Newsletter Nov 15, 2023

Quick Six

Biden says US 'not trying to decouple from China'
President Joe Biden said Tuesday that the U.S. was not seeking to distance itself from China, but in fact wanted an improved relationship, as he prepared for a highly anticipated summit with President Xi Jinping in San Francisco. The two leaders will meet on the sidelines of the APEC summit in California for their first encounter in a year as trade tensions, sanctions and the question of Taiwan have fueled quarrels between the world's largest economies. Asked what he hoped to achieve, he said he wanted "to get back on a normal course of corresponding."
US, CHINA LEADERS TO MEET FOR FIRST TIME IN A YEAR

US inflation slows in October more than expected
Annual inflation in the U.S. slowed to the lowest level since July and more than economists expected after gasoline prices fell. The consumer price index rose 3.2% in October from a year earlier and was unchanged from September. The annual core CPI, which excludes food and energy items, gained 4%, the smallest increase since September 2021. Market reacted to the data with optimism that the Federal Reserve may keep interest rates unchanged in the next meetings and possibly start reducing the rate sooner than expected.
MARKETS SEE END OF RATE INCREASES AFTER CPI DATA

Disney has $40 billion economic impact on Florida
Walt Disney's operations in Florida generated an impact of $40 billion in the state last year, the company said, citing an Oxford Economics report. The study, which was commissioned by Disney, was released as the media and entertainment giant battles some policies of Florida Governor Ron DeSantis. The Oxford analysis shows that the company's operations are responsible for 263,000 direct and indirect jobs in the state. Disney, its visitors, employees and third-party businesses generated $3.1 billion in state and local tax revenue in 2022.
FLORIDA GOT $40 BILLION BOOST FROM DISNEY IN 2022

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Markets

DJIA	34,827.70	1.43%
S&P 500	4,495.70	1.91%
Nasdaq Composite	14,094.38	2.37%
Japan: Nikkei 225	33,363.63	2.04%
UK: FTSE 100	7,440.47	0.20%
Crude Oil Futures	78.28	0.03%
Gold Futures	1,967.30	0.04%
Yen	150.54	0.11%
Euro	1.09	-0.07%
* As of market close

Thousands rally for Israel in Washington

Thousands streamed to a rally in Washington on Tuesday to support Israel and to condemn anti-Semitism. Members of Congress addressed the event on the National Mall, near the Capitol. Many in the crowd were wearing the white and blue colors of Israel and waving placards calling on Palestinian militant group Hamas to free hostages. The demonstration happened after multiple protests around the U.S. calling for a ceasefire and criticizing the Israeli military.

HUGE RALLY FOR ISRAEL AND AGAINST ANTI-SEMITISM IN D.C.

Oil market more robust than expected

Global oil markets will experience a smaller than anticipated deficit in the fourth quarter of 2023 and move to a surplus in early 2024, the International Energy Agency said on Tuesday. The organization claims that increased oil output from non-OPEC+ countries — primarily the United States and Brazil -– more than offset recent OPEC+ production cuts and continually rising demand in China. The IEA now predicts the world's oil deficit will end in the first quarter of 2024, after OPEC+ suspend production cuts.

NON-OPEC+ MEMBERS HELP REDUCE GLOBAL OIL DEFICIT

Heat to kill five times more people by 2050

Nearly five times more people will likely die due to extreme heat in the coming decades, an international team of experts warned on Wednesday. Lethal heat was just one of the many ways the world's still-increasing use of fossil fuels threatens human health, according to The Lancet Countdown, a major annual assessment carried out by leading researchers and institutions. More common droughts will put millions at risk of starving, mosquitoes spreading farther than ever before will take infectious diseases with them, and health systems will struggle to cope with the burden, the researchers warned..

EXTREME HEAT EXPECTED TO BECOME MORE DANGEROUS

Extra point

Elvis Presley made his Hollywood debut in this 1956 move named after a number hit.

Tuesday's answer: The Dow Jones Industrial Average surpassed 1,000 for the first time on Nov. 14, 1933.

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