Ransomware attack on China’s biggest bank may have hit US Treasury market

Some Americans are spending as if they are in a recession, despite optimism in the US economy. Discount retailers have been warning about reduced spending due to economic uncertainty. Even high-income shoppers are trading down for certain items and reallocating their budgets to prioritize travel. The "revenge travel" trend is slowing down, and as a result, consumers are cutting back on other areas of spending. This decline in spending is evident in recent economic data, with US retail sales falling for the first time in seven months in October. Discount retailers like Dollar Tree and Dollar General are also feeling the impact of frugal shopping habits, with lower-income consumers reducing their spending. Walmart has benefited from increased spending on food and essentials, but warns that consumer spending may weaken after the holiday season. Meanwhile, Elon Musk is calling for the firing of Disney CEO Bob Iger after Disney pulled ads from Musk's social media platform. On a more positive note, the US economy has outperformed other wealthy nations in its recovery from the pandemic, with GDP growth of 5.2% in the third quarter, surpassing China.

China has pledged to strengthen its fiscal policy in 2024 in order to boost its struggling economy. This announcement came after a meeting of top Communist party officials and following Moody's downgrade of China's credit rating. The officials at the meeting, led by Xi Jinping, expressed the need to expand domestic demand and stabilize foreign trade and investment. They emphasized the importance of implementing proactive fiscal policy and prudent monetary policy, as well as preventing risks in key areas. The meeting was held at a critical time for China, as the country is facing deepening troubles due to a property market downturn and issues in the shadow banking system. Moody's predicts a slowdown in China's economic growth rate in the coming years. Despite these challenges, China is expecting growth of around 5% this year, compared to an average of 7.7% before the pandemic.

XpressGoods has issued a recall for Colorful Metal Neodymium Magic Magnetic Balls due to non-compliance with federal toy regulations. The US Consumer Product Safety Commission (CPSC) has warned about the dangers of swallowing small magnets, which have been linked to seven deaths. The CPSC has not provided an exact number of affected units as most companies have not agreed to recall their products. However, if voluntary recalls are not implemented, the CPSC may pursue legal action or initiate a mandatory recall process. The magnets in question are small enough to fit in a child's throat and are stronger than permitted. Swallowing these magnets can lead to serious health complications and even death. The CPSC estimates that there have been 2,500 emergency room visits related to magnet ingestions between 2017 and 2021, with two deaths occurring outside the United States. XpressGoods has recalled approximately 728 units of their colorful metal magnetic balls and advises consumers to stop using them immediately. The CPSC has also issued warnings for six other high-powered magnet sets, four of which are sold exclusively on the Temu marketplace. The CPSC has contacted the manufacturers of these products, but most have not agreed to recall or offer remedies to customers. Additionally, a magnetic ball set sold on the South Korean site myKmarket.com has been issued a warning. Many of these magnets are colorful and come in a clear plastic case. SplishSplash Balls reusable water balloons also contain powerful magnets, which are used to seal the water inside the balloon.

Elon Musk is calling for the dismissal of Bob Iger, the CEO of Disney. Musk criticized Iger for the decision to remove advertisements from his social media platform, calling for Iger to be fired immediately. Disney stopped advertising on Musk's platform after he endorsed an anti-Semitic conspiracy theory. Musk has faced backlash for promoting hate speech and conspiracy theories on his platform, leading to a decline in major advertising partners and financial struggles for his company. Despite this, Musk has shifted blame onto the advertisers rather than taking personal responsibility.