In this recap, Goldman Sachs’ David Kostin reports resilience in S&P 500 Q3 earnings per share, marking the first growth since last year. Meanwhile, a significant development emerges from Switzerland, where a systematic review has prompted the banning of mammograms due to uncertainties about their effectiveness, false positives causing harm, and unfavorable cost-effectiveness ratios in screening programs.
Commodities make waves with a Texas study revealing that the hidden costs of fueling electric vehicles far outweigh the upfront savings, equivalent to roughly $17 per gallon. Additionally, Rolex and Patek prices hit a two-year low, while US beef prices reach record highs, driven by a shrinking cattle herd and challenges faced by ranchers amid years of drought and high feed costs. A surprising twist unfolds as a coal mine in Wyoming, purchased 12 years ago, might hold a treasure trove of rare-earth elements, potentially becoming America’s first new source since 1952.
In Financial & Banking News, the US experiences flat October inflation, offering a glimmer of hope for easing high prices. Swiss banking giant UBS predicts a significant Fed rate cut of up to 275 basis points in 2024, diverging from market consensus, as concerns of a US recession loom. On the other side of the Atlantic, UK inflation falls sharply to 4.6%, a two-year low from the previous month.
Political News highlights New York’s Governor monitoring social media for hate speech, China’s ambitious construction of two coal plants per week, and massive protests in Spain following a controversial deal by Socialist Pedro Sanchez to grant amnesty to Catalan separatists. Critics accuse him of jeopardizing the rule of law for personal political gains.
Corporate News sees SpaceX launching Falcon Heavy, OpenAI (ChatGPT) firing and potentially rehiring CEO Sam Altman, Citigroup planning major layoffs, and Tesla shares rallying after unveiling updated terms for Cybertruck agreements. Notably, buyers are restricted from selling the vehicle within the first year without permission, facing potential legal consequences and a possible ban on future Tesla purchases.
In Trade News, Singapore’s non-oil domestic exports continue to decline, albeit at a slower pace, with a -3.4% fall in October. The slump is attributed to a slowdown in exports to key markets such as Taiwan, the U.S., and South Korea.
International Events unfold as Iceland declares a state of emergency, urging residents to evacuate a coastal town due to intense earthquakes linked to a potential volcanic eruption. In the realm of Interesting Facts, archaeologists discover a pyramid structure in Kazakhstan dating back over 3,000 years, while Alaska’s largest city declares a ‘snow emergency’ after a record snowfall of 65 inches in less than 24 hours, causing widespread disruptions.