【Quick Facts】
1. The United States restricts Nvidia and AMD from exporting high-performance GPUs to China
2. Gorbachev: Of course I am a product of the system
3. South Korea’s trade deficit exploded, and semiconductor exports fell for the first time in two years
4. U.S. jobs data could push Fed toward third big rate hike
【Details of important news】
U.S. restricts Nvidia, AMD from exporting high-performance GPUs to China
The United States restricts exports of high-performance data center GPUs (graphics processing units) to China. On August 31, U.S. local time, GPU giant Nvidia (NASDAQ: NVDA) disclosed in a regulatory filing to the U.S. Securities and Exchange Commission that the U.S. government has introduced a new export license control that will affect Nvidia’s sales to China and China. Russia exports two high-performance GPU products.
On September 1, Foreign Ministry spokesman Wang Wenbin responded to this, saying that the US’s approach is typical of technological hegemony. National development, this move violates the rules of the market economy and undermines the international economic and trade order. China firmly opposes this. The spokesperson of the Ministry of Commerce, Shu Jueting, responded that the relevant actions of the US side deviated from the principle of fair competition and violated international economic and trade rules, which not only harmed the legitimate rights and interests of Chinese companies, but also seriously affected the interests of US companies and hindered international scientific and technological exchanges and economic and trade cooperation. The stability of the global industrial chain and supply chain and the recovery of the world economy have caused an impact. The U.S. side should immediately stop its wrongdoing, treat companies from all over the world including Chinese companies fairly, and do more things that are conducive to the stability of the world economy.
Gorbachev: Of course I am a product of the system
Mikhail Gorbachev, the last leader of the Soviet Union, died in Moscow on the evening of August 30 at the age of 91. According to Russia’s TASS news agency, Gorbachev died of “serious and long-term illness.” Earlier in July, it was reported that Gorbachev was admitted to the hospital for dialysis treatment due to diabetes and kidney problems.
Gorbachev was the last leader of the Soviet Union and one of the most controversial figures in Russian and Soviet history. After taking office as general secretary of the CPSU Central Committee in 1985, Gorbachev immediately launched a comprehensive reform with the key words of “openness” and “reorganization” in an attempt to save the Soviet economy, which was in serious difficulties at the time. He partially released years of severe information censorship in the Soviet Union, improved relations between the East and the West, ended the Soviet Union’s war in Afghanistan, and became the most important supporter of nuclear arms control at the end of the Soviet Union.
South Korea’s trade deficit exploded, semiconductor exports fell for the first time in two years
Dragged down by rising commodity prices, South Korea’s trade deficit hit a record high in August, marking the fifth straight month of trade deficits, the first in nearly 14 years. At the same time, affected by the slowdown in the growth of major trading countries such as China and the United States, South Korea’s exports have slowed down, causing its economic growth to decline.
On September 1, South Korea’s customs data showed that the country’s exports in August reached US$56.67 billion, a year-on-year increase of 6.6%; imports increased more significantly, with an increase of 28.2%, and the month’s imports recorded US$66.15 billion; the trade deficit was Expanded to $9.47 billion.
Shrinking exports are weighing on South Korea’s economic growth. On September 1, the revised data released by the Bank of Korea showed that the country’s GDP growth rate was 0.7% in the second quarter, a slight increase from 0.6% in the first quarter, but lower than the 1.3% in the fourth quarter of 2021, and the year-on-year growth rate was 2.9%. %. In terms of expenditure, private consumption rose 2.3% month-on-month, gross fixed capital formation rose 0.3% month-on-month, while exports fell 3.1% month-on-month.
U.S. jobs data could push Fed toward third big rate hike
The much-anticipated U.S. jobs report is likely to tip the Federal Reserve toward a third big rate hike in late September, after a flurry of data pointed to a resilient consumer and high labor demand.
The Sept. 2 jobs report is one of the last data Fed officials will get ahead of their mid-September policy meeting. The data will help Fed officials decipher complex economic and inflation puzzles.
Forecasts show U.S. nonfarm payrolls will record a solid, modest increase in August, rising by 298,000, with the unemployment rate holding steady at 3.5%, in line with the lowest level in 50 years. Wages are also expected to rise steadily amid a persistent mismatch between labor supply and demand.
Those figures, combined with a record July jobs data, improving consumer confidence and an unexpected rise in job openings, could be enough to push the Fed to raise interest rates by 75 basis points to stem a spike in inflation.
“In the context of all this data, this report becomes very important,” said Anna Wong, chief U.S. economist at Bloomberg Economics. The data is very resilient to the trend that other data shows – the economy is “stamped to confirm”.
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14:00 German trade account (not seasonally adjusted) (July)
17:00 Euro zone PPI monthly rate (July)
— Euro area PPI annual rate (July)
20:30 US Unemployment Rate (Seasonally Adjusted) (August)
— US non-farm payrolls (seasonally adjusted) (August)
— U.S. U6 unemployment rate (seasonally adjusted) (August)
— U.S. employment participation rate (seasonally adjusted) (August)
— U.S. weekly average working hours (seasonally adjusted) (August)
22:00 Monthly rate of US factory orders (July)
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