12.1.23: Q3 GDP Revised To 2-Year High

For Public Readers: Weekly Key U.S. and China brief market notes by Larry Cheung's Analyst Staff Team for our Public Email List

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Dec 01, 2023

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In our emails, we will provide the following coverage points:

Brief Overview of U.S. & China Markets
Macro Chart in Focus
U.S. & China Upcoming Economic Calendar
Chart That Caught Our Eye

U.S and China Markets Brief Snapshot 🇺🇸 🇨🇳

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S&P 500 Index: 4567.80

KWEB (Chinese Internet) ETF: $28.06

Analyst Team Note:
Recent gains for major internet and technology stocks has led to a decline in volatility associated with the Nasdaq 100.
The CBOE NDX Volatility Index has dropped 36% from an October peak, and it recently closed at its lowest since January 2020.
The gauge is well below its five-year average level.
The tech-heavy benchmark is up 46% in 2023.

Macro Chart In Focus

Analyst Team Note:
Air travel has significantly rebounded, with TSA throughput finally matching and then surpassing 2019 levels since early this year and especially from September onwards.
The number of travelers reached a record high of 2.91 million on November 26.
TSA throughput is considered a reliable indicator of consumer behavior due to its inflation-adjusted nature, its representation of discretionary spending, and its link to other sectors like hospitality and entertainment.
However, it remains unclear how this surge in service spending will impact holiday goods spending, with further insights expected from the analysis of Black Friday and Cyber Monday data.

Upcoming Economic Calendar

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U.S Economic Calendar (Upcoming Data Points)

China Economic Calendar (Upcoming Data Points)

Analyst Team Note:
The U.S. economy experienced stronger growth in the third quarter than initially estimated, expanding at a revised 5.2% annual rate, the quickest in nearly two years, primarily driven by increased business investment and government spending.
While consumer spending grew at a slightly slower rate of 3.6%, it remained robust, supported by a strong job market and increased travel and event activities.
The period also saw substantial revisions in nonresidential and residential investments, alongside a downward adjustment in the Federal Reserve's preferred inflation measure.
Corporate profits, especially in non-financial sectors, saw significant gains, contributing to the overall economic growth.