Meme Traders, Evergrande in Court, COP Cut: Sunday Asia Briefing
(Bloomberg) -- With COP28 in full swing, Bitcoin poised to regain $40,000, Evergrande back in court and India tallying up the results of its recent state elections, there’s a lot to look forward to in Asia as we enter the final month of the year.
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The big heat. Exxon Mobil and Saudi Arabia’s Aramco led a pledge by 50 oil companies at COP28 to cut emissions from their operations and stem releases of methane, but didn’t offer to reduce oil and gas production.
The last chance. Two years after Evergrande’s default marked a key moment in China’s property crisis, the world’s most indebted developer may have one last chance tomorrow to avoid liquidation.
The big vote. In a test of next year’s national election, five Indian states count regional votes today, including Madhya Pradesh, Rajasthan and Chhattisgarh in the Hindi heartland that is a bastion of support for Prime Minister Narendra Modi.
The big rally. Retail traders who created meme-stock mania with big bets on speculative companies like GameStop are joining the S&P 500 rally, buying into market favorites like Amazon and Nvidia to supplement their riskier punts on profitless tech firms and crypto.
The big reaction. Almost every nuclear power plant in the world can trace its lineage back to a sprawling complex in the Idaho desert where scientists first made electricity from fission back in 1951. Now, a new wave of physicists is headed to the “Disneyland for nuclear energy” to test the next generation of reactors.
The big data. Rate decisions in Australia and India are the big calls this week, with both expected to hold. China trade data may look deceptively optimistic due to base-line distortion. Elsewhere, there are inflation indications from South Korea, Tokyo, the Philippines and Thailand. And then there’s the all-important US jobs report.
The big sticker. Australia’s supermarket chains including Coles and Woolworths will be forced to answer an inquiry by the nation’s senate regarding their profits, as the rising cost of living becomes a political issue.
And finally, after the hint, the date, and the tease, Rockstar Games will finally reveal the trailer on Dec. 5 to what may be the biggest game release in a decade — Grand Theft Auto VI. For the actual game of course, you’ll need to wait several more months.
Have an enthusiastic week.
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