⚡️Canadian Bank TD Bank Will Pay Colossal Fines Worth $3 Billion To US Authorities

⏺Canadian bank TD Bank has pleaded guilty to money laundering and will pay $3 billion in fines. According to the court decision, the US Department of Justice and federal financial regulators will receive money. The bank failed to control money laundering by drug traffickers and other criminals, a judge ruled.

⏺As part of the deal, TD Bank, whose U.S. unit is the 10th largest U.S. bank by assets, is accepting limits on its growth, the Office of the Comptroller of the Currency said Thursday. The combined assets of TD Bank's two U.S. subsidiaries will not exceed $434 billion.

⏺Attorney General Merrick Garland said will monitor the bank's compliance with anti-money laundering practices for three years as part of a settlement with the Justice Department that will receive $1.8 billion due to the bank's guilty plea in federal court

⏺Garland said that over a six-year period ending last October, TD Bank failed to track a staggering $18.3 trillion in customer activity, allowing three money laundering networks to move more than $670 million through bank accounts.

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Heartfelt Happy Anniversary Messages and Images for Your Loved One

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⚡️Huawei Has Overtaken Apple In China Sales For The First Time In 46 Months

⏺Chinese company, under US sanctions, continues to build on the success of last year's 5G smartphone. That's consistent with findings from government think tank China Academy of Information and Communications Technology, which reported a 12.7% year-on-year decline in smartphone shipments abroad, including Apple's iPhone, in the same month. Those shipments fell to 1.87 million units in August from 2.14 million a year earlier as domestic smartphone shipments rose 26.7% to 24.05 million over the same period.

⏺The competition between Huawei and Apple in the world's biggest smartphone market has taken on new significance as the Shenzhen-based telecom equipment giant experiences a revival in its mobile phone business amid the US tech giant's recent troubles on the mainland.

⏺Strong demand for Huawei's high-end phone models such as the Mate and Pura series, as well as foldable smartphones such as the recently introduced Mate XT, helped push the company's average selling price and wholesale revenue to record highs in the second quarter, according to TechInsights. It said China remains Huawei's main market, accounting for 89% of global smartphone shipments.

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⚡️Fed Suffers Split Over The Level Of Rate Cuts

⏺Federal Reserve Chairman Jerome Powell received some pushback over a half-point rate cut in September, with some officials favoring a smaller quarter-point cut at the meeting. Such information is provided in the Fed minutes.

⏺“Several participants indicated that they would prefer a 25 basis point reduction in the target range at this meeting, and several others indicated that they might support such a decision,” notes the minutes of the Sept. 17-18 meeting. All participants said it would make sense to reduce borrowing costs.

⏺US Federal Reserve cut its benchmark rate by 0.5 percentage points last month, a decisive move to protect economic growth as inflation weakens and risks to the labor market rise. Despite the debate, the minutes noted that a “substantial majority” supported a massive rate cut.

⏺One problem for some officials was that such a large change was inconsistent with their intention to gradually lower interest rates. Although Fed board member Michelle Bowman was the lone dissenting voice against the move, the minutes revealed a deeper rift among officials than the near-unanimous decision suggested. This suggests that Powell has led the committee to take a larger step.

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⚡️S&P Puts Boeing's Rating Under Review

⏺Global ratings agency S&P yesterday placed Boeing on CreditWatch with a negative rating due to a strike by 33,000 of the planemaker's US workers, which is halting production of its best-selling planes. The union, whose members have been on strike for 26 days, is seeking a 40% pay rise over four years and the restoration of a defined benefit pension that was eliminated in the contract a decade ago.

⏺The rating agency estimates Boeing will face cash outflows of about $10 billion in 2024 and will likely require additional financing. S&P's inclusion on CreditWatch reflects the increased likelihood of a rating downgrade if the strike continues, which would increase costs and delay the company's return to aircraft production and cash flow generation.

⏺Last month, all three major ratings , including S&P, warned that a prolonged strike at Boeing's West Coast plants could lead to ratings downgrades, a headache for the heavily indebted planemaker. At the same time, the company itself announced that it was stopping negotiations with the union of striking workers. She also withdrew her salary offer.

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☄️Chinese Market Plunges 10% After Rally In Absence Of New Stimulus

⏺Chinese stock market crashed in trading on October 8 after a massive rally over the past few weeks. Hang Seng Index (HSI) fell 9.56% to its low of 20,891.98 points. Hang Seng China Enterprises, which includes Chinese shares traded in Hong Kong, fell 10.9% to 7,421.3 points. CSI 300 index began the first day of trading after the holidays with an upward gap of almost 11%, but immediately began to lose ground.

⏺Shares in Chinese stock market suffered a sharp decline today after a recent rally, due to the lack of additional economic stimulus measures from the Chinese government. Over nine trading sessions, up to and including September 30, the CSI 300 index grew by 27.8% and reached 4038.7 points at its peak. Previously, the indicator lost more than 45% from its 2021 maximum to mid-September.

⏺Today's decline Chinese stock market is associated with growing doubts among investors about the government's readiness to further stimulate the economy. This followed a press conference by the National Development and Reform Commission (NDRC) held on October 8. At the press conference, officials confirmed their intentions to increase spending and support low-wage groups of the population, but specific steps to stimulate the economy were not named. This created an atmosphere of uncertainty among investors, who expected more decisive action from the government.

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⚡️Japan Records Highest Number Of Bankruptcies In A Decade

⏺Japan recorded its highest number of bankruptcies since 2013 in February-September this year as the country's companies increasingly struggled due to rising costs.

⏺According to a Teikoku Databank report, about 4,990 firms went bankrupt during the period under review, an increase of 18.6% compared to the same period last year. It is noted that the number of bankrupt firms in Japan has continued to grow since the second half of the fiscal year ending in March 2022.

⏺The sharp rise in bankruptcies partly reflects the impact of high prices, especially for smaller companies. A record 472 of 4,990 firms cited inflation as the main reason for their failure, the report said. What's more, the weak yen has driven up the cost of importing everything from food to energy.

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☄️Saudi Arabia Is Ready To Invest Billions In Hydrogen Production

⏺The country's sovereign wealth fund, led by Crown Prince Mohammed bin Salman, has created Energy Solutions Co. to finance the production of so-called “green” hydrogen. Investment in the new project is expected to be at least $10 billion, and this amount could rise significantly depending on demand for hydrogen. Part of the investment will be carried out jointly with state oil producer Saudi Aramco.

⏺Saudi Arabia is aiming to become one of the world's largest hydrogen producers, wanting to reduce its dependence on oil sales while remaining a global energy supplier. Green hydrogen is made from water and renewable energy and is an attractive solution for countries looking to reduce emissions from energy-intensive industries.

⏺However, green hydrogen remains expensive to produce and the infrastructure to transport it is costly. Saudi Arabia is building one of the world's few large-scale green hydrogen projects, costing $8 billion. Aramco is also interested in producing blue hydrogen using fossil fuels and capturing emissions.

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⚡️Brent Oil Exceeded $80

⏺Oil prices rose above last week's high on Monday as concerns about conflict in the Middle East mounted. Brent, the global oil benchmark, rose 2.8% to $80.33 a barrel amid Hamas rocket attacks on Israel and Israeli retaliatory strikes on targets in Gaza and Lebanon. Investors fear possible attacks on the region's energy infrastructure, which could disrupt oil supplies, or disruptions in the Strait of Hormuz.

⏺There are signs that hedge funds are starting to rethink their positions, trimming large short bets against Brent and increasing long positions early last week, according to ICE data. However, computer-managed funds that tried to track market trends were still likely betting against oil as of Thursday, according to a model portfolio compiled by Société Générale.

⏺Goldman Sachs analyst Dan Stravin predicts that a six-month supply disruption of about 1 million barrels per day could push Brent prices to $85 if OPEC makes up the shortfall. Without compensation, prices may exceed $90. Investors are concerned about a possible escalation of the conflict between Israel and Iran.

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🗓 Coming Up Next Week

Monday 07.10
⏺China Markets Closed
⏺Eurozone Retail Sales

Tuesday 08.10
⏺US Trade Balance
⏺Germany Industrial Production

Wednesday 09.10
⏺FOMC Minutes

Thursday 10.10
⏺Japan PPI
⏺US CPI
⏺US Initial Jobless Claims
⏺Earnings report - Delta Airlines

Friday 11.10
⏺Germany CPI
⏺US PPI
⏺Earnings report: JPMorgan, Wells Fargo, BlackRock

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