Succinct Summation of the Week's Events

Succinct summation of the Week’s Events:

Positives,

1)From Delta: The 4.1% y/o/y sales gain reflected “the strength of our diverse, high margin revenue streams and improving Domestic fundamentals. Over the last 6 weeks, sales trends have accelerated across all geographies and in every advance purchase window, positioning Delta to finish the year with momentum.” Also, “Domestic passenger revenue grew 5% y/o/y, supported by an acceleration in corporate sales, continue strength in premium cabins and an inflection in main cabin unit revenue growth.”

2)From Levi Strauss: “our consumer continues to be resilient and we’re seeing that around the globe...And we saw broad based strength across geographies, across categories, that’s both men’s and women’s, tops and bottoms, and both DTC and wholesale. So, consumers are responding, our strategies are working.”

3)While she still needs to put together a coalition, and she is having some early trouble, congrats to Sanae Takaichi on the possibility of being the first woman PM in Japan.

4)Vietnam’s economy grew by 8.2% y/o/y in Q3 in spite of the US tariffs slapped on them with exports rising by 25%. That exceeded the estimate of 7.2%. Tourism, consumer spending and manufacturing also helped to lift economic activity. Congrats also to Vietnam for achieving emerging market status from frontier from FTSE Russell.

5)The Reserve Bank of New Zealand surprised the market with a bigger than expected drop in rates by 50 bps to 2.5% where 25 bps was priced in. On the other hand, the Bank of Thailand held its benchmark rate unchanged at 1.5% vs the consensus guess of a 25 bp cut.

6)The BoJ got another reason to hike rates as base pay rose 2.1% y/o/y in August, matching the highest since December and not far from levels last seen in the early 1990’s.