November 7th Macroeconomic Index: China's Commodity Price Index Shows Positive Economic Changes, Services PMI Rebounds

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Domestic News

1. China's commodity price index was released in October, and the positive changes in economic operation were obvious

2. China's Caixin services PMI was 52 in October, rebounding to a nearly three-month high

3. People's Daily: We neeed a comprehensive, objective and calm view of the current economic situation

4. State-owned assets announced the latest "family foundation & accumulation"

5. The foreign language version of 337 Chinese standards was released today, involving more than 20 fields

 International News

1. Voting begins on Election Day for the 2024 U.S. election

2. Japan's Extraordinary Diet Session has set a schedule to elect a new Prime Minister

3. RBA statement: The RBA does not rule out any options

4. Iraqi militias say they attacked Israel's "important targets"

5. US media: Regarding Israel's performance in improving the situation of humanitarian assistance in Gaza, the Biden administration gave a "fail" score

Domestic News

1. China's commodity price index was released in October, and the positive changes in economic operation were obvious

The China Federation of Logistics and Purchasing announced China's commodity price index for October on the 5th. With the improvement of market supply and demand, the production activities of enterprises have accelerated, and the prices of most commodities have risen from the previous month, and the positive changes in economic operation have been obvious. China's commodity price index was 113.4 points in October, up 3% month-on-month. The prices of black, non-ferrous metals, minerals, chemicals and energy have generally risen, indicating that the current economic operation has undergone significant positive changes, improved market demand, and increased vitality.

2. China's Caixin services PMI was 52 in October, rebounding to a nearly three-month high

China's Caixin services sector grew more than expected in October as new orders accelerated for the first time in four months. On Tuesday, November 5, data released by S&P Global showed that China's Caixin services PMI in October was 52, the highest in three months, up 1.7 percentage points from the previous value of 50.3, exceeding expectations of 50.3. The Caixin China manufacturing PMI for October, which was previously released, rebounded 1.0 percentage points to 50.3, rising back above the boom and bust line after a brief contraction in September. China's Caixin composite PMI was 51.9 in October, up from 50.3 in September, hitting a four-month high, and the composite PMI has been running in the expansion range for a year.

3. People's Daily: We neeed a comprehensive, objective and calm view of the current economic situation

The article points out that with the continuous effectiveness of the stock policy and the package of incremental policies, the vitality and momentum of development will be further released, providing sufficient support for the sustained economic recovery in the fourth quarter. We have every reason to believe that the trend of China's economy stabilizing and rebounding will be further consolidated. At present, there are also some misinterpretations, and some have even detached themselves from the operation of the economy itself. We must immediately carry out analysis, criticism, and struggle, and we must not allow erroneous remarks to damage the positive trend of China's economic recovery.

4. State-owned assets announced the latest "family foundation & accumulation"

With the comprehensive report of the State Council on the management of state-owned assets in 2023 submitted to the 12th meeting of the Standing Committee of the 14th National People's Congress for deliberation on November 5, the latest "family background" of state-owned assets was announced. By the end of 2023, the total assets of state-owned enterprises in the country was 371.9 trillion yuan, the total assets of state-owned financial enterprises was 445.1 trillion yuan, the total administrative state-owned assets will be 64.2 trillion yuan, the total area of state-owned land will be 523.714 million hectares, and the total annual water resources will be 2,578.25 billion cubic meters.

5. The foreign language version of 337 Chinese standards was released today, involving more than 20 fields

During the Expo, the 7th Hongqiao International Economic Forum "Strengthening International Cooperation on Standards and Seeking High-quality Development of Manufacturing Industry" sub-forum was held in Shanghai this afternoon (November 5). At the sub-forum, the State Administration for Market Regulation (National Standards Committee) released 337 foreign language versions of national standards and two achievements of the international standardization roadmap for intelligent manufacturing. Up to now, a total of 2,263 foreign language editions of China's national standards have been released, including 11 languages, covering more than 20 fields of the national economy such as agricultural products, food, electronics and electrical, etc., and have played an active role in promoting international cooperation in standards and promoting the transformation and upgrading of the manufacturing industry.

International News

1. Voting begins on Election Day for the 2024 U.S. election

November 5, local time, is the official voting day for the U.S. presidential election. Just after 0:00 EST on November 5, voters in the small town of Dixville Pass in New Hampshire were the first to start voting, marking the official start of voting in the 60th U.S. presidential election. On that day, the vast majority of polling stations in the United States were open in the morning and remained open until the evening of the 5th. According to data from the Election Lab at the University of Florida, as of the morning of November 4 local time, more than 78.02 million voters across the United States have cast early ballots. The current U.S. presidential candidates are Democratic candidate and current Vice President Kamala Harris and Republican candidate and former President Donald Trump. The US media generally believes that the 2024 election is the most closely contested presidential election in the United States in recent years.

2. Japan's Extraordinary Diet Session has set a schedule to elect a new Prime Minister

Japan's Kyodo News Agency reported that on the morning of the 5th local time, Japan's Chief Cabinet Secretary Yoshimasa Hayashi said at a consultative meeting of the ruling and opposition parties in the House of Representatives that the special parliament will start on November 11, when a number of important positions, including the new Prime Minister, will be elected. The special session of the National Assembly is expected to last four days, until November 14. According to the report, on November 11, the first day of the special parliament, the election of the prime minister will be held, and there is a high possibility that the current Prime Minister, Shigeru Ishiba, will be re-elected.

3. RBA statement: The RBA does not rule out any options

RBA Statement: The RBA does not rule out any options. Underlying inflation remains too high. Output growth was weak. Salary pressures have eased. The RBA will continue to rely on data and risk assessment. There is still a need to be vigilant to the upside risks to inflation. The Committee is strongly committed to getting the CPI back on target. The RBA rate will be sufficiently restrictive until CPI returns to target. The first priority is to keep inflation back on target. The outlook remains highly uncertain. Geopolitical uncertainty remains evident.

4. Iraqi militias say they attacked Israel's "important targets"

The Iraqi militia "Islamic Resistance Group" issued a statement on the 5th, saying that it launched three drone attacks on an "important target" in Haifa, northern Israel, on the same day. A day earlier, the Islamic Resistance Group said it had launched two drone strikes against an "important target" in northern Israel. The Israel Defense Forces said they intercepted four drones on the morning of the 4th, two of which were from Iraq.

5. US media: Regarding Israel's performance in improving the situation of humanitarian assistance in Gaza, the Biden administration gave a "fail" score

According to reports from the Associated Press, Newsweek and other US media, US State Department spokesman Matthew Miller criticized Israel for failing to meet the requirements of US Secretary of State Blinken and Secretary of Defense Austin in a letter to Israel last month to improve humanitarian aid in Gaza, and gave Israel's performance a "fail" score.

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