China's economic figures surprise.

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. China's economic bounce surprises all! In the face of an impending property downturn, the Chinese economy displayed unexpected resilience last quarter. The GDP surged by 4.9% year-on-year for the quarter ending in September, driven significantly by a marked increase in retail sales—the highest since May—and buoyed by effective government stimulus measures. As consumers ramped up spending on a wide array of goods, from dining to vehicles, the unemployment rate experienced a drop, reaching its lowest in almost two years. Yet, while certain sectors like industrial output exceeded expectations, others such as fixed-asset investment and property investment didn't fare as well.

2. The FBI has warned of a rising tide of "phantom hacker" scams, a sophisticated evolution of tech support cybercrimes that predominantly target senior citizens. In this scam, perpetrators pretend to be computer technicians from renowned companies, alarm victims about computer threats like viruses, and feign risks to their financial accounts from overseas hackers. Accomplices then masquerade as bank or government officials, manipulating victims to transfer their funds to “secure” accounts, which are, in fact, controlled by the scammers. From January to June 2023, over 19,000 victims reported tech-support scams to the FBI, with losses surpassing $542 million. In 2022, the losses amounted to $807 million. The FBI advises the public to be wary of unsolicited pop-ups, links, and messages, avoid downloading software on strangers' recommendations, not allow unknown individuals access to their computers, and never transfer money based on the directives of unfamiliar contacts.

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4. Headlines

   1. Morgan Stanley has beat its earnings expectations.

   2. Google has cut at least 40 jobs in its news division.

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