The inflation rate, which measures price changes, hit 2.3% in the year to October 2024, a bigger-than-expected increase from 1.7% in September 2024.
The increase was in part due to an increase in the regulator-set energy price cap that took effect in October 2024, which is expected to increase energy price inflation through the winter.
The Office for National Statistics (ONS), said while higher energy costs had contributed, this increase was offset by falls in live music and theatre ticket prices.
Tesla shares enjoyed a Trump pump on Monday 18th November 2024 after reports that President-elect Donald Trump’s team intend to prioritise a federal framework for regulating autonomous vehicles within the U.S. Department of Transportation.
Elon Musk was a prominent advocate in the business sector for Trump’s re-election campaign leading up to this month’s elections.
The inauguration of Chancay Port in Peru represents a significant development in China-Peru relations and is set to revolutionise trade facilities within Latin America.
This $3.5 billion mega port, opened by Chinese President Xi Jinping and Peruvian President Dina Boluarte, is a component of China’s Belt and Road Initiative (BRI) and seeks to improve connectivity between South America and Asia.
Located about 80 kilometres north of Lima, the deep-water port is anticipated to emerge as a significant trade hub, especially for commerce with China. Boasting a draft depth of 17.8 metres, the Chancay port is capable of hosting the largest container ships in the world, which is expected to considerably cut down shipping durations and logistical expenses.
The port has the potential to process over 1 million TEUs (twenty-foot equivalent units) each year, enhancing Peru’s position as a key logistical centre in the region.
Job creation
The Chancay Port is expected to generate over 8,000 jobs in the coming decade, aiding in the export of minerals such as lithium and copper from Chile and Peru. It will also facilitate the import of Asian electronics, textiles, and other consumer goods, further connecting Latin American markets with Asia.
Peruvian authorities see the port as a move towards transforming Peru into the ‘Singapore of Latin America’, boosting its role as a global trade centre.
The Chancay Port aims to rival other significant ports in the area, like Mexico’s Port of Manzanillo and California’s Long Beach, by offering direct routes to Asia and cutting shipping times by as much as 20 days.
Expansion
This progress highlights China’s expanding role in Latin America and its dedication to strengthening economic relationships within the region. The Chancay Port represents not only a conduit for commerce but also a sign of the increasingly close partnership between China and Latin America.
President Xi Jinping himself attended the inauguration of the Chancay port, an indication of just how seriously China takes the development.
There is a strong perception that the U.S. is losing ground in Latin America as China forges ahead with its Belt and Road Initiative (BRI).
The deep-water port also potentially carries military implications for the U.S. too.
Gold prices have fallen to near a two-month low as the dollar strengthens in the wake of Donald Trump’s election victory last week.
This downturn has halted the bullion’s rally, which had achieved a series of record highs over the past year. Gold has seen a decline in six of the seven most recent trading sessions following Trump’s win, interrupting its streak of record-breaking milestones over the last twelve months.
On the other hand, Crypto has relished the Trump pump with Bitcoin and many altcoins setting new all-time highs!
Gold price charts – 3 month and one-year snapshot as of: 15th November 2024 (08:10 GMT)
The UK economy expanded by just 0.1% from July to September 2024, as announced in the most recent official data release.
The growth was less than anticipated, and the Office for National Statistics (ONS) reported that most sectors experienced subdued activity over the quarter.
Labour, having prioritised economic growth upon assuming power, found Chancellor Rachel Reeves expressing dissatisfaction with these figures, which represent the initial three months of the new administration.
Several economists have attributed the uncertainty surrounding the contents of October’s Budget as a factor impeding growth.
This impact was notably pronounced in September, when the economy saw a contraction of 0.1%.
Moreover, the government is contending with criticism from certain businesses that are opposed to the tax increases introduced in the Budget.
Whichever way you look at these figures; they’re utterly dire.
The core CPI, which excludes food and energy, saw a monthly increase of 0.3% and an annual rate of 3.3%, also in line with projections.
For the month, the consumer price index, assessing a range of goods and services, went up by 0.2%. This increment raised the year-over-year inflation rate to 2.6%, a 0.2% increase from September 2024.
These figures matched estimates. When food and energy were excluded, the core CPI’s monthly rise was even more significant, at 0.3%, with an annual rate of 3.3%, confirming the forecasts.
The purchase of Meme coins is often viewed as indicators of retail interest and the willingness to take risks in the cryptocurrency market. Increased activity in meme coins typically signals that retail investors are engaging and are inclined to speculate more aggressively on the risk spectrum.
Trump initially proposed the concept of an efficiency commission in September 2024. Since that time, Musk -who has previously referred to himself as the ‘Dogefather’ – is known for making public statements about the meme coin that affect its value, has posted on his social media platform X, referring to the commission as the ‘Department of Government Efficiency’ or ‘D.O.G.E.‘
Dogecoin’s relevance surged in 2021 due to Elon Musk’s endorsement and the continuous hype on social media, which became a significant catalyst for the cryptocurrency. In May of that year, Musk’s tweets propelled Dogecoin to its peak value around 67 cents, according to market analysis. However, his reference to Dogecoin as ‘a hustle’, caused its value to plummet.
Recently, Dogecoin’s value increased following the post-election announcement by President-elect Donald Trump about the establishment of the ‘Department of Government Efficiency‘, which he acronymized as ‘DOGE’ in his statement.
Elon Musk, CEO of Tesla, and Vivek Ramaswamy, the former Republican presidential candidate and co-founder of Strive Asset Management, have been appointed to lead this department.
According to Trump’s statement, their role will be instrumental in his administration’s efforts to dismantle government bureaucracy, reduce unnecessary regulations, eliminate wasteful spending, and reorganise federal agencies.
Samsung, previously a powerhouse in the semiconductor industry, has encountered significant hurdles in the AI competition, leading to a notable decline in market value. The company’s faltering stance can be attributed to a variety of factors, such as strategic errors, fierce competition, and swift technological progress in the AI field.
Missteps
A key factor in Samsung’s downturn in the AI sector is its insufficient investment in high-bandwidth memory (HBM) technology, which is vital for AI applications due to its ability to expedite data processing and enhance performance.
Although Samsung was once at the forefront of memory technology, it did not leverage the increasing demand for HBM, thus ceding ground to competitors such as SK Hynix. SK Hynix made significant investments in HBM and forged a robust partnership with Nvidia, an influential entity in the AI domain.
Competition
The AI sector is fiercely competitive, featuring key companies such as Nvidia, Google, and Microsoft, which are making substantial advancements in AI technology. Nvidia has notably become a frontrunner with its GPUs, crucial for AI training. Samsung’s struggle to match these developments has resulted in a decline in both market share and revenue.
Rapid technological advancements
The swift advancement of technology in the AI sector has presented challenges for Samsung. The company’s emphasis on conventional memory technology did not fully prepare it for the transition to AI-centric applications. With the rise of AI applications such as OpenAI’s ChatGPT, the need for sophisticated memory solutions surged, highlighting Samsung’s insufficient investment in High-Bandwidth Memory (HBM) as a notable shortcoming.
Financial implications
Samsung’s difficulties in the AI sector have significantly affected its finances. The company has seen a reported loss of around $122 billion in market value since July 2024, marking the most substantial drop among global chipmakers. This decline is largely due to Samsung’s challenges in adapting to the evolving AI industry and competing with its rivals.
Prospects
Despite facing challenges, Samsung is actively striving to advance in the AI domain. The company has recently introduced its next-generation Bixby AI, which utilizes large language model technology, positioning it to better contend with competitors such as ChatGPT and Google Gemini.
Additionally, Samsung is cultivating its proprietary AI model, named Samsung Gauss, with the goal of augmenting device functionality and elevating the consumer experience.
Samsung’s lag in the AI sector is due to strategic errors, fierce competition, and swift technological progress. Despite considerable financial setbacks, the company is vigorously pursuing new AI initiatives and investments to recover its standing in the industry.
The path forward is fraught with challenges, yet Samsung’s commitment to innovation and adaptation could enable it to regain its status as a frontrunner in the AI domain.
Elon Musk’s Vision for Tesla’s Trillion Dollar Future
Elon Musk, the visionary CEO of Tesla, has consistently set ambitious goals for the company. Among his most audacious claims is that Tesla could potentially become a multi trillion-dollar company and even reach a valuation of $25 trillion, largely driven by the deployment of robotaxis.
Robotaxi vision
Tesla’s robotaxi concept is centred around autonomous vehicles that can operate as self-driving taxis. These vehicles are equipped with Tesla’s Full Self-Driving (FSD) technology, which Musk believes will revolutionize transportation. By transforming Tesla cars into autonomous ride-sharing vehicles, the company could generate significant revenue without increasing the number of cars sold.
Projections
Musk’s financial projections are based on the immense potential of the robotaxi market
Revenue Generation: Each Tesla vehicle could earn substantial income as a robotaxi. If Tesla owners opt into the robotaxi network, Tesla could take a share of the revenue generated from these rides.
Cost Efficiency: Autonomous driving reduces the need for human drivers, leading to lower operational costs. This efficiency could make robotaxis more affordable for users and highly profitable for Tesla.
Reduced pollution: will help meet green energy goals.
Market Penetration: As autonomous technology matures, the adoption of robotaxis could grow rapidly, capturing a significant share of the global transportation market.
Market potential
The global ride-hailing market is already valued at hundreds of billions of dollars, and with the introduction of autonomous vehicles, this market is expected to expand further. Tesla’s early entry and continuous advancements in FSD technology position it to be a dominant player in this space.
Challenges
While the potential is enormous, there are several challenges and scepticism surrounding Musk’s projections
Regulatory Hurdles: Autonomous vehicles must navigate a complex regulatory landscape. Approval processes and safety standards vary by region, which could delay widespread adoption.
Technical Milestones: Achieving full autonomy is a significant technical challenge. Tesla’s FSD technology is still in development, and perfecting it for widespread use requires overcoming numerous technical obstacles.
Market Competition: Tesla is not the only player in the autonomous vehicle market. Competitors like Waymo, Cruise, and traditional automakers are also investing heavily in autonomous technology.
Conclusion
Elon Musk’s vision of making Tesla a trillion-dollar and eventually a $25 trillion company through robotaxis is both bold and captivating. The success of this vision hinges on the successful deployment and adoption of autonomous driving technology. While there are significant challenges to overcome, Musk’s track record of defying odds and achieving groundbreaking innovations keeps the possibility within the realm of achievable dreams.
The future of transportation, as envisioned by Musk, could fundamentally reshape how we move and how Tesla thrives as a pioneer in autonomous mobility.
Tesla’s future does seem promising with the introduction of Optimus, their humanoid robot, as well as their advancements in solar energy and battery technology.
Bitcoin has achieved a new all-time high, surpassing $82,000, and has continued to climb.
This suggests that investors are confident the world’s leading cryptocurrency will gain even more, following U.S. elections that resulted in a significant number of pro-crypto candidates being elected.
During his campaign, President-elect Donald Trump vowed to make the United States the ‘crypto capital of the world.’
Trump reportedly committed to several initiatives for the crypto community, such as creating a national cryptocurrency reserve using $16 billion in Bitcoin accumulated by the U.S. government from asset seizures and from reducing interest rates.
Generally, an easing of monetary policy aligns with an increase in cryptocurrency prices, as it lowers the cost of borrowing money.
The U.S. stock market sunbathed in another day of records on Friday 8th November 2024.
The Dow and S&P 500recorded their best week in a year after Trump’s election win.
The Dow Jones Industrial Average rose 259.65 points to close at 43,988.99 and broke the 44,000 barrier in intraday trading. The Dow Jones traded above 44,000 for the first time ever during the session.
The S&P 500 closed at 5,995.54, after briefly trading above 6,000 – a first for the S&P 500.
The tech-heavy Nasdaq Composite slowed at 19,286.78 but set an intraday record high as well.
The Federal Open Market Committee (FOMC) has reduced its benchmark overnight borrowing rate by 0.25%, bringing it to a target range of 4.50%-4.75%.
This move follows September’s significant 0.5% cut. The overnight borrowing rate, while primarily affecting interbank lending rates, also typically impacts consumer debt products including mortgages, credit cards, auto and other loans.
The Bank of England cut interest rates by 0.25% Thursday 7th November 2024, even as Labour’s budget announcement confuses the outlook for future policy easing.
The anticipated reduction, marking the central bank’s second this year, lowers the key rate to 4.75%.
Financial markets had forecast a high probability of the quarter-point decrease at the November 2024 meeting, although analysts cautioned that future cuts might be postponed due to the Labour government’s tax-and-spend budget.
Investors are now awaiting remarks from Governor Andrew Bailey and his team regarding their updated economic forecast following the budget and the U.S. presidential election.
China exports reportedly rose by 12.7% year on year to $309.06 billion in October 2024 – the highest jump since March 2023 when they rose 14.8% according to recent data reports.
Imports, however, declined by a more-than-expected 2.3% in October, according to customs data.
The world’s second-largest economy is facing challenges with weakening domestic consumption and an ongoing property crisis, with exports emerging as a bright spot.
Bitcoin’s origin is one of the most captivating mysteries of the digital age. The cryptocurrency was created in 2008 by an unknown individual or group under the pseudonym Satoshi Nakamoto.
Despite numerous investigations, the true identity of Nakamoto remains shrouded in secrecy.
Story
The story of Bitcoin begins with the release of a whitepaper titled “Bitcoin: A Peer-to-Peer Electronic Cash System.” This document outlined a new kind of decentralised digital currency, one that relied on cryptographic principles to ensure security and prevent double-spending.
Nakamoto’s revolutionary vision was to create a financial system free from the control of traditional banks and government interference.
Genesis block
In January 2009, Nakamoto mined the first block of the Bitcoin blockchain, known as the ‘genesis block,’ marking the birth of the cryptocurrency. Over the next couple of years, Nakamoto continued to work on the project, communicating with other developers via email and online forums.
The mystery surrounding the origin of Bitcoin
However, by 2011, Nakamoto had largely stepped away from active involvement in the project, leaving behind a legacy that would forever change the financial landscape.
Speculation
Speculation about Nakamoto’s true identity has been rampant. Some believe Nakamoto is a single, exceptionally talented individual, while others theorise that it could be a group of developers working under a collective pseudonym.
Over the years, various names have been proposed as possible candidates, including renowned cryptographers, developers, and even eccentric entrepreneurs. Yet, none of these theories have been definitively proven, and Nakamoto’s identity remains a closely guarded secret.
Intrigue
The intrigue surrounding Nakamoto is not just a matter of curiosity but also of financial significance. As the creator of Bitcoin, Nakamoto is estimated to own around one million Bitcoins. At current market values, this makes Nakamoto one of the wealthiest individuals in the world.
Bitcoin chart from inception as of 7th November 2024 touching $75,000
Bitcoin chart from inception as of 7th November 2024 touching $75,000
However, these Bitcoins have never been moved or spent, adding to the enigma of Nakamoto’s motives and intentions.
Myth?
The myth of Satoshi Nakamoto has taken on a life of its own, becoming a symbol of the power and potential of decentralized technology. The anonymity of Nakamoto also serves as a reminder of the core principles behind Bitcoin: privacy, decentralisation, and freedom from traditional financial systems.
In a world increasingly dominated by surveillance and control, the mystery of Nakamoto provides a compelling counter-narrative, one that continues to inspire and intrigue both technologists and libertarians alike.
In the end, the true identity of Satoshi Nakamoto may never be revealed, and perhaps that is as it should be. The enduring mystery adds to the allure of Bitcoin, ensuring that its origins will forever be a topic of fascination and debate.
Bitcoin, which could benefit from relaxed regulation, soared to an all-time high and topped $76,000.
Bitcoin rallied Wednesday 6th November 2024, hitting all-time highs as former President Donald Trump defeated Vice President Kamala Harris to win the election an become the 47th U.S. president.
The price of Bitcoin touched a fresh record of $76,493.86.
Bitcoin one-month chart as of 6th November 2024 – New high!
Bitcoin hits new all-time high of $76,493.86 6th November 2024
Trump’s support for crypto
The ‘noises’ around the Trump trade for crypto are reportedly of deregulation, potential tax cuts for an asset that is both held long term but also day traded, less dependency on government financial institutions and the Fed and maybe seen as an alternative as a decentralised currency. Trump has previously indicated support of risk assets and the growth of crypto.
Ether surged 11%, while Solana, rocketed 13%. Payment system token XRP jumped more than 5%. Meanwhile, Meme coins soared, with Dogecoin up more than 15%.
Shares of Coinbase surged around 31%%, posting its best day on record since its first day of trading. MicroStrategy, which has a high correlation play on the price of Bitcoin, advanced 13%.
Stocks rallied sharply on Wednesday 6th November 2024, with major indices hitting record highs, as Donald Trump won the 2024 presidential election.
It looks like the Trump rally has already begun.
The Dow Jones Industrial Average surged 1,508.05 points to a record close of 43,729.93. The last time the Dow jumped more than 1,000 points in a single day was in November 2022.
The S&P 500 also hit an all-time high, soaring to 5,929.04. The Nasdaq Composite climbed to a record of its own too of 18,983.47.
Dow Jones one-year chart as of 6th November 2024
Dow Jones one-year chart as of 6th November 2024
S&P 500 one-year chart as of 6th November 2024
S&P 500 one-year chart as of 6th November 2024
Nasdaq Composite one-year chart as of 6th November 2024
Nasdaq Composite one-year chart as of 6th November 2024
After losing the re-election to President Joe Biden in 2020, Donald Trump, the 45th president, has now been elected as the 47th.
Trump’s victory sets several historic records. At the age of 78, he becomes the oldest individual to win a U.S. presidential election. He is the first president to serve two nonconsecutive terms since Grover Cleveland 132 years ago, and his win comes from what is likely the costliest presidential race in history.
Also, he is reportedly the first president, whether in office or former, to have been convicted of crimes. He is also the first president to be impeached twice and then reclaim the presidency. Additionally, he is the first to assume office while actively facing criminal charges in both federal and state courts.
This victory for Trump prevents Vice President Harris from achieving what would have been a historic feat: becoming the first female president of the United States.
As Trump secures win stock markets react positively as Dow and S&P 500 futures rise to touch new all-time highs!
Abraham Lincoln, the 16th President of the United States, led the nation through the Civil War and played a crucial role in the abolition of slavery. He is remembered for his leadership, eloquence, and dedication to preserving the Union.
Abraham Lincoln was assassinated on 14th April 1865. He was shot in the back of the head by John Wilkes Booth while attending a play at Ford’s Theatre in Washington, D.C. Lincoln succumbed to his injuries the following morning.
It was a tragic end to the life of a remarkable leader.
A recent study by the University of Leeds, in collaboration with Primark, found that a pair of women’s jeans costing just £15 were more durable than a pair costing £150.
The research tested 65 clothing items, including jeans, hoodies, and T-shirts, to set standards on how long clothing should last. They used equipment that can simulate years of wear and tear in a matter of hours.
Interestingly, the study revealed no correlation between price and durability. This means that higher-priced items aren’t necessarily more durable than cheaper ones. Primark plans to use these findings to improve the durability of their products and provide better value for customers.
So, for durability… buy the cheaper option. I have no idea about the design and style though.
Switzerland may be at risk of entering deflationary territory in 2025 due to the strengthening of the Swiss franc, which is challenging policymakers’ control over price growth.
The Swiss National Bank has lowered interest rates three times this year as of September, attributing the country’s declining inflation rate to the robustness of the safe-haven currency, as well as to falling oil and electricity prices.
Analysts increasingly believe that the Swiss National Bank may need to engage in foreign currency intervention to avert a deflationary scenario.
Furthermore, the central bank has adjusted its forecasts downward, setting the average annual inflation rate for 2024 at 1.2%, down from 1.3%, and anticipating a price growth of 0.6% in 2025, a decrease from the previously forecasted 1.1%.
Nvidia is set to replace its rival chipmaker Intel in the Dow Jones Industrial Average, signifying a significant change in the blue-chip index that highlights the surge in artificial intelligence and a substantial shift within the semiconductor industry.
Intel’s shares fell by 1% in extended trading on Friday 1st November 2024, while Nvidia’s shares increased by 1%. Intel has now lost over half its value.
The update will take place on 8th November 2024. Also, Sherwin Williams will replace Dow Inc. in the index, the S&P and Dow Jones said in a statement.
Nvidia‘s shares have surged over 170% in 2024, following a roughly 240% increase last year, as investors flock to the AI chipmaker. Nvidia’s market capitalisation has expanded to $3.3 trillion, ranking it second only to Apple among publicly traded companies.
Nvidia one-year share price chart
Nvidia one-year share price chart
Major companies such as Microsoft, Meta, Google, and Amazon are acquiring Nvidia’s graphics processing units (GPUs), like the H100, in large quantities to create computer clusters for AI projects. Nvidia’s revenue has more than doubled for five consecutive quarters, with at least a threefold increase in three of those quarters. The company has indicated that the demand for its forthcoming AI GPU, Blackwell, is ‘insane’.
With Nvidia‘s inclusion, four of the six tech companies valued at over a trillion dollars are now part of the index, leaving Alphabet and Meta as the two not listed in the Dow.
In October 2024, non-farm payrolls saw an increase of 12,000, a significant drop from September’s figures and falling short of the 100,000 predicted
The unemployment rate remained steady at 4.1%, meeting expectations.
The rate of job growth in October 2024 was the slowest since the end of 2020, hindered by the effects of storms in the and a considerable labour standoff (strike action), which impacted the overall employment picture.
According to the Bureau of Labor Statistics‘ Friday report, the modest increase in nonfarm payrolls for October, which was already anticipated to be subdued, marked the smallest rise since December 2020.
China’s factory activity jumped back into expansion among smaller manufacturers in October 2024, according to a private survey report released on Friday 1st November 2024.
The index stood at 49.3 in September 2024, 50.4 in August, and 49.8 in July. A PMI figure above 50 signifies an expansion in activity, whereas one below 50 suggests a contraction.
Following the release of the official PMI data on Thursday 31st October 2024, which showed the first expansion in the country’s manufacturing activity since April 2024, the Caixin measure, which typically reflects the performance of exporters and private sector firms, contrasts with the official PMI that includes larger and state-owned enterprises.
Apple’s fourth-quarter results surpassed Wall Street forecasts for revenue and earnings per share. However, net income declined due to a one-time charge related to a tax settlement in Europe.
iPhone sales and overall sales both rose by 6%.
Apple one year stock chart
Amazon
Amazon’s shares soared in after-hours trading following the announcement of earnings and revenue that exceeded expectations. The firm’s cloud services and advertising divisions demonstrated significant expansion.
Amazon one year stock chart
Intel
Intel has reported earnings that surpassed expectations and provided improved guidance. The company is currently undergoing a significant restructuring initiative.
Intel one year stock chart
However, Intel has now lost over half its market value.
Super Micro Computer’s shares dropped 33% in premarket trading 30th October 2024, following the announcement in a regulatory filing that Ernst & Young had stepped down as its accounting firm.
The filing revealed that EY had expressed doubts about the AI server company’s “commitment to integrity and ethical values” during accounting reviews.
Super Micro had been included in the S&P 500 index in March 2004.
Super Micro one month chart snapshot 30th October 2024
Further update – 1st November 2024
Super Micro’s sell-off persisted on Friday, November 1, 2024, with the stock falling an additional 10%, culminating in a 44% loss for the week.
The most significant drop occurred on Wednesday 30th October 2024, following the company’s announcement of losing its second auditor in under two years.
Super Micro, currently behind schedule in submitting its latest annual report, has announced it will deliver a ‘business update’ for the most recent quarter on Tuesday 5th November 2024, coinciding with Election Day in the U.S.
