Bond

Elon Musk, CEO of Tesla and SpaceX, has expressed growing concern about the future of the U.S. dollar, citing the escalating national debt as a potential catalyst for an impending economic crisis. In a recent exchange on X, formerly Twitter, Musk responded to a user's question about the U.S. dollar's stability by stating, "We need to do something about our national debt or the dollar will be worth nothing."

The Chinese Communist Party's central committee will hold a key meeting in July, focusing on reforms amidst domestic challenges and international complexities. This third plenum since the 2022 leadership election will see the 205-member committee, led by President Xi Jinping, discuss further deepening reforms and promoting China's modernization.

A recent report by Japan's labor ministry reveals a decline in the ratio of job offers to seekers for the first time in three years during fiscal 2023. This shift is attributed to a combination of factors, including the increasing adoption of labor-saving technologies by companies and a cooling of post-pandemic hiring demands.

Asian markets were mostly closed for a holiday on Wednesday, with the exception of Japan's Nikkei 225 index, which fell 0.4%. The decline in Asian markets followed a negative trend in US stocks, where the S&P 500 and the Dow Jones Industrial Average both closed out their worst month since September.

Job vacancies have plummeted by over 17% year-on-year, leading to a cooling labour market and fueling optimism for potential interest rate cuts in the coming months. Despite rising earnings, the Bank of England's Monetary Policy Committee is expected to maintain the base rate at 5.25% in its upcoming decision on May 9th.