- 10 Treasury yield jumped to its 4 month high on Thursday, settling at 4.449%. At a Dallas speech, Powell signalled that the Fed is in no rush to cut interest rates. This comes after the CPI and PPI data this week indicated that inflation might be settling above the Fed's 2% inflation target.
- $FXI (China) closed lower 4.2% for the week after China’s National Bureau of Statistics announced on Friday that China's industrial output for October missed expectations (5.4% instead of 5.6%) while retail sales beat forecast (4.8% instead of 3.8%). The varied data underscores the challenge the economy faces despite pumping out policy support plans in recent months.?
- Bitcoin hits new all time highs this week surpassing $90,000 on Wednesday. $IBIT closes up 19.3% for the week.
- The Trump Administration plans to remove tax credit for EVs. $TSLA (Tesla), the market leader in the EV space, is anticipated to be the least impacted and even the key beneficiary. The move is expected to squeeze Tesla’s competitors who had already been engaged in an EV price war and would further suffer from a falling consumer demand. $TSLA flat for the week.
- $PPH (Pharmaceutical ETF) closes down 86.6% for the week after Robert F. Kennedy Jr., a prominent vaccine sceptic, was selected to lead the US Health and Human Service Department (HHS). He is anticipated to take on pharmaceutical companies, levelling the playing field for drug cost.?
- Spotify’s Q3 earnings saw the stock up 14.4% for the week, driven by an inflection higher in gross margins. With record operating income and user growth to 640 million MAUs, Spotify aims to add 25 million more in Q4.
- The European Commission has fined Meta €797.72 million for breaching EU antitrust rules by integrating Facebook Marketplace with its social network, giving it an unfair advantage over advertising competitors. The Commission also found that Meta imposed unfair trading conditions on other online classified ad service providers advertising on its platforms. $META closes down 6% for the week.
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