⚡️After The US dockers Strike, It Will Take Up To A Week For The Supply Chain To Normalize

⏺Union dockworkers suspended their strike at East Coast and Gulf Coast ports Thursday night, Oct. 3, until mid-January. But it will take some time for the affected ports to return to normal operations due to the problems that have accumulated during the strike.

⏺The International Longshoremen's Association (ILA) and about 45,000 longshore workers went on strike for about three days before reaching a tentative agreement with the United States Maritime Alliance (USMX), which represents the interests of port employers. The deal, which must be ratified by both sides by January 15, includes a 62% wage increase for dockers.

⏺While negotiations are ongoing, port operators and dockworkers will begin the process of clearing the impact of the strike at East Coast and Gulf Coast ports as they work through delayed cargo, which will likely take several weeks before the supply chain returns to normal.

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☄️EU Will Impose Duties Of Up To 45% On Electric Cars From China

⏺EU member states agreed on Friday to impose tariffs on imports of electric vehicles from China. The decision was the biggest trade dispute between economic superpowers in a decade.

⏺Despite active opposition from Germany and Hungary, the European Commission's proposal to establish anti-subsidy duties of up to 35.3% was supported by the majority of countries. Ten member states voted in favor of the tariffs, five voted against and 12 abstained, two of the sources said.

⏺EU tariffs will be in place for five years and will range from 7.8% for Tesla to 35.3% for SAIC, which owns the MG brand. Chinese automakers have proposed curbing sales and raising prices to avoid tariffs, but the proposal has been rejected by the EU. Brussels said it would continue talks aimed at a negotiated settlement to curb rising imports of Chinese electric vehicles.

⏺China has already retaliated by threatening to impose tariffs on EU brandy imports and has also launched investigations into pork and dairy products.

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☄️Analysts At JPMorgan And BofA Have Changed Their Forecasts For The Fed Rate

⏺Economists at the American banks JPMorgan and Bank of America changed their forecasts for easing the monetary policy of the US Federal Reserve after the published data on the labor market in the country for September.

⏺Analysts at both banks believe that the Fed will cut interest rates by 0.25 percentage points at its next meeting in November, not 0.5 percentage points as they previously expected. Michael Feroli, chief U.S. economist at JPMorgan, and Bank of America economist Aditya Bhave pointed to Friday's jobs report as a boost to temper expectations about the path to rate cuts.

⏺At the end of September, the number of jobs in the non-farm sector increased by 254,000. At the same time, the consensus forecast was at 140,000. Experts believe that these data indicate the stability of the US economy, and a reduction of half a point looks inappropriate.

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⚡️Brent Crude Rose Almost 10% Amid Escalation In The Middle East

⏺Brent, the global oil benchmark, traded just below $79 a barrel on Friday, up nearly 10% from the previous Friday on a strong four-day rally. The rise in prices comes as conflict in the Middle East escalates, raising concerns about the stability of supplies from a region that produces a third of the world's oil.

⏺Concerns about disruptions in oil supplies from Iran and through the Strait of Hormuz contributed to Brent's biggest weekly rise since October 2022. Analysts and traders fear that Israel could strike oil infrastructure, and Iran and its allies would retaliate with attacks on energy facilities in the region.

⏺OPEC+ holds more than 5 million barrels per day outside the market, which could be used in case of disruptions. The most significant supply disruption could occur if Iran decides to block tanker traffic through the Strait of Hormuz, through which about a fifth of the world's oil supplies pass.

⏺A complete blockage of the strait could lead to "unmanageable oil prices" of $150 a barrel or higher. This could have a significant impact on the global economy, analysts warn

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⚡️Ubisoft Shares Soared 33% o
On Announcement Of Possible Buyout

⏺Tencent Holdings Ltd. and the founding family of Ubisoft Entertainment SA Guillemot are considering options including a possible buyout of the French video game developer after it lost more than half its market value this year

⏺Chinese technology company and Guillemot Brothers Ltd. spoke with consultants to explore ways to stabilize Ubisoft and increase its value, the sources said. One possibility being discussed, they said, is to merge to privatize the company.

⏺Ubisoft shares have fallen about 40% this year, giving the company a market capitalization of about 1.8 billion euros. Tencent owned 9.2% of Ubisoft's voting shares as of the end of April, while the Guillemot family owned about 20.5%, according to the company's latest annual report.

⏺Some minority shareholders, including AJ Investments, have pushed for either privatization or the sale of Ubisoft to a strategic investor amid falling share prices. The consideration is at an early stage and there is no certainty that it will lead to a deal. Tencent and the Guillemot family are also considering other alternatives

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💸Chinese Shares In Hong Kong Snapped 13-Day Gains On Bubble Fears

⏺Hang Seng China Enterprises Index, which shows their dynamics, fell by 4.9% to its minimum on October 3. By the end of the trading day, the fall slowed to 1.6%, Hang Seng China Enterprises stood at 7914.16 points.

⏺Investors are optimistic that the current rally in Chinese stocks is different from previous short-lived surges, with global money managers increasingly betting on growth in a once-shunned market. However, brisk trading last week had traders wary of a bubble forming while equity benchmarks reached overbought levels. Thus, the Hang Seng China relative strength index reached a record level of 91 points, while traders consider the 70 point mark as a signal of overbought.

⏺Following the rise in Chinese stocks, it is normal to see profit taking ahead of the weekend, as well as before mainland Chinese markets open next week. Investors may not attach much importance to the current decline in shares, considering it a temporary phenomenon. Continued growth will depend on whether Beijing takes concrete measures after the holidays.

⏺The rally in Chinese stocks was facilitated by the fact that the Chinese authorities introduced a number of measures aimed at supporting the real estate sector and the stock market. Cities in China have relaxed home buying rules, and the People's Bank has lowered mortgage rates. The stimulus package also included lowering interest rates, supporting stock liquidity and easing reserve requirements for banks.

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⚡️Goldman Expert Expects Rally In US Market From The End Of October

⏺U.S. stocks are likely headed for a year-end rally that could push the S&P 500 above 6,000, said Scott Rubner of Goldman Sachs Group Inc.
He's bullish on U.S. equities for the year-end rally that begins Oct. 28 and is concerned his 6,000-point target is too low

⏺The expert pointed to seasonal factors - as his calculations show, since 1928, the S&P 500 has tended to grow by an average of about 4% from October 27 to the end of the year. On top of this, stocks tend to rise after US presidential elections as investors switch from cash to stocks after the risks associated with the vote fade.

⏺The bank's tactical specialist Rubner's year-end target differs from the 5,600 estimate from Goldman Sachs chief U.S. equity strategist David Kostin. On Wednesday, the index was trading at around 5,700

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❄️ Bomb Crypto’s Epic NFT Collection Launches on TON

Bomb Crypto has recently launched an all-new NFT collection on the TON network, enhancing the gaming experience with digital collectibles. This collection, known as the Bomb Crypto Avatar NFT Collection, became available for minting on September 4, 2024, after the game's debut on August 23, 2024. Players looking to acquire these NFTs can do so through the Getgems.io platform, which supports transactions on the TON blockchain.

Source

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