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Federal Reserve's Daley: If inflation falls as expected, there will be one to two more rate cuts this year

San Francisco Fed President Daley stated that despite a significant rate cut last month, the Fed's monetary policy still remains restrictive, with efforts to reduce inflation; Daley reiterated that she believes the Fed may cut rates one to two more times this year, by 25 basis points each time.

IMF: Global public debt to exceed $100 trillion for the first time by the end of the year

IMF's latest analysis indicates that by the end of this year, global public debt will exceed $100 trillion for the first time. IMF calls on governments around the world to take action to control debt, stating that the current environment of steady economic growth and low unemployment rates is a good opportunity to advance.

On the 17th, leaders from five departments will attend a press conference to introduce relevant information about the real estate market.

The State Council Information Office will hold a press conference at 10:00 on Thursday, October 17, 2024, with Minister of Housing and Urban-Rural Development Ni Hong, as well as officials from the Ministry of Finance, Ministry of Natural Resources, People's Bank of China, and China Banking and Insurance Regulatory Commission, introducing the relevant situation of promoting the stable and healthy development of the real estate market, and answering questions from reporters.

International crude oil futures settlement price fell sharply by more than 4%.

International crude oil futures settlement price fell sharply by more than 4%. WTI November crude oil futures fell $3.25, a decrease of 4.4%, to $70.58 per barrel. Brent December crude oil futures fell $3.21, a decrease of 4.14%, to $74.25 per barrel. The International Energy Agency stated that global petroleum demand growth has significantly slowed down.

Global Markets

The three major U.S. stock indexes all closed lower last night, as ASML Holding's early release of earnings fell significantly below expectations, weighing on the entire semiconductor sector, and causing the tech-heavy NASDAQ to drop more than 1%.

At the close, the Dow fell 324.80 points, or 0.75%, to 42740.42 points; the Nasdaq fell 187.10 points, or 1.01%, to 18315.59 points; the S&P 500 index fell 44.59 points, or 0.76%, to 5815.26 points.

Most large-cap tech stocks fell, with Nvidia dropping over 4%, Intel dropping over 3%, while Netflix, Microsoft, and Meta saw slight declines; Apple rose over 1%, Tesla, Google, and Amazon rose slightly.

China concept stocks were generally down, with the Nasdaq Golden Dragon China Index falling by 5.92%. JD.com dropped over 9%, Bilibili, Vipshop, and Full Truck Alliance dropped over 6%, while Pinduoduo, Li Auto Inc, iQIYI, Alibaba, and Baidu fell over 5%.

The three major Hong Kong stock indexes experienced a significant pullback on Tuesday, with both the Hang Seng Index and the Hang Seng Tech Index falling by over 3%. At the close, the Hang Seng Index dropped by 3.67%, closing at 20318.79 points; the Technology Index fell by 4.65%, closing at 4450.95 points; the China Enterprises Index fell by 3.99%, closing at 7277.83 points.

From the market performance perspective, real estate, autos, brokerages, gold, infrastructure, and other individual stocks are leading the decline.

Company News:

ASML Holding: The financial report scheduled for Wednesday was unexpectedly released ahead of time. The company announced that the orders for the third quarter of this year were only 2.6 billion euros, nearly half less than the market's expected 5.4 billion euros. In addition, the company predicts that by 2025, the total net sales will grow to between 30 billion and 35 billion euros, while the market generally predicts 35.8 billion euros.

Apple: On Tuesday night Beijing time, the company officially unveiled the iPad mini 7 through a press release on its official website.

CGN New Energy (01811): The cumulative power generation in the first nine months reached 0.0147 million gigawatt-hours, an increase of 1.4% year-on-year. Wind power decreased by 0.1%, solar projects increased by 26.4%, cogeneration and gas projects increased by 12.3%, hydropower projects increased by 22.3%, and South Korean projects decreased by 4.3%.

China Resources Power (00836): The cumulative electricity sales volume in the first nine months reached 0.154 billion megawatt-hours, an increase of 7.8% year-on-year. Wind power increased by 12.1% year-on-year, and photovoltaic electricity sales increased by 165.2% year-on-year.

China Southern Airlines (01055): In September, passenger capacity increased by 9.81% year-on-year, passenger traffic increased by 19.29% year-on-year, and the passenger load factor was 85.51%, an increase of 6.80 percentage points year-on-year.

China Eastern Airlines (00670): In September, passenger capacity increased by 10.33% year-on-year, passenger traffic increased by 25.17% year-on-year, and the passenger load factor was 83.51%, an increase of 9.90 percentage points year-on-year.

Air China Limited (00753): In September, passenger transport capacity increased by 11.8% year-on-year, passenger turnover increased by 20.0% year-on-year, passenger load factor reached 79.7%, an increase of 5.5 percentage points year-on-year.

Metallurgical Corporation of China (01618): New contracts worth 891.69 billion yuan were signed in the first nine months, a decrease of 9.2% year-on-year, with overseas new contract value increasing by 85.2% year-on-year.

PICC Group (01339): Expected net income for the first three quarters to be between 33.83 billion yuan and 37.931 billion yuan, a year-on-year growth of 65% to 85%.

China Pacific Insurance (02601): Expected net income for the first three quarters to be between 37 billion yuan and 39.4 billion yuan, an increase of about 60% to 70% year-on-year.

PICC P&C (02328): Expected net income for the first three quarters to increase by about 20% to 40% year-on-year.

China Tourism Group Duty Free Corporation (01880): Total operating income for the first three quarters was 43.021 billion yuan, a decrease of 15.38% year-on-year; net income was 3.92 billion yuan, a decrease of 24.7% year-on-year.

Key data.

20:30 US import price index for September on a monthly basis.