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Global Developments: Key News and Events Shaping Today’s Landscape

As the world focuses on pivotal events unfolding today, several significant developments are capturing international attention.

1. Biden and Xi to Discuss Communication Enhancement at APEC Summit

The White House announced on Monday (Nov. 13) that President Joe Biden of the United States and President Xi Jinping of China will engage in discussions aimed at improving communication between the two nations. This conversation, including a competition management meeting, is scheduled to take place on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit happening this week.

2. Nvidia Upgrades AI Chip, Shipping Next Year

Nvidia revealed on Monday that it has upgraded its leading artificial intelligence chip. This advanced version is slated to begin shipping next year and is utilized by major companies, including, Alphabet’s Google, and Oracle.

3. OPEC Optimistic as Oil Demand Forecast Increases

In its November oil market situation report, the Organization of Petroleum Exporting Countries (OPEC) affirmed the strength of the oil market fundamentals. Additionally, OPEC raised its forecast for world oil demand this year, stating that oil demand is expected to increase by 2.46 million barrels per day in 2023, up from the previous estimate of 2.44 million barrels per day.

4. ICBC Pays Ransom to Unlock Hacked Banking Systems

Reports emerged that the Industrial and Commercial Bank of China (ICBC), the world’s largest bank by assets, paid a ransom to the Lockbit hacker group. This payment was made to unlock banking systems that fell victim to a cyberattack last week.

5. Japanese Yen’s Plunge Sparks Intervention Speculation

Investors are closely monitoring the Japanese authorities’ response after the yen experienced a significant drop to 151.79 against the dollar on Monday (Nov. 13), nearing a one-year low. The speculation arises that the Japanese government may intervene in the market to stabilize the yen’s value.

6. APEC Summit: US to Treat Russian Representatives Equally

Ahead of the Asia-Pacific Economic Cooperation (APEC) summit, Mr. Matt Murray, a US State Department official, stated that the United States would treat Russian representatives the same as other participants, despite previous efforts to isolate Russia following its military invasion of Ukraine last year. Mr. Alexei Overchuk, Deputy Prime Minister of Russia, will represent President Vladimir Putin at the summit in San Francisco, California.

7. Goldman Sachs Analysts: US Inflation Likely Past Peak

Mr. Peter Oppenheimer, an analyst from Goldman Sachs, suggests that US inflation has likely passed its peak, offering both good and bad news for investors. While inflation and interest rates appear to have peaked, Wall Street still faces limited upside, with expectations of a gradual slowdown in the US economy.

8. US Department of Labor to Release CPI for October

Today (Nov. 14), the US Department of Labor is set to release the Consumer Price Index (CPI) for October, a crucial measure of inflation in consumer spending. Analysts anticipate a 3.3% year-on-year increase in the Headline CPI Index, with the Core CPI Index expected to remain unchanged at 4.1% in October.

9. Global Economic Data Release Highlights

Key economic data to be released today includes South Korea’s October import and export prices, Australia’s November consumer confidence index from Westpac, and the November business confidence index from the National Australia Bank (NAB). The UK will reveal its September unemployment rate, the EU will report the 3rd quarter 2023 gross domestic product (GDP) (estimated 2nd time) and the November Economic Confidence Index from the ZEW Institute. In the United States, the October Small Business Confidence Index from the US National Federation of Independent Business (NFIB) and the Consumer Price Index (CPI) for October will be disclosed.

As these events unfold, global stakeholders remain attuned to the outcomes, anticipating their impact on the international landscape and economic policies.

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