The key takeaways from Samsung’s third-quarter earnings and briefing for analysts.

BOJ Keeps 1% Ceiling for Longer Yields.

Powell Hints Fed Is Done With Hikes in Pivot Cheered by Markets.

The happy warrior

Fed Chair Powell sounded quite pleased with the effort to bring down inflation, where he saw “pretty significant progress.” Inflation expectations “are in a good place,” which is “critical to winning the battle.” Wage inflation has “come down significantly,” and he added: “I feel good about that”.

While hikes remain on the table, the message is gradually changing as risks are becoming “more two-sided”.

In any event, we continue to see the Fed on hold at the next meeting and on through the first half of next year.

- J.P.Morgan

US equity futures pointed to an extension of Wednesday’s gains on Wall Street as Asian stocks headed for their biggest gain in almost four months.

Apple

4Q Rev. $89.50B, Est. $89.35B
Apple 4Q iPhone Revenue $43.81B, Est. $43.73B
Apple 4Q Greater China Rev. $15.08B, Est. $17.01B

MASSIVE miss in China on Apple, coming in at about $2 billion less than Wall Street had expected.

Another HUGE miss on Mac, coming in at about $1 billion below expectations. It’s no wonder Apple pulled every lever it could to get the M3 MacBook Pro and iMac out the door during the holiday quarter.

Apple Inc. sales declined for a fourth straight quarter, marking the longest slowdown since 2001, as the company struggles with sluggish demand and a shaky smartphone market in China. 

Key.

• Revenue declined for a fourth quarter to $89.5 billion
• The company’s iPhone revenue topped estimates at $43.8 billion
• Services sales gained 16% to $22.3 billion
• Apple’s business in China fell short of estimates

Here’s the guidance:

• December quarter revenue to be about the same as last year.
• iPhone revenue to grow year-over-year.
• iPad and wearables to drop significantly due to weaker Watch and AirPods updates.
• Mac sales to accelerate.

US job growth moderated in October by more than expected and the unemployment rate rose to an almost two-year high, marking

a step down from the heated hiring pace

this summer.

Bottom-line: 고용에 대한 경제 지표가 발표 된 뒤, 미국 30년 만기 국채 수익률의 3일 변동이 2020년 바이러스 대확산 이후 가장 큰 폭으로 하락함. 또한 이 지표 발표 전 내년 7월 첫 금리인하를 책정했던 금리선물시장은 현재, 내년 6월에 중앙은행이 첫 금리인하를 시행할 것으로 앞당겨 반영하고 있음.

Treasuries rallied, with 30-year yields heading for their biggest three-day decline since the onset of the pandemic in 2020, as signs of softening US labor data fueled speculation that the Federal Reserve is done hiking interest rates. Interest-rate derivatives show traders see only a 25% chance of another Fed rate hike by January, and

have fully priced in a cut by June

. Before the job report, traders had expected the first interest-rate cut in July.

South Korea will prohibit stock short-selling from Monday until June 2024 to allow regulators to “actively” improve rules and systems, the Financial Services Commission said Sunday. 

자유경제의 자본시장에서 이뤄지는 다양한 정책들을 볼 때, 과거에 나는 무지의 극단을 달리는 사람들이 사회 지도 계층에 있다는 생각에 개탄을 금치 못했었다.

그러나 사법고시, 행정고시를 돌파하고 과거 어려운 시절에 그 모든 수를 동원해 그곳에 올라간 이들이 대중들보다 무지몽매할 것이라 생각치 않는다.

수요가 없는 공급은 없다는 말처럼, 결국 자본시장에 펼쳐지는 다양한 정책들은 그들의 자리를 지키는데 필요한 대중들을 향한다.

그러므로, 이제는 과거와 생각을 달리한다. 사회 지도 계층이 무지몽매한 것이 아니라, 대중들이 아직도 이런 정책들에 투표권을 기울인 다는 것이다.

또한, 이런 것을 스스로 계몽하고 열렬히 전사할 이유도 하등 없다.

그저 그 진실을 알고, 때로는 대중의 환호 속에 동참하여 이득을 취하고, 그 후 안개가 걷힐 때 즈음엔 진실의 길 속에서 이득을 취하면 되기 떄문이다.

Bottom-line: 금융위기나 외부충격 없이 이뤄진 공매도 제한으로 인해 한국은 MSCI 선진시장 편입으로부터 멀어졌으며, 외국인 투자자들의 자금도 떠나게 될 것으로 보임.

South Korea’s move to ban stock short-selling even without a financial crisis or external shock will

undermine its bid to seek developed market status from MSCI Inc.

, and make investors pare positions, according to money managers and strategists.

Stocks Gain for Seventh Straight Day.

A rally in big tech set stocks on their longest winning run in two years, traders dismissing hawkish comments from Federal Reserve officials.