There are several macro data points worth our attention today!
1. China's M1 growth rate in October rebounded from -7.4% in September to -6.1%, marking the first rebound this year!
In October, M2 increased by 7.5% year-on-year, with an estimate of 6.9%. New social financing increased by 1.4 trillion yuan in October, in line with expectations.
Another is the change in the market's deposit structure: in October, both residents and enterprises directed their deposits to non-bank institutions, with bank deposits from residents decreasing by 570 billion yuan and corporate deposits decreasing by 730 billion yuan. Buying a house? Speculating in stocks? Building factories? Speculating in cryptocurrencies? But a part of this must be the bullets from this Web3 big rebound!
The M1 economic data has rebounded year-on-year to -6.1%, showing a clear turning point. This signal is very informative, indicating that the stimulus plan is effective. Will this reduce the scale of monetary easing? This might explain why on the 8th, only a 6 trillion yuan debt relief plan was introduced, without the 4 trillion yuan consumption and real estate stimulus.
2. The yield on 10-year U.S. Treasuries soared to 4.39%, and the dollar index surged to 106. It still exists in a very exaggerated state.
There are three events in the coming days:
- On Wednesday, the U.S. October CPI inflation data will be released.
- On Thursday, the U.S. October PPI inflation data will be released.
- On Thursday, Federal Reserve Chairman Powell's speech will be released.
So is the market pricing in the CPI inflation expectations in advance? From the current market trends, tomorrow's inflation data is very likely to be pessimistic!
Here's a reminder!!
