Market recap: Week of 2-6 Oct 2023

Rising insurance costs for EVs

The Guardian: Electric vehicle owners face soaring insurance costs as premiums for EVs surged by 72% in the past year, according to Confused.com. While car insurance prices have increased by 52.9% overall in the last 12 months, EV owners are hit harder, with claims costs 25% higher and longer repair times. These rising costs raise concerns for drivers making the switch to electric for environmental reasons.

Bank of Japan

Reuters: Bank of Japan Governor Kazuo Ueda highlights the distance to go before exiting ultra-loose monetary policy, citing potential impacts on BOJ's profits when interest rates rise. While interest rate payments to financial institutions could increase, higher-yielding bonds may boost interest income. However, the full extent of these effects remains uncertain. Rising interest rates and their impact on central bank profits are exemplified by the U.S. Fed's recent losses, surpassing $100 billion in September 2023. The primary goal of monetary policy, price stability, remains a priority for central banks despite financial considerations.

美國汽車銷售成長14.1%，2023年報告銷售約260萬輛，這是自2019年以來銷售的最佳年份。 利率

CNN: Fed's Mester suggests possible rate hike, JPMorgan's Dimon anticipates further increases. Differing views on U.S. monetary policy: Mester hints at one more hike this year, while Dimon sees potential for a 1.5% rate rise to 7%.

Oil market

Yahoo Finance: Citi's Ed Morse: OPEC+ cuts fueled a prolonged oil bull run, but 4Q'23 may bring lower prices with more downside in 2024. Production rising outside OPEC+, including the US, Brazil, Canada, and Guyana, while Venezuelan and Iranian exports have increased.

Reserve Bank of Australia 

The Guardian: Reserve Bank of Australia (RBA) keeps cash rate steady at 4.1% for 4th month. New governor Michele Bullock warns of potential future rate hikes. Focus on global economy, household spending, inflation, and labour market. Household consumption outlook uncertain due to financial squeeze and housing price dynamics.

Treasury yield

Barron’s: Stocks plunge as Dow Jones Industrial Average erases year's gains, 10-year treasury yield hits 2007 high major indexes tumble amid Federal Reserve interest rate concerns. 10-year yield at 4.801%, highest since 2007. Strong job openings data contributes to market unease. 

Apple股票

日報：Apple首席執行官蒂姆·庫克出售 511 萬股，稅後 41.5 萬美元。 Apple的股票曾在 7 月份達到 195.83 美元的高峰值，自 iPhone 15 發布以來，已下跌 13%。 董事同事奧布萊恩和亞當斯每個賣出 11 萬美元。 iOS 17.0.3 released with iPhone 15 fix.

美國汽車銷售成長14.1%，2023年報告銷售約260萬輛，這是自2019年以來銷售的最佳年份。 Government shutdown

Reuters: Fitch cautions on possible U.S. government shutdown, but no impact expected on sovereign rating. Moody's warns of credit impact; S&P Global expects economic effect.

UK Climate policy

《衛報》：瑞希·蘇納克的氣候政策變動影響了英國在全球商業中的吸引力，馬克·卡尼警告道。 推遲零碳目標和支援新油田的開採引發擔憂。 全球公司尋求綠色電力進行搬遷。 

Fed rate hikes

Bloomberg: JPMorgan's Eigen eyes possible 6% Treasury yields, maintains cash position. Anticipates Fed rate hike and potential 18-month hold for inflation control. Portfolio: 63% cash-like, 37% in short-dated, floating-rate investment-grade debt.