In a stunning turn of events, Kevin McCarthy has been stripped of his speakership in the House of Representatives [fb8bbbb8]. This internal dispute among Republican colleagues has led to McCarthy's removal from the position of House Speaker, leaving a vacancy that will be filled by a new vote next week [bc598aee] [fb8bbbb8].
Meanwhile, in a separate political development, Catholic leaders have gathered at the Vatican to discuss the future of the church [fb8bbbb8]. This meeting holds significant importance as it addresses various issues and challenges faced by the Catholic Church in the modern world.
China is currently in the midst of an eight-day nationwide holiday known as the Mid-Autumn Festival or Moon Festival [f3586fa0]. This festival, which celebrates the harvest season and family reunion, also provides clues about the state of the country's economy [f3586fa0].
China's government is hoping that the festival will give a big boost to the economy [f3586fa0]. Analysts often look to this festival as an indicator of consumer spending and economic activity in China [f3586fa0].
In the realm of global economics, China's autumn festival has provided clues about the country's economy [fb8bbbb8] [f3586fa0]. This festival, also known as the Mid-Autumn Festival or Moon Festival, is a traditional Chinese holiday that celebrates the harvest season and family reunion. Analysts often look to this festival as an indicator of consumer spending and economic activity in China.
Amidst these political and economic developments, the financial markets have reacted. U.S. stock futures have edged lower, and Treasury yields have climbed [bc598aee]. The recent spike in U.S. Treasury yields has also affected global bond markets, with Germany and Japan experiencing increases in government debt yields. Currencies have also been impacted, with the U.S. dollar rising and the euro and sterling weakening [bc598aee].
Traders are also closely monitoring the OPEC+ meeting, where Saudi Arabia and Russia have decided to extend output reductions [bc598aee]. Additionally, economists are expecting the ADP National Employment report to show a decline in private payrolls, indicating a potential weakening job market [bc598aee].
Stay tuned as these political and economic developments continue to unfold, shaping the future of various sectors and influencing global markets [fb8bbbb8].
China is in the middle of an eight-day nationwide holiday to celebrate the Mid-Autumn Festival and National Day. The government is hoping it will give a big boost to the economy [48dbec77]. Analysts often look to this festival as an indicator of consumer spending and economic activity in China [48dbec77].
Thousands of people in Shanghai dressed up in Halloween costumes that offered scathing social commentary on the state of China's economy [5afb7a92]. Videos of a man dressed as the Shanghai Composite Index, holding leeks, went viral on social media. The Chinese economy has been facing challenges such as a property market crisis, local government debt stress, US-China tension, and subdued global demand. Foreign fund outflows have hit a record high, and overnight borrowing costs for Chinese banks briefly reached a record high of 50%. President Xi Jinping hosted a financial policy meeting to address these challenges and urged the Communist Party to tighten oversight of financial institutions. China's spy agency has also pledged to protect economic stability and crack down on those spreading negative views about the Chinese economy [5afb7a92].
One year after protesting against the zero-Covid policy and President Xi Jinping, young people in Shanghai are frustrated and eager to have fun. Halloween celebrations and contemporary art fairs have attracted large crowds, despite unprecedented artistic censorship. The Halloween festivities brought together thousands of young people in a lighthearted atmosphere, with some speculating it was a disguised protest against the government. Two contemporary art fairs, Westbund Art & Design and Art021, also saw a significant turnout of young Shanghai residents. However, the artworks exhibited did not address sensitive topics such as war, politics, gender, or the zero-Covid policy due to strict censorship. The article highlights the frustration of young artists who were previously forced to depict Covid workers as heroes but are now unable to exhibit their works. Overall, the article portrays the desire of Shanghai's youth to have fun and express themselves despite the restrictions imposed by the government.
Chinese authorities have detained and investigated several individuals for their political expression through Halloween costumes at a parade in Shanghai. The crackdown comes after state media initially praised the costumes, which included references to the government and the struggling economy. Social media sites like Xiaohongshu and Douyin were reportedly ordered to remove Halloween-related content that violated socialist values. Some costumes also made thinly veiled references to China's COVID restrictions and political protests. The crackdown on subversive cosplay reflects the government's ongoing efforts to control political expression and maintain social stability. [ea78a21a]
