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Bloomberg Daybreak: Europe Edition
China's 'Unconvincing' Finance Briefing, Starmer's Investor Pitch & TSMC's European Expansion
Oct 14, 2024
China's recent finance briefing left investors disappointed, hinting at a prolonged market volatility. Meanwhile, UK Prime Minister Keir Starmer is working hard to attract international investment by promising to lift growth-restrictive regulations. In tech news, TSMC is expanding its operations in Europe to meet the growing demand for AI chips. On a more concerning note, Europe's labor market shows signs of strain, possibly prompting the ECB to act more decisively on interest rates.
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Quick takeaways
- China's recent finance ministry briefing failed to meet investor expectations, highlighting ongoing economic challenges amidst deflationary pressures.
- UK Prime Minister Keir Starmer's plans to eliminate investment barriers aim to secure over £50 billion in commitments, despite regulatory uncertainties.
Deep dives
China's Economic Projections and Challenges
China's recent finance ministry briefing fell short of investors' expectations, failing to announce a substantial fiscal stimulus that was anticipated. While officials promised more support for the struggling property sector and local governments, no concrete spending figures were provided, leading to concerns about the lack of significant economic stimulus. Goldman's assessment upgraded China's GDP growth forecast slightly, while still highlighting that structural issues within the economy persist, particularly concerning consumption and deflation. Current deflationary pressures and unfulfilled expectations for consumer-focused support measures underscore the ongoing challenges facing China's economic recovery.
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