{"id":195784,"date":"2023-09-05T10:30:00","date_gmt":"2023-09-05T14:30:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=195784"},"modified":"2023-09-05T12:13:40","modified_gmt":"2023-09-05T16:13:40","slug":"weekly-market-recap-september-4-2023","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/weekly-market-recap-september-4-2023\/","title":{"rendered":"Weekly Market Recap: September 4, 2023"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-the-week-in-review\">The week in review<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Consumer confidence fell to 106.1 in August<\/li>\n\n\n\n<li>July job openings dropped 3.7% to 8.83M<\/li>\n\n\n\n<li>PCE inflation rose 0.2% m\/m and 3.3% y\/y in July<\/li>\n\n\n\n<li>Nonfarm payrolls increased 187,000<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-week-ahead\">The week ahead<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Services ISM<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-thought-of-the-week\">Thought of the Week<\/h2>\n\n\n\n<p>Since the onset of the pandemic, \u201cnearshoring\u201d (moving offshore manufacturing closer to the U.S.) and &#8220;friendshoring&#8221; (moving offshore manufacturing to places that have strong diplomatic relations with the U.S.) have garnered more interest. Russia\u2019s war in Ukraine, tensions between the U.S. and China, new tariffs and changes in relative manufacturing wages are also responsible for building this trend. Evidence of these supply chain rearrangements is beginning to be reflected in trade flow data. Remarkably, China is no longer the U.S.\u2019s largest source of goods imports for the first time since 2008, with both Mexican and Canadian imports surpassing those from China in 1H23.<\/p>\n\n\n\n<p>Although U.S. companies are still highly dependent on Chinese manufacturing, this shift in the U.S.\u2019s trade relationships is serving to highlight other regions\u2019 advantages. Countries in Latin America and emerging Asia, such as Mexico, India, and Vietnam, are benefiting from their lower costs, integration in global supply chains and friendly relations with the U.S. The excitement around \u201cnearshoring\u201d has boosted Mexican equity markets and peso vs. USD this year, up 25.4% and 14.0%, respectively. Notably, Mexico\u2019s automotive industry received record FDI inflows of US$5.0B in 1H23. In India, the government is making \u201cfriendshoring\u201d more attractive by reducing corporate taxes for new manufacturing production to 17% from 25% and making significant investments in infrastructure. Vietnam shares a similar pro-growth attitude and also has very favorable manufacturing wages. While the future of this trend is uncertain, investors can participate by further diversifying emerging market exposure with a focus on the potential beneficiaries.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"441\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/09\/Screenshot-2023-09-05-091201-1100x441.png\" alt=\"China is no longer the U.S.'s largest source of imports\" class=\"wp-image-195785 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/09\/Screenshot-2023-09-05-091201-1100x441.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/09\/Screenshot-2023-09-05-091201-700x281.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/09\/Screenshot-2023-09-05-091201-300x120.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/09\/Screenshot-2023-09-05-091201-768x308.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/09\/Screenshot-2023-09-05-091201.png 1267w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/441;\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"628\" height=\"98\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/09\/Screenshot-2023-09-05-091235.png\" alt=\"chart of the week and thought of the week sources\" class=\"wp-image-195786 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/09\/Screenshot-2023-09-05-091235.png 628w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/09\/Screenshot-2023-09-05-091235-300x47.png 300w\" data-sizes=\"(max-width: 628px) 100vw, 628px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 628px; aspect-ratio: 628\/98;\" \/><\/figure>\n\n\n\n<p>\u2014<\/p>\n\n\n\n<p>Originally Posted September 4, 2023 \u2013&nbsp;<a href=\"https:\/\/am.jpmorgan.com\/us\/en\/asset-management\/adv\/insights\/market-insights\/market-updates\/weekly-market-recap\/\">Weekly Market Recap<\/a><\/p>\n\n\n\n<p><strong>Past performance does not guarantee future results.<\/strong><\/p>\n\n\n\n<p><strong>Diversification does not guarantee investment returns and does not eliminate the risk of loss.<\/strong><\/p>\n\n\n\n<p>Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and strategies described may not be appropriate for all investors. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting, legal or tax advice. References to future returns are not promises or even estimates of actual returns a client portfolio may achieve. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.<\/p>\n\n\n\n<p>The Market Insights program provides comprehensive data and commentary on global markets without reference to products. Designed as a tool to help clients understand the markets and support investment decision-making, the program explores the implications of current economic data and changing market conditions.<\/p>\n\n\n\n<p>The J.P. Morgan Asset Management Market Insights and Portfolio Insights programs, as non-independent research, have not been prepared in accordance with legal requirements designed to promote the independence of investment research, nor are they subject to any prohibition on dealing ahead of the dissemination of investment research.<\/p>\n\n\n\n<p>This document is a general communication being provided for informational purposes only. It is educational in nature and not designed to be taken as advice or a recommendation for any specific investment product, strategy, plan feature<br>or other purpose in any jurisdiction, nor is it a commitment from J.P. Morgan Asset Management or any of its subsidiaries to participate in any of the transactions mentioned herein. Any examples used are generic, hypothetical and for illustration purposes only. This material does not contain sufficient information to support an investment decision and it should not be relied upon by you in evaluating the merits of investing in any securities or products. In addition, users should make an independent assessment of the legal, regulatory, tax, credit, and accounting implications and determine, together with their own financial professional, if any investment mentioned herein is believed to be appropriate to their personal goals. Investors should ensure that they obtain all available relevant information before making any investment.<\/p>\n\n\n\n<p>Any forecasts, figures, opinions or investment techniques and strategies set out are for information purposes only, based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yields are not reliable indicators of current and future results.<\/p>\n\n\n\n<p>J.P. Morgan Asset Management is the brand for the asset management business of JPMorgan Chase &amp; Co. and its affiliates worldwide.<\/p>\n\n\n\n<p>Telephone calls and electronic communications may be monitored and\/or recorded.<\/p>\n\n\n\n<p>Personal data will be collected, stored and processed by J.P. Morgan Asset Management in accordance with our privacy policies at https:\/\/www.jpmorgan.com\/privacy.<\/p>\n\n\n\n<p>This communication is issued in the United States, by J.P. Morgan Investment Management Inc. or J.P. Morgan Alternative Asset Management, Inc., both regulated by the Securities and Exchange Commission.<\/p>\n\n\n\n<p>If you are a person with a disability and need additional support in viewing the material, please call us at 1-800-343-1113 for assistance.<\/p>\n\n\n\n<p>Copyright 2023 JPMorgan Chase &amp; Co. All rights reserved.<\/p>\n\n\n\n<p><sup>\u00a9<\/sup>JPMorgan Chase &amp; Co., September 2023.<\/p>\n\n\n\n<p>Unless otherwise stated, all data is as of September 4, 2023 or as of most recently available<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Although U.S. companies are still highly dependent on Chinese manufacturing, this shift in the U.S.\u2019s trade relationships is serving to highlight other regions\u2019 advantages.<\/p>\n","protected":false},"author":186,"featured_media":195785,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[18,6,8,9,26,3],"tags":[216,570,1685,2298],"contributors-categories":[13608],"class_list":{"0":"post-195784","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-macro","8":"category-north-america","9":"category-region","10":"category-securities","11":"category-text-articles","12":"category-traders-insight","13":"tag-china","14":"tag-inflation","15":"tag-macro","16":"tag-market-recap","17":"contributors-categories-j-p-morgan-asset-management"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.8) - 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