenn Youngkin, former executive of Carlyle Group and current Governor of Virginia.

Significant rally

Cryptocurrency bitcoin surged significantly following the previous day, surpassing $87,000 (approximately 13.4 million yen) at one point.Setting a new record highAnd bitcoin, a cryptocurrency, continued its significant increase from the previous day, briefly surpassing $87,000 (approximately 13.4 million yen).

In addition to President-elect Donald Trump accepting digital assets, the tailwind comes from the presence of congressmen in the US Congress who understand cryptocurrencies. Bitcoin rose temporarily by 6.1% the previous day.

It rose by a further 9.4% on the 11th, reaching a record high of $87,427.

Approaching $1 trillion a year

China's trade surplus is expected to reachpast record highAccording to Bloomberg estimates, if the current pace of expansion continues, it is expected to reach nearly $1 trillion (approximately 154 trillion yen) for the full year.

It is likely to worsen the imbalance in world trade and increase the risk of countermeasures by the next U.S. President, Trump.

According to the latest data, the trade surplus with the U.S. increased by 4.4% year-on-year. The surplus with the European Union (EU) increased by 9.6%, and the surplus with the 10 ASEAN countries in Southeast Asia increased by about 36%.

Slower than expected

China's credit expansion expanded last month,Slower than expectedIt is traditionally a slow October for financial activities, but this trend was more pronounced.

According to data released by the People's Bank of China (central bank) on the 11th, Bloomberg calculated that the social financing scale representing the overall economic financial activities increased by 1.4 trillion yuan (approximately 29.94 trillion yen) in October.

The social financing scale fell below the Bloomberg-surveyed median economist estimate (an increase of 1.5 trillion yuan). In October, the new loans aggregated by Bloomberg were 500 billion yuan, falling short of the estimated median of 700 billion yuan.

Hardliners against immigrants

President-elect Trump is a hardliner against immigrants.Hardliners against immigrantsMoves are underway to appoint to a key position in the White House.

According to CNN's report on the 11th, there is a plan to appoint long-time aide Stephen Miller as the Deputy Chief of Staff for Policy to the President. Miller will work alongside Tom Homan, a former immigration official announced by President Trump as the 'Border Czar.'

During the first term of the Trump administration, Miller served as a senior advisor on immigration policy and played a leading role in the controversial entry restrictions measures.

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