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Japanese Automakers China Sales Stumble

Honda, Nissan & Toyota Motor realized a decline in sales in China for the month of September, due to the semiconductor chip shortage which hit vehicle production for the world’s largest car market. Honda’s sales in the Asian nation declined 28% from one year’s time, Nissan saw a 26% drop and Toyota’s Chinese sales fell off by 36%.

MACROECONOMIC DATA ANALYSIS

According to the Pentagon’s former software chief Nicolas Chaillan, China has emerged victorious out of the artificial intelligence battle with the United States, and because of its technological advancements and sophistication, the Asian nation is heading towards global dominance in the AI field.

World Bank President David Malpass indicated that the organization’s latest report reveals that the debt burden of the world’s poorest nations surged 12% to a record $860 million in 2020. The reason behind this is due to the countries’ massive response and stimuli to deal with the COVID-19 crisis.

CURRENCIES

The U.S. dollar jumps to near three-year highs as investors & traders remain confident that the U.S. Federal Reserve will begin tapering of its massive bond-purchase program next month, regardless of the recent, weak American payrolls figures. The dollar index, compared to a basket of major currencies, edged 0.07% higher to 94.145.

GOLD

Gold prices have increased modestly following a soft September jobs report. Despite the U.S. greenback trading higher, which typically sways investors away from the precious metal, gold futures soared 0.19% to price at $1,757 an ounce. Bullion investors now await the Fed’s decision on the timeline of its bond-buying tapering scheme.

OIL

Crude oil prices rocketed to multi-year highs, extending previous gains as the global energy crisis continues to loom on major economies, restraining supplies from the world’s most prominent & dependable oil producers. Brent oil soared 1.88% to 83.93 per barrel, and WTI oil flew 2% to price at 80.95 a barrel.

INDICES

USA: S&P500 +0.52%, Dow Jones Industrial Average +0.51%, Nasdaq Composite +0.49%

Europe: FTSE 100 +0.65%, DAX -0.13%, CAC 40 +0.07%

Asia: Nikkei 225 +1.60%, Hang Seng +1.96%, CSI 300 +0.13%, Nifty 50 +0.28%

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