Burned Shorts, COP Win and Cybertrucks: Saturday Asia Briefing
(Bloomberg) -- It’s been a week of extremes. Here are some of the gyrations.
In what’s predicted to be the hottest year on record, in one of the hottest countries, COP28 is in full swing, scoring an early win for a loss-and-damage fund to compensate poorer nations. Tougher goals lie ahead in gas-rich UAE — to speed up the phasing out of fossils fuels and to find a way to make a just transition.
Timed with the meeting. a UN report showed that 1.84 billion people are currently drought stricken.
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In Asia, the MSCI China stocks index is now trading at 9.3 times its 12-month forward earnings, less than half the level for the MSCI India Index that hit a record this week, so the question is: Is it time to switch back to China?
Easy come, easy go. Short sellers who made a pile when the S&P slid earlier this year face an $80 billion bill for November’s surprise rally.
Less than five years after US sanctions nearly crippled Huawei, the Chinese company has become Beijing’s key weapon in the global chip battle and a Bloomberg investigation discovered that it’s backing dozens of startups using funds from a Shenzhen government fund.
The recent tribulations of crypto exchanges has benefitted one corner of the digital currency market: companies that allow you to look after your own tokens. Here’s how a leading self-custody firm plans to attract wallets in Asia and the Middle East.
Another Elon Musk venture is also in action this weekend. South Korea launched its first spy satellite on a SpaceX rocket in the US. North Korea’s Kim Jong Un put his first spy satellite up last month.
If you want an idea of what the financial markets might look like when the bots take over, have a look at the rollercoaster oil market.
Why do some wealthy South Koreans choose to live in shabby old high-rise apartment blocks? Samsung, Hyundai and some of the nation’s biggest conglomerates hold the answer.
A California startup that has created a low-cost, autonomous drone killer is one of a new breed of American defense contractor.
Also, the heir to a Texas wildcatter oil fortune is making progress to bring back the wooly mammoth and the dodo.
Have a reviving weekend.
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Author: Adam Majendie
