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Today’s Global News Highlights

1. South Korea Reports First CPI Gain in Seven Months:

  • South Korea’s Consumer Price Index (CPI) rose to 3.4% year-on-year in August, marking the first increase in seven months and surpassing expectations of a 2.7% rise.

2. Leadership Change at Monetary Authority of Singapore (MAS):

  • The Monetary Authority of Singapore (MAS) will witness a leadership change as Managing Director Rawee Menon prepares for retirement. Chia Der Jiun, Permanent Secretary of the Ministry of Labor of Singapore, will assume the position in January 2024.

3. Fitch Ratings Predicts China’s FDI Decline:

  • Fitch Ratings anticipates a continued decline in China’s foreign direct investment (FDI) in 2023, though FDI in high-tech manufacturing may recover amid weakened investor confidence.

4. China’s August Service Sector PMI Drops:

  • China’s August Service Sector Purchasing Managers’ Index (PMI) fell to 51.8, down from July’s 54.1, marking the lowest level in 8 months due to persistent demand slowdown and limited impact from economic stimulus measures.

5. Philippine Inflation Pressures Central Bank:

  • Philippine inflation rose in August, driven by higher food and transportation costs. The Central Bank of the Philippines (BSP) faces pressure to continue its tight monetary policy.

6. Kim Jong Un’s Possible Visit to Russia:

  • Reports suggest that North Korean leader Kim Jong Un may travel to Russia this month to meet with Russian President Vladimir Putin and discuss potential support for Ukraine.

7. Reserve Bank of Australia Maintains Interest Rates:

  • The Reserve Bank of Australia (RBA) decided to maintain the policy interest rate at 4.10% in its September meeting, emphasizing the importance of ongoing monetary policy tightening to control inflation.

8. Goldman Sachs Lowers Recession Probability:

  • Goldman Sachs reduces the likelihood of a US recession to 15% due to slowing inflation and a robust labor market, suggesting that the Federal Reserve (Fed) may not need to raise interest rates further.

9. Aung San Suu Kyi’s Health Concerns Amid Myanmar Military’s Resistance:

  • Reports indicate that Aung San Suu Kyi’s health is a matter of concern, but the Myanmar military government has refused requests to allow external medical examinations.

10. G20 Countries’ Per Capita Emissions Rise Due to Coal: – G20 nations have experienced nearly a 7% per capita increase in emissions since 2015, primarily due to coal-fired power generation, with China and India contributing significantly. Australia’s per capita carbon dioxide emissions remain notably high.

11. China Launches $40 Billion Fund for Semiconductor Sector: – China initiates a government-backed fund with the aim of raising $40 billion to invest in its semiconductor sector, intensifying competition with the US and other global players.

12. Foxconn Sees August Income Dip But Eyes Improved Outlook: – Foxconn, Apple’s largest supplier and the world’s leading electronics manufacturer, reported an 8% year-on-year decrease in August income. However, the company anticipates an improved business outlook with the upcoming release of new Apple products.

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