01 // US September CPI Exceeds Expectations, Unemployment Benefit Claims Hit 14-Month High

A recent report released by the US Department of Labor indicates that the country's Consumer Price Index (CPI) for September rose faster than anticipated, while the number of unemployment benefit claimants saw an unexpected increase.

The data reveals that the US CPI grew by 0.2% month-on-month in September, and by 2.4% year-on-year before seasonal adjustment. For the same month, after excluding the more volatile food and energy prices, the core CPI increased by 0.3% month-on-month and by 3.3% year-on-year before seasonal adjustment. Both figures were 0.1 percentage points higher than market expectations.

On the 10th, there was an unexpected rise in the number of first-time unemployment benefit claimants in the US. As of the week ending October 5th, the seasonally adjusted number reached 258,000, the highest level since August 5, 2023. Reports suggest that this indicates the labor market may still be weak despite a significant increase in non-farm employment in September. However, the surge in unemployment benefit claims could be influenced by Hurricane "Helen" and the strike at Boeing.

02 // Bank of Korea Cuts Interest Rate by 25 Basis Points from 3.5% to 3.25%

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On October 11th, local time, the Bank of Korea lowered its benchmark interest rate by 0.25 percentage points, from 3.5% to 3.25%, in line with market expectations. This marks the first time in 38 months that the Korean central bank has eased its monetary policy.

Previously released data showed that South Korea's GDP shrank in the second quarter, private consumption is declining, and the overall inflation rate in September was below the central bank's 2% target.

Analysts have stated that the Bank of Korea will slow the pace of further reducing borrowing costs, as curbing real estate prices and increasing household debt remain significant considerations.

03 // WTO: Global Merchandise Trade to Grow by 2.7% in 2024

The World Trade Organization recently published a report, forecasting that the volume of global merchandise trade will grow by 2.7% in 2024, slightly higher than the previously predicted 2.6%.The report suggests that by mid-2024, the global inflation levels have decreased sufficiently to allow central banks to lower interest rates. Lower inflation would increase household real income and stimulate consumer spending, while lower interest rates would boost corporate investment expenditure.

The report forecasts that in 2024, the export volume in the European region will decrease by 1.4%, and the import volume will decrease by 2.3%. European exports are being dragged down by the automotive and chemical industries in the region. Additionally, the export volume in the Asian region is expected to grow by 7.4%, far exceeding other regions, with a strong rebound in exports in the first half of the year driven by economies such as China.

04 // Documentary Unveils the True Identity of "Bitcoin's Father," Which the Subject Denies

The American HBO television network recently released the documentary "Cryptocurrency: The Mystery of Bitcoin," in which producer Karen Hobeck points to Canadian cryptocurrency expert Peter Todd as the true identity of Bitcoin's founder, "Satoshi Nakamoto."

Speculations about whether "Satoshi Nakamoto" is an individual or a group are varied. The BBC reports that "Satoshi Nakamoto" still holds 5% of the world's Bitcoin (approximately 1.1 million coins), which are now worth about $69 billion, enough to make him one of the top 20 richest people in the world.

In response, Todd stated in an interview that he is not "Satoshi Nakamoto." He also emphasized concerns about personal safety during the interview. He said that being wrongly identified as possessing a huge fortune would pose risks to him.

05 // TD Bank Agrees to Pay Over $3 Billion in Fines to Settle with the United States

Canada's second-largest bank, TD Bank, has recently agreed to pay more than $3 billion in fines to settle allegations by U.S. regulators and prosecutors that it failed to properly monitor money laundering activities by criminal groups.

As part of the settlement agreement, the U.S. Office of the Comptroller of the Currency (OCC) also set an asset cap, prohibiting TD Bank's retail business from exceeding its current asset size in the United States.

According to the statement, TD Bank failed to properly supervise customer funds totaling $183 trillion over the past six years, allowing three money laundering networks to process $670 million through the bank. At least five bank employees were involved in the case.06 // Fitch: Hurricane "Milton" May Cause Up to $50 Billion in Insurance Losses

A recent report released by Fitch indicates that Hurricane "Milton" may result in insurance losses of up to $50 billion for property owners in Florida, United States.

As of local time October 10th, Hurricane "Milton" has already caused at least 16 deaths in Florida. Over 2.79 million users in the state have experienced power outages. Analysts say that the hurricane will lead to the total insurance losses of the state's insurance companies exceeding $100 billion for the fifth consecutive year.

Fitch stated that "Milton" is unlikely to affect the credit of well-capitalized large property and casualty insurance companies and global reinsurance companies.