China's New Social Financing in October Reaches 1.15 Trillion Yuan, PPI Up 6.5% Year-on-Year

In October, China's new social financing amounted to 1.15 trillion yuan, with RMB loans decreasing by 100 billion yuan and M2 growing by 7.1% year-on-year. In the U.S., the PPI rose by 6.5% year-on-year in October, marking the largest increase in nearly four years. U.S. Treasury Secretary Janet Yellen stated that bond auctions were strong and demand for dollars was robust. The Federal Reserve's vice chair indicated that inflation remains too high and action is needed to bring it back to 2% in a timely manner. Chicago Fed President Goolsbee noted that inflation is widespread and moving in the wrong direction. The International Energy Agency's monthly report showed that the global oil market is shifting towards oversupply, with Gulf oil exports recovering to over 70% of pre-war levels. Middle Eastern crude has fully reclaimed the Asian market, with U.S. tanker rates to Asia dropping 61% from their peak. Nvidia's new leadership may slow down AI financing, having previously halved a $250 billion data center guarantee. Duan Yongping stated that he will not sell Nvidia at this time, and that Jensen Huang may return as a shadow CEO in the future. Microsoft experienced a global outage, with over 130,000 reports of issues with Outlook, and emergency repairs are underway. Amazon is secretly building a global product database aimed at countering AI shopping agents. U.S. stock index futures rose slightly, with Nvidia stabilizing and Brent crude rebounding above $96. The Nikkei 225 index closed down 0.5%, the Shanghai Composite Index fell 0.59%, and the Hang Seng Index dropped 1.55%.