December 4, 2023
United States:
Morgan Stanley’s Wilson Says December to Be Rocky for Stocks
US stocks are headed for a rocky end to the year after rallying in November as bond yields fluctuate, according to Morgan Stanley’s Michael Wilson.
The strategist — who remained broadly bearish this year even as the S&P 500 gained nearly 20% — said in a note that December could bring “near term volatility in both rates and equities” before more constructive seasonal trends as well as the so-called “January effect” support stocks next month.
Europe:
BOE Official Urges UK to Seek Services and EU Trade Boost
Bank of England policy maker Swati Dhingra said the UK can “punch above its weight” as an economy by tweaking trade policies and regulations, particularly with the European Union.
The economist who is an expert in trade said Britain needs to harness its dominance in services exports and consider “very ambitious” measures to boost ties with the EU, including extending the Northern Ireland protocol to the rest of the UK.
Asia:
China Youths Swap City Dreams for Country Living as Jobs Crisis Mounts
Gong Chengqiang used to make 200,000 yuan ($28,000) a year in Hangzhou in a tech company before it shuttered during Covid. He now grows strawberries in rural Zhejiang province, and is expecting to lose at least the same amount after 40% of his harvest was destroyed by disease.
The 30-year-old decided to move to the countryside after an attempt at finance blogging failed, and he developed an interest in fruit. Fellow bloggers pledged angel investment for Gong, who aspires to change the taste, quality and price of 20 different types of fruit. Gong is committed to seeing the idea through, but struggles with feelings of isolation, especially as his parents are disappointed with his decision.
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