In today’s briefing:
- The Week At A Glance: No one trusts the July job report, but should they?
- CX Daily: China Formally Enlists ‘Miracle’ Drug in Fight Against Ballooning Obesity Rate
- EU Politics: A Tale Of Three Cities
- Technically Speaking, Breakouts and Breakdowns: HONG KONG (SEPTEMBER 3)
The Week At A Glance: No one trusts the July job report, but should they?
- Happy Labor Day! In this article, we are going to look into a feisty week of economic releases from the US economy given the backdrop of our nowcasting slowing considerably into September again.
- Our congestion based data has remained at muted growth levels, while the taxation data is starting to re-weaken, which is interesting into an otherwise strong tax season in September.
- Chart of the week: The Macro Environment is weakening in the US. Looking at the week ahead, we are on growth, liquidity, and inflation watch, especially focusing on the US.
CX Daily: China Formally Enlists ‘Miracle’ Drug in Fight Against Ballooning Obesity Rate
- Drugs / Cover Story: China formally enlists ‘miracle’ drug in fight against ballooning obesity rate Fang Xia, a 24-year-old woman, has faced a lifelong struggle with obesity, a condition that has plagued her both physically and psychologically.
- But like millions of others around the world, her life was turned around after taking semaglutide, a glucagon-like peptide-1 (GLP-1) analog that mimics a hormone that triggers a sense of fullness and helps overweight people shed the pounds.
- She was among the first batch of patients in China to be given the drug, originally prescribed to treat diabetes but repurposed “off label” to help people lose weight, and after 10 months, Fang lost over 50 pounds.
EU Politics: A Tale Of Three Cities
- There is a potential for unstable governance in the short to medium term in both Berlin and Paris.
- Investors should be particularly cautious due to this instability.
- The incoming College of European Commissioners may be significantly weaker than the previous one, increasing investor concerns.
Technically Speaking, Breakouts and Breakdowns: HONG KONG (SEPTEMBER 3)
- Hong Kong market quietly broke its downward trend channel last week, however the HSI met strong resistance at 18200 (100 Week Moving Average).
- PICC Property & Casualty H (2328 HK) and China Petroleum & Chemical (386 HK) broke to new highs relative to MSCI indices. Sinopec may benefit from stronger RMB in 2H24.
- Shenzhou Intl Group Holdings (2313 HK) had a short-term turnaround from its downtrend. The company reported growth in sales and better margins in 2Q24.
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